KAS provided up signed LOI/Term sheet thru his brokers 2-25-10; we were told to talk to our broker (Inbee - David Prouhet) and he would talk to KAS' broker (Ken Martin) who would talk to KAS. Raised issue of RIPOFF reports and KAS reported that borrowers didn't provide accurate info and they refunded commitment fee when they didn't provide loan. We secured an addendum signed by KAS that made the refund of commitment fee clear if we complied with our obligations and KAS did not offer loan in amount requested. We provided info requested, e.G. Survey, appraisal, title search, etc. Were told repeatedly that KAS was going to make site visit to determine value of site and commitment letter/date expired without a visit or any feedback or any valuation on Lender's part. We were told that KAS would visit first week in April and he finally visited site 4/13 (commitment letter expired 4/2). Claimed that he didn't receive our appraisal and we provided and he asked for additional comps which we provided as best we could. Finally met KAS 5-4 and we had presentations prepared to review with him, but he told us that they were irrelevant and that the only thing that mattered was valuation of property and that was sole collateral for loan. He further told us that there was nothing further that we could provide that was needed. (both brokers can corroborate this). He then told us that he never had a lender because they didn't believe the appraisal we had nor did they have any interest in pursuing (appraisal was for $3.4M and we were only pursuing loan of $1.05M). We have been stonewalled since, i.E. Won't answer phone calls, etc. And I requested refund of 1% May 19. KAS assistant responded May 21 that we had not provided required docs relative to docs required prior to or at closing. KAS never provided any valuation or appraisal to counter ours and he further told us that nothing was required when we finally met him April 13 (11 days after commitment letter expired). Obviously this is just an excuse not to refund our commitment fee. We sent follow up letters to him May 28 and June 17 refuting relevance of request for docs and have not gotten any response. The broker, Ken Martin, has also gone silent.
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