I purchased property in the "go-zone"of Mississippi
The deal was presented to me by an organization called the "Milli group"
The builder was Blueoak construction co.
The lender that was aligned was Gulfcoast mortgage
Property mgt was to be provided by Douglas realty but originally it was Gulfstream realty and development.
Charterwest mortgage is the wholesale funding company that provided the "construction loan"
Problem: Construction loan closed in Nov 08 but the Final loan never happened even though I was told that I was approved as early as July 08.
Problem: I was told private funds were available by Gulfcoast mortgage and no problem would or could happen converting the loan to final.
Problem: I am still paying for insurance, utilities, and taxes
Problem: Property values have depreciated
Problem: Charterwest says they are charging me 19 1/2% interest until the final loan is closed and they get their money.
Money involved: about 18 grand closing costs, 4 grand earnest, promised $750 reimbursements for travel, and commission.
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