On Sept. 26 I wired $20,000 to Naranza Capital, $5000 for an Application/Underwriting fee for a commercial loan, and $15,000 for Expense Deposit. The agreement provided by the owner, Lee Partee, stated "The Underwriting fee will be used to cover the Lender's underwriting and processing expenses, and the expense deposit will be used to cover any third party expenses including but not limited to appraisal, environmental, site inspection, title, and processing... in the unlikely event it is determined that this Conditional Approval cannot be met, the expense deposit less any expenses will be refunded to the borrower."
We were promised in writing several times to have a final approval by November and then Dec. and then in December I requested a refund of our deposit. I was promised an accounting then. Since Jan. 2009 I have requested with numerous emails, calls, and faxes to have an accounting done of our expense deposit, and provide us with any 3rd party reports that our $ was used for. I have not been provided with anything.
Now I have been told by Mr Partee he will not refund our deposit that we are entitled to, because he put so much work into this and has good reason to disapprove our loan. That is irrelevant, all that is relevant is that our expense deposit has apparently fraudulently been used for something else.
Additionally, this lender is not licensed in California (our state) or in Ohio. I am notifying these states as well as the other 48 states in the event that they are doing business in any of those states.
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