Through my broker he provided a Letter of Interest with terms and took my money to underwrite a 1.1m commercial refinance deal. After many hours on the phone working with the current lender and my broker nothing happened. Nothing all. My broker and I finished the required paper work and was waiting for the appraisal to be ordered and again nothing happened.
Nothing written or verbal. And to date no one will give me an answer to why the "First Lender" that he said would do the deal fell off the face of the earth. He will not return a phone call. What underwriting did he do and for what?
He through my broker provided a 2nd lender who I was told could do the loan and it was ready to go. After speaking with that lender direct, he informed me that he could not place the loan.
He gladly took $2500 for underwriting. I have asked for a breakdown of his time and a refund of the balance to not end.
He claims he is still searching for a lender.
My bad, I should have checked his references, how long he was in business and all the stuff before sending money.
0 comments