TCRM gave and expression of interest letter to my client to provide a loan.
They included a processing fee of $5,000.00. I informed them that this type of fee is illegal in California. They insisted on the fee anyway.
After over a month, still no commitment for a loan of any size. When we contacted them, they said that they would have a loan commitment within a week or so. A month later still no loan commitment. They wanted us to spend $6,000 for an appraisal.
When we requested the process fee be returned, they refused. We now cannot find if they are even licensed to do business in California.
Promises made, promises NOT kept!
Let the borrower beware!
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