I am writing to warn consumers about Mr. Nick Satel of National Fifty. Mr. Satel is one of many con-artists promising loans to consumers, taking an upfront fee for "travel expenses" and/or "processing fees" and then not following through with the loan and keeping the fee he has received. He came out, from Florida, to view a property we were looking to refinance. This property is almost 3 acres of ocean view property that we have spent the past 4 years getting approved for 9 custom home lots. We have an appraisal that was completed by a bank in March that valued the property at approx $7.7 million. Mr. Nick Satel of National Fifty, with all his appraisal experience of CA real estate, valued the property at $3.9 million (less that was the property was purchased for). The broker who introduced Mr. Satel to the project has an independent MAI appraiser, with 20 years experience in the area, appraise the property and she valued the property at $6.9 million. Mr. Satel was forwarded that info and was asked based upon that information would he be able to provide a loan. Mr. Satel has not responded to call or e-mails and I am yet to recieve the refund check he said would be in the mail. I warn you, do not become the next victim of Mr. Nick Satel and National Fifty.
0 comments