*do not do business with these people*
They are dishonest and use deceptive business practices to promote their Real Estate business. They defrauded a client of mine out of a $10,000 refundable commitment fee for a Re-finance (cash-out) loan on a Multi-Family property. The loan amount was for $1.1 Million dollars and the broker (Mr. Michael Martin) asked for a $10,000 refundable deposit and closing was to occur within 30-days. Mr. Martin was introduced to my client (s) via his partner and fellow mortgage broker (Mr. Keith Robertson).
The client had to come out of pocket several times for expenses related to the Refinance loan all the while receiving false promises of a loan. Each time the client contacted (Robertson) he would promise the closing in the coming week. This went on for more than three months. The transaction begun shortly after an introduction in Early June and continued until a (certified) termination letter and refund demand was sent around October 23rd. Each time (Martin) was called, he would direct the client to call Robertson but yet the commitment letter was issued by Capital Source Lending (which Martin is the Chief Executive Officer). The commitment letter was prepared on July 30th and almost three months of excuses followed.in a phone call with Martin when the client managed to track him down (around October 13th, to demand his refund), Martin became irate and heated and stated, "sue me" on the phone because "he was not returning the money". He later called the client back to say "give him one more week until Friday and the following week there was no additional contact. A week later, the client sent a demand letter, notarized and certified to Mr. Martin requesting the refund as outline in the commitment letter the client received.
During this time, I placed a call & email to Mr. Robertson and in a very nice manner requested that he work with Mr. Martin to get the money back. Finally, Robertson grew agitated with me and didn't like the threat of a lawsuit and him being implicated in a scheme. To my knowledge, Robertson did nothing to assist with the return of the refundable commitment fee and this has just been another example of a "pay to play scheme" involving phony commitment letter from phony lenders who have no intention of funding a project nor who have any capability to do the same.
Please do not do any business with Capital Source Funding and Mr. Michael Martin or his rep/broker/friend Mr. Keith Robertson of 12 Stone Consulting. We believe they work from their homes out of the Virginia area and will use all means necessary to litigate and pursue them for damages.
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