My Husband and I needed a construction loan to set up and place a manufactured home on land. There are few Financial Lending ficilities who wish to loan money for this kind of construction.
Northpionte Lending was willing to do this loan only if we would put up $9000.00 dollars for earnest money which we were to receive back if we converted our loan to a home loan with them when constrution was complete.
I had an excellent credit rating so I was against getting this loan. My husband signed all the papers when I was out of town to get the project going as we had a dead line to meet. When it was time to close out the Construction loan and I was going through the paper work my husband had signed I realized we were being converted into a Mortgage with this company I knew nothing about with an out of site interest rate.
There was no $9000.00 to be found they stated they received it but they get to keep it. And when I refinanced with Country Wide I was told I should file a report with the State of Ohio Attorney General for all this money they had taken from us. At the closing we had to pay Northpionte Lending $3,500 fee just to get out of there this horrible loan.
I am still making payments on the $9000.00 dollars I borrowed from a family member which I had promised he would get back at the closing of the construction loan. We lost $12,500 to this Lending Company. Rebecca
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