Charles Frazer worked really hard to get me to act against my better judgement and pay an "application fee" to acquire refinancing for apartments I owned since 2006. Mr. Frazer reassured me about interest rates, terms, closing costs, and efficiency of closing. After receiving an unacceptable LOI, Mr. Frazer made predictions about the $600K appraised value he expected on a property I own and know well about values in an area that is depressed and where the market is flat. His confidence in getting an appraised value almost $200K higher than reasonable to justify the 65% LTV suggests mortgage fraud.
Mr. Frazer indicated that he had some pull with the lender who already wanted to fund our refinancing, and convinced me that they could work it out quickly and to our advantage. Prior to me paying the "refundable application fee", Mr. Frazer indicated an interest rate between 7 and 8%, and closing costs of about $10K which I thought were high, after I initially told Mr. Frazer I would not pay the "application fee".
The LOI Mr. Frazer provided, two business days after I wired the $595.00 "application fee", had an interest rate above 8% and around $30K in closing costs. This LOI also awarded 2.5% to both my loan officer, Jeff Bates, and to Charles Frazer, for a total loan origination fee of 5% of an already inflated loan amount. This lender also wanted a $7,000.00 "earnest money deposit" upfront to proceed to refinance my property.
This questionable lender is PINNACLE CAPITAL MARKETS and the LOI forwarded by Carlo DiMarco. Alexander S. Nicholas is the Vice President and their website is www.pinnaclecapitalmarkets.com
To add insult to injury, Mr. Frazer forwarded documents to me for me to complete even though I had already provided the information requested to my loan officer locally, Jeff Bates, who gave it to Mr. Frazer, who said he had already submitted it - IN ADVANCE OF MENTIONING the need for me to pay an "application fee". If Mr. Frazer were not even going to complete the "application", what was the $595.00 "application fee" designed to cover?
Mr. Frazer has refused to return my "refundable deposit fee" despite using "bait and switch" tactics to procure the questionable "application fee, and stated he did what he agreed to do, despite the fact that we have documented email from him which contradicts his false assertion.
Mr. Frazer has stated in an email, "I am done", after I submitted my 3rd request for reimbursement of the $595.00 "application fee" in this situation where he submitted my information to his lender prior to requiring an application fee and then failed to produce the LOI with terms Mr. Frazer indicated I could expect. Mr. Frazer then advised me to accept the unacceptable LOI and has ceased communication.
Mr. Frazer has proven to NOT BE the responsible and ethical person loan officer, Jeff Bates, represented to me that he was.
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