Metro Funding claims they fund strong projects with good loan to values. After giving them $23,500 upfront for "due dilligence" and sending them more information than most banks have asked for they found a way out of the deal and kept our money. They could not find a real reason to decline our loan request because it was so strong. If they did decline the loan they would need to refund our money back. Granted they said it was non-refundable but they know what they are doing. I don't believe they have ever refunded anones money. They just make a loan offer that you would never accept, therefore justify keeping your money. More important than they money is the waste of time thinking they would finance our project. They insist you not shop the loan around or they will keep your money and decline the loan. After sending their "inspectors" (who were not qualified to value anything) they could not find fault with the property or our request. But they needed something to give Metro a way out.
So, they said that the value of highway commercial property accross from a new Wal Mart project with 10,000, 000 cars per year could not be sold because of the current market. We have contracts to purchase parcels from us. They said if we got a letter of credit from the buyers bank and his down payment in escrow they would consider the buyers as real.
In the end they offered us less than 30% of what the banks have given us. These are Hard Money guys. The property appraised for $25,000, 000 and they offered us $3,000, 000. On top of that David Hecht was condesending and arrogant about it. We were always accomidating and forthcoming with anything they needed. We have borrowed $80,000, 000 from bank and have never been treated like this or been insulted by an offer like this one. Beware of this company and their ability to fund all but their pet projects.
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