Pertaining to the LOI agreement Dated August 28, Vassar is to get a loan amount of Two Million Nine hundred Twenty Five Thousand ($2,925, 000) Dollars at 8.15 % with a first lean on commercial property.
The loan of 75% was rejected by them and a loan for 50% was offered in its place. We told the agent that it was not acceptable and to refund the $5.000 escrow funds if it could not be done. The agent at this point said if you can get more liquid assets they could do the loan.
Then another loan was suggested for 14 % interest by Ryan Rech and referred to Jennifer Lowder. We agreed but that couldn't be done. We again ask for our escrow deposit of $5,000 minus the agreed $750 administrative fee for the time involved, to be returned.
In the agreement it was stated that the deposit would be promptly refunded if they could not get the agreed loan.
At this point Jennifer Lowder said she was not going to return the funds. A discussion with Nicholas Satel (Nick) confirmed that they intended to defraud us of our money from the escrow account.
At this point I did some research and found that it is a common practice for N50 Financial, LLC to take the funds and not provide a loan. Some of the companies that had the same problem are Harbor Mortgage, Commercial Hitma, Harbor Mortgage again, rdwaryer52 were all companies that had similar problems with them. Our broker will attest to the above agreement and sequence of events.
We are asking for our money back as agreed, we were forced to turn in a complaint to the authorities and contact the other companies that were defrauded as well as the other agencies
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