I contacted a Mortgage Company to find me a loan for apartment building I was looking to purchase. I received a Letter of interest for First deposit capital and it stated they could offer the financing that I need. I had previously sent them all the information need to do the underwriting on my commercial loan so there would not be any surprises. I paid the 7500 dollars upfront fee that they were asking and it included $3500 for underwriting and the appraisal cost.
The final appraisal cost was 2500 so there was money left out of the $7500 dollars. They order up the appraisal and it came in about 3 weeks later then the trouble started with the suppose lender first deposit capital original offered 80 loan to value with a seller second of 10 % and they claimed they could not do that so I offer to bring 20% down. I was told a few days later that did not work either.
So I was perplexed on why this company with advised me that advised they can do the loan. They denied my loan based on I lived on one stated and the property was in another state. After doing some research on this company it appears that there are broker not lender they are only lic by the department of corporation and there company has only been around for less than a year. The lic they hold any broker in the state of California has.
This company first deposit capital and sterling hills capital use credit services and they do what call table funding so there not a direct lender. How table funding works is they sell the loan to another lender and that lender approved and send them the money to close the loan. First deposit capital does not approve your loan a different company does and sends them the money. They are broker all the way and I personal recommend you use company that has bank in there name because there the only company that lender there own money. The first deposit capital did not refund any money of the upfront money they took. First deposit capital and Sterling Hills Capital are the same company they just changed there name but the phone number are the same. Same scam they pull on customer different name.
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