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Caswell Fpy Profile
Feb 10, 2017
Last activity on
Feb 15, 2017
comment to review:
Do Not Do Business With Westar Lending Group For The Following Reasons...
Westar Lending Group
Feb 10, 2017
Mr. Shore failed to inform our company when he called us that his property had a Lien Notice recorded against his property by the City of Los Angeles titled:
NOTICE OF BUILDING (S), STRUCTURE(S), OR PREMISES CLASSIFIED AS EITHER, SUBSTANDARD OR A NUISANCE – ABATEMENT PROCEEDINGS
(See attached City Lien Notice)
Mr. Shore further failed to tell us that the City of Los Angeles was requiring the demolition of the real of the property.
This is a BIG material FACT that he failed to mention in his unfounded Negative Review of our company.
Our company is a Real Estate Lending Company and the condition of the property that we are requested to lend on is always an important factor in our company’s decision to extend credit. The facts and specifics of the Proposed Loan Transaction to Mr. Shore went in the following manner: 1. Around December 15, 2016 Mr. Shore contacted our company stating that he was in Argentina and indicated to our company that he wanted to borrow on a property he owned in Los Angeles, California. 2. Mr. Shore stated that he was going to be in Argentina until July 2017………… no one from our company ever met Mr. Shore or ever charged him a penny for our compa
investigative services. Our only contact with Mr. Shore was by phone and E-Mail. 3. Mr. Shore stated that he owned the Subject Property located in Los Angeles, California and further stated that the Subject Property had no liens and was owned Free & Clear. 4. Based on the representations by Howard Shore relating to his FICO Score we determined that our company could arrange a loan from a Private Investor at a 9% interest rate. We provided Mr. Shore a full set of Loan Disclosures fully disclosing the proposed loan with the associated costs. The documents clearly stated that “This is not a commitment to Lend”. 5. Upon inspection of the Subject Property by our company it was discovered that the Subject Property was in far worse condition than was initially disclosed to our company by Mr. Shore. 6. The property had plastic tarps covering opening in the Subject Property where construction had NOT been completed in addition to the Subject Property appearing to have numerous “Other” unfinished construction work. 7. Our company was also later informed that there was a Notice of Building(s), Structure(s), or Premises Classified as Either Hazardous, Substandard or Nuisance – Abatement Proceedings), this city lien notice was recorded against subject Property. 8. Our company was also able to confirm that the City of Los Angeles was requiring the demolition of the rear of the Subject Property, since it was built without required city permits and necessary building inspections 9. The loan request by Mr. Shore required construction financing not a standard Private Equity Loan that we initially were led to believe we could provide to Mr. Shore when we initially spoke with him over the phone. Private Investors that fund loans at 9% would not consider funding the type of loan that Mr. Shore was requesting from our company. 10. Our company was able to finally get a loan commitment from a Private Investor who was willing to fund a construction loan to Mr. Shore. The Investor initially wanted a 12% interest rate to fund the loan, but we were able to convince him to agree to fund the loan for 11% and to not charge Mr. Shore any inspection fees and any other charges. 11. Our company agreed to abide by ALL original disclosed costs and charges. Mr. Shore was not happy with the 11% Interest Rate our company was finally able to offer to him. He demanded that we locate another investor who would fund him a loan at 9%. We contacted all our Private Investors that were willing to consider funding loans at 9% and they all declined to fund Mr. Shore’s loan request due to the Subject Property condition and the recorded City’s Substandard Lien. Mr. Shore would not accept our company’s reason as to why we could not provide him a 9% Private Equity loan. Mr. Shore was NEVER charged a penny by our company or by anyone else associated with our company, he simply decided to NOT move forward with the potential loan our company was finally able to offer him. Mr. Shore’s response was to simply state that he would “contact other companies for financing”. Our company’s policy is to always do the best we can for our clients by attending to their wants and needs. We truly hope that our response to Mr. Shore’s posted negative review provides some clarity as to our company’s phone and E-Mail relationship with Mr. Shore. To the best of our knowledge Mr. Shore is the first client who has been unhappy with our company’s services and the real estate financing programs our company provides. We are happy to further discuss this matter in greater detail should the need arise. We always welcome the opportunity to provide real estate financing to any and all Borrowers. Thank You, Westar Lending Group
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