This company is very questionable... Their fees are outrageous... Small loan on property in S.C. $115,900 purchase price with down payment we paid of $20,350... They were lending us approx. $69,000... Here are their fees:
We paid an application fee of $500 which we want back
Appraisal fee was paid of $450... They originally wanted $850 but complained that it was too much, and my attorney said he never heard of such a huge amt on vacant land... She lowered the fee...
Appraisers fee was $200... Want the other $250 back...
Here are the other fees on a $69,000 loan that they wanted:
This is from Eunice Bennett at the company:
"spoke with processor about processing fee of $5,068 (!!! That was their original amt.) The correct figure should be $3,960 less the $500 application fee (we paid)-INTEREST WENT FROM 12% TO 18% INTEREST ONLY... 3%orig. Fee, and they wanted us to open some corporation (only way First Mt. Vernon — lender would finance the loan) that would have cost $2500!
We originally had a good faith estimate for 2 lots... And decided we couldn't afford both... So we decided on one... As the amt. Of the loan decreased, the fees went up until they far exceeded the previous loan which was for over $100,000... If feels like a bait and switch operation... Closing fees on the $69,000 loan would have been in excess of $12,000! With all the fees, we could have paid for the lot outright... This is a very smelly operation...
WANT THE MONEY WE HAVE PAID BACK IN ADDITION TO PENALTY OF $500 since we did not have that money to use for loan with someone else... 6% interest as opposed to 18% from TCRM... interest only payment on the small loan would have been over $1100/mo! Fees, fees and more fees... Once they had us, they jacked the fees up up! Help please
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