Brian Walker, Has advertised 100% Financing on his website walkercommercialfunding.com for commercial financing. Brian, charged us a 5% fee agreement as a broker, which I recently found out hes not a broker, but a loan originator. When I came to Walker Capital, Brian told us we could get 100% financing with NO out of pocket expenses, on a Commercial Development.
We engage into Brian's program under these terms. Brian, placed us with Starlite Funding Inc and we found out there was a retainer. Starlite Funding Inc. Is a Licensed and Registered company, and processing center. I didn't have a problem with paying the retainer. But Lending came to a screeching halt, and Investors started pulling out.
Starlite went from a Broker to a Private Lender within the last few months. When she converted and Merged with a Commodities Trust, we waited for her because she had a good program When Brenda became a Private Lender, she told Brian that he couldn't get his 5% because her program would not allow it.
But the Fee agreement I had, was for only 2%. Starlite opened escrow for me last week. Brian tried to slide in the new 5% Fee Agreement, and I told him I wasn't going to sign it. Brenda has been working pretty hard to get my project to the table, and apparently Brian Walker, got angry when we wouldn't sign the new fee agreement.
Starlite did not charge us Due Diligence Fee's, which I've seen get as high as 1%. Considering my Loan was 50 Million, I think the retainer was nothing compared to what it could have been.
There has been a Power Struggle with Brian and Starlite over a commission check. Brenda agreed to pay Walker Capital 2%, but apparently he thought he deserved more. Just for the record, Brian walker did NOT do anything on my loan. Carol Wilson processed the paperwork, and Brenda underwritten it. I have the Operating and Joint Venture Agreement the Investor before her gave me, he just did not follow through. That's not Starlite's fault the Lenders quit funding.
As a matter of fact, the changes caused Starlite to create their own private lending program. I know this, because I have been with her for the last 6 months, and while there are changes, there has also been errors and misspelled words, in the loan docs and in the letter of intent her processors has issued. This can be expected when a broker takes a crash course in private investment lending. Any intelligent person would have known they were going through changes.
But Brian, oh my god, called Brenda in the e-mail, stupid, white trash, and that she had an intelligent level of a 2 year old. This is the same woman who flew to Vegas, and invited me into a trust, that has over $250 Billion in assets. So I assure you, he does not speak for me, and I do not want anyone thinking this is the way I conduct business. The sad thing is, I don't think Brian he realizes he sent me the same e-mail that he wrote her with that garbage on it, or you never know, maybe he did.
In the same e-mail that has the vulgar remarks to Brenda, Brian makes a threat to me and his other clients. He indicates he is going to file a class action suit against Starlite for taking a retainer, and unless I want to go down with her, I better rethink my position and told me to pull my loan.
Problem I have is, I have paid the retainer, of $3,500.00 and she is funding my project and holding a JV position, she is funding this project with her own money. I know this is a fact, because we are in the middle of escrow, and contracts are being worked by both of our attorney's on as we speak.
I'm really not wanting to stop the process, we all have been working hard, and I have been waiting 6 months to get this loan to the table. He's threatening to file a Class Action Suit on her, but in reality, she is funding my loan, so what action can he take, especially if I am not the one complaining?
Yes I understand, there are scams going on, and I deffinantly know there have been a lot of Lending, Private Lending, and Hard Money changes.
EVERYONE is going through this, so it's not just her...
My problem is, if there are any deception here, it's Brian advertising the 100% financing. He lied to me, he spent 6 months shopping my loan, through a Broker Chain, I spent 6 moths on the phone, and now I probably have about 20 brokers looking to get paid off of a referral.
As for Starlite, Brenda has been very upfront with me. I made the decision to move forward even after I knew I had to put 15% down. I need some help here can I take Legal Action against Walker Capital if he stops the funding of my loan?
Please advise.
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