Company represented investments in Loan Construction and Land deals, but repeatedly failed to disclose important facts concerning the borrower and the transaction histories. They never told me that my loans were subject to the borrower closing other deals in order for my deal to work. They failed to give adequate, accurate updated information on borrower, made them appear to look good to sell the loan to me.
They also did not service the loans property. They failed to follow thru and keep up on taxes and payments due, or to foreclose in a timely manner, often putting the needs of their borrower above the investor.
The inspections that were suppose to have been made were often inadequate or not done at all. They released funds held in escrow accounts without following guidelines. I was told they knew there were also problems with many of the projects, but failed to state anything to investors in order to favor their borrower to finish other projects.
I would never deal with this company again. To date I still have several investments that has far as I know to date, California Western Financial is doing little or nothing to work at finishing projects, selling or even listing properties.
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