I called National Mortgage Funding company to see if they could help me close commercial property. They informed me that they were experienced and could provide 100% funding. They also indicated to me that their would be one charge for the lawyer who would close the loan, $3500.
All other fees will be taken from the loan, their fee of 5% of the loan, appraisal, etc. Me and my wife was happy, but we indicated to them that we will take the money off of our credit cards to pay for the closing costs. They assured us that it would take no longer than a month's time.
I faxed them the information on the property, property and loss statements.informed them to approve me for the loan first before I sent the closing costs. They faxed me an pre-approval loan letter.
They faxed me the proposal to send to the seller of the property. They seller was confused about how the property was funded, I informed them what I was told that my company was going to provide 100% funding. They said the proposal stated that the seller was providing a first mortgage, but we would provide 70% of the amount in cash.
The seller said he doesn't mind if we providing a first mortgage, but not a second. Phone tag began, the seller rewrote the proposal to make sure that we would not get the 70% cash on a first mortgage. National Mortgage was angry that they would counter in such a way, and stood hard on the proposal.
The seller said there was another buyer, National Mortgage said they were bluffing trying to get us to bend. The second buyer purchased the property, and I was upset. I informed National Mortgage to return my closing cost, because it was well over a months time.
They said the lawyer's office said it was not their fault that the property did not close. I informed them of their statement that they would only do the close when the deal was solidfied. They said they would give a credit for future services, and asked for another property they could close quicky.
I found a moblie home park, that I also wanted. They offered the seller to take a second, which was accepted. All paperwork was sent to them, the contract was drawn. I took days off of work to speed up the process.
Then 3 months went by of phone tag, them promising to close the loan. The seller is getting angry and impatient. National Mortgage indicated that all was needed was an appraisal, that I need to pay for. I informed them of their statements of all charges included in the loan.
They said this would be the last charge and I would be reimbursed in the close. I paid for the apprasial, they then called about more charges. My funds were well over reached I informed them of their statements of all charges included in the loan.
They said these are the last charges. The seller then got angry and canceled the deal.
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