I am a broker who was trying to finance a property for one of my clients. The property qualified to be financed by many lending programs but client needed to close within two weeks and decided to go hard money. Ronnie McVaney from gaf private equity (One Man Show) kept telling me that he can close the loan tomorrow if he had the appraisal, title, and financials on the project. I ordered a rush appraisal which cost my client $3,500 and got the title rushed back. My client paid Ronnie McVaney $995 deposit on the loan. I advised Ronnie from the beginning that the exit strategy was for the property to be financed through SBA after he closed on the loan (he even offered to refer me to a couple to SBA lenders that can do the loan). After giving Ronnie the deposit, he became unresponsive, extremely unprofessional, rude, and developed amnesia. After i submitted all the information that he needed to Close the loan, he told me that he was going on vacation with his wife because "it is Ronnie time" and he needed a vacation. So he came back one week later and now he is telling me that my exit strategy is not good enough. He said that he had a bad experience with the SBA. Also, the appraisal came in high enough but he is saying that he is going to short my client 50K from the payoff. Excuse after excuse, and delay after delay, the loan has not closed and is dead. I strongly don't recommend working with this company. It is just a waste of time and money. This has been a nightmare for my client and I.
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