I was referred to a broker to try and get a commercial loan for a potential purchase that I was thinking about. He and his wife Sherry operate out of Cleveland Ohio under the business name Centurion equity Consulting, LLC and partner Joe LaRaia. Tom operates the generic website "http://commercialloanprovider.com/" where all of his "closed loans" are on 20 other different websites. Tom referred me over to Jim McBride with Resource capital mortgage to see if he could do my loan. After receiving an agreement that had no legal bearing and was an absolute piece of junk, my red flag radars went off and I begin to investigate the nature of his business.
Their scheme is to get you to pay an upfront $750 (or less in some cases) to do the mortgage, then they ask you to pay 1% to get it approved even before the loan even closes which is not common at all. They would not even consider an escrow account or anything that would validate that it was a legitimate deal. After doing some digging on James McBride, I found out he is operating illegally out of Texas. His business is registered with Missouri and whats more, the state of Texas barred him for EVER doing business in the state regarding any type of loan or any lending practice. Go here to see the full court report it breaks everything down - http://www.fc. Texas. Gov/alj/decide/S2784PFD.htm
They do a good job at convincing you to move forward. Do not do it, you will lose money. The report by the superior court of Texas is evidence enough to not do any sort of business with Jim McBride, Deborah or any of their associates.
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