I was referred to David Erante at Hard Money Financing who claimed to be the underwriter and lender for the purchase of a 61 unit property. I received a term sheet with "soft terms" and I was told to negotiate the terms and get back with the "lender." I did negotiate the terms of the funding from 9.5% interest rate to 7.5% interest rate. Once we agreed on the new terms I was told to wire $2500 to their bank account and also to add $900 rush fee if I wanted to close the deal quickly. I did pay the rush fee, so I sent a total of $3400 and received a note from him that it was received. From that point we were to close in 12 days. Erante said the closing date would be May 31st. May 31st came, nothing from Erante. 3 days later I got an email from him saying that there were 2 missing documents and once I faxed them over we could go ahead and get the loan done. Finally the 12th day came and time to close and nothing from him.
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