East Coast Commercial Finance LLC
Mortgage fraud and deposit theft

I'd prefer to document the official criticism and state against Lorenzo Slopes and his organization, East Coast Commercial Financing, LLC found at 801 E Morehead Street Suite 307, Charlotte, NC 28202. Lorenzo has lied, defrauded, wrongly postponed and scammed $3500 from us on the professional multiple-household purchase mortgage.

On May 6th we requested a professional purchase mortgage to buy a-7 device multiple-household home in Sanantonio, Tx to many creditors including East Coast Commercial Financing, LLC (ECCF). On May-16, we went using the phrase linen present from ECCF that was to be always a $240,800 loan at 80% LTV on the 7.125% rate of interest set for 5 years having a 30-year amortization having a 3-year decreasing prepayment fee having a $3500 deposit to provide research, evaluation along with other third party reviews.

After providing all of the necessary files during May and also the starting July, Lorenzo stated the evaluation was requested on June 10 and might consider three to five months. After 5 months of no term from an appraiser, Lorenzo stating the evaluation was requested but wouldn't supply the appraiser's title to actually the vendor's broker, we delivered ECCF and Lorenzo an ultimatum on July 15 to supply the appraiser's title or return the $3500. On July 18th, Lorenzo named and stated the appraisal wasn't requested which he might possibly give a temporary mortgage at 10% that people might refinance immediately and may possibly have completed also with no evaluation.

On July 22, I obtained the present of the “short term” funding option from ECCF. On July 23, we replied with desire notice to react to the present. The present is completely undesirable for that following factors:

INCH) The interest rate provided is 10.5% that will be 3.375% greater than our initially decided to 7.125% interest charge about the May 16th decided to within the phrase linen/notice of Curiosity.

2) The amortization plan is 25 years rather than the 30 years initially decided to about the May 16th phrase linen/notice of Curiosity.

3) The prepayment fee is 5% for 5 years which doesn't get this to a “short term” answer that people can easily refinance as if you stated about the telephone.

4) The prepayment fee is 5% for 5 years that will be diverse from the 3 year decreasing prepayment fee (3%-2%-1%) initially decided to about the May 16th phrase linen/notice of curiosity.

5) The factors to ECCF are 2% in the place of 1% initially decided to about the May 16th phrase linen/notice of Curiosity.

Although ECCF couldn't acquire funding as explained within the May 16th notice, we've lately acquired the next funding provides that match or are much better than ECCFis unique conditions provided and therefore are acutely much better than the conditions ECCF came up with on July 22nd.

Provide 1: $240,800 at 6.5%, 5-year term, 30-year amortization, no prepayment fee

Present 2: $240,800 at 8.65%, 5-year term, 30-year amortization, 3 year decreasing prepayment fee

Present 3: $225,750 at 6.25%, 3 year term, 30-year amortization, 3 year decreasing prepayment fee

Present 4: $225,750 at 6.50%, 5-year term, 30-year amortization, 5-year decreasing prepayment fee

So far as ECCFis research, they've completed none. The Mortgage Pointe has supplied you with all files, credit and pictures required. ECCF hasn't visited the home and didn't purchase and purchase an evaluation on July 10th because they claimed yesteryear.

For That factors discussed above, we required complete reimbursement of the deposit of $3,500.00 supplied to ECCF in May within the type of a cable or cashiers check by July 31st.

Lorenzo Slopes and ECCF have didn't react thus we're trying to cure our state via all legal and civil legal means.

Timothy Walsh

Company: East Coast Commercial Finance LLC
Country: USA
State: North Carolina
City: Charlotte
Site: eastcoastcommercialfinance.com

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