Manhattan Financial Group Bait & switch, unethical, unprofessional, will try to steal your clients San Diego California

My name is Soraya Hebert and I am the individual named in the complaint.  I am personally aware of the facts of this incident.  The facts are very different than are being reported here.

I happen to know the borrower of the above transaction personally.  He is the property owner of my residence, whom shall remain anonymous.

The borrower owns multiple properties and came to me personally and asked if I could possibly get a loan done for him that, for whatever reason, had not been able to be closed with his current loan officer/broker.

I agreed to meet with the borrower and discuss the particulars of the loan.  At that first meeting was when I first met Krystal Moore, of Pacific Shore Capital (according to her business card), the loan officer. 

At that time we discussed getting Pacific Shore Capital approved with Manhattan Financial Group and provided her with the required broker package to be submitted.  Manhattan Financial Group, Inc. only does business with brokers that meet their own internal requirements, they will not just accept a loan package from anyone.

The borrower contacted me to set up another meeting and bring in required financial documentation.  Due to the property type and loan amount, I set a meeting up with my Operations Manager and My Underwriting Manger. 

The borrower came in as a friend and personal acquaintance. Krystal Moore was not in attendance. After carefully scrutinizing of the loan file and the complexity of the documentation, in order to maintain the integrity of the loan file and validity of the documentation, it was explained to the borrower that he may have to go retail with the loan, otherwise the broker would need to take the loan to another lender.  It was explained to the borrower that we could at his request submit the loan thru Manhattan Financial which meant Krystal would no longer be the Loan Officer. He stated that he was willing to do whatever it took to get the loan closed, and that he would personally take care of Krystal.  This was left to the borrower and was his choice alone on how to proceed.  The file was at that time incomplete and all assessments were contingent on the incomplete data.  Even as a retail loan this was a complicated file and there was no guarantee a loan could be made in accordance with the investors requirements.

On July 10, 2009, Krystal and the borrower came to my office and dropped off the loan package (with full knowledge that Pacific Shore Capital was not at that time an approved broker).  At that point the borrower had not yet filed his 2008 taxes and would need to do so before the application and verification process could go forward.  This meant that it would take approx 45 days from the date of tax filing before we could pull the required 4506T (for the IRS to release/confirm data as filed), I put the file on my desk in Hold status.

At this point we were still attempting to do the loan wholesale and continued the process of broker approval with Pacific Shore Capital.  On July 13^th I received an email from Krystal Moore stating that she had the broker package ready and she was waiting for the Real Estate license to show Pacific Shore Capital, stated that is what was on the web-site and asked if the print out from the DRE would suffice. I explained that it would and I would download it from the web-site which I did.

On July 20^th the loan was submitted to underwriting and was suspended for several inconsistencies, One being the 1003 (standard application) was submitted with broker information left blank and no contact number for the interviewer.  These are required fields.  Immediately red flags started to arise questioning the broker submitted information.

When I went on the DRE website I found no connection between Mitch Pringer (interviewer indicated on the 1003) and Pacific Shore Capital.  Further, according to the DRE the broker of record is Chris La Fornara whose main office is

After careful observation of the broker package submitted by Krystal Moore and the inconsistencies in it as well as the incomplete nature of the loan submitted, we were unable to approve Pacific Shore Capital under guidelines of the broker approval dept at Manhattan.  In short, the broker was not and could not be approved by Manhattan for loan submissions.

Due to the fact that the borrower approached me directly as a personal friend and asked me to help with his loan, I contacted him and let him know we would not be able to approve Pacific Shore Capital.  He, the borrower, asked me to move forward with the transaction as a retail deal directly with Manhattan Financial Group, Inc.  This is the borrowers right and was his choice, it was not Manhattan doing anything without the borrowers direct choice and request.  I was doing a friend a favor, working on a difficult file, not attempting to steal business from anyone.  It turned out this loan was not even possible to fund, definitely not the type of business anyone would want to steal.

On July 23^rd I contacted Krystal Moore and informed her that we could not approve Pacific Shore Capital at this time and that the borrower requested us to move forward with the loan.  She was told to contact the borrower with any further questions.

As it turned out this loan did not close with Manhattan Financial Group, Inc.  In short, while we did what we could this loan, and any commissions or fees associated with it, were not in fact earned.  The loan could not be made, was not made and there was no income or revenue earned, just work performed for which no one earned any commission or fee.  No one misappropriated anything from anyone.

One thing I find interesting is how Krystal Moore signed the above statement anonymously as SD Mortgage?  What happened to Pacific Shore Capital??  Who is SD Mortgage?? Why would they, complete strangers to this file have anything to say?  Appears to be further inconsistencies with this individual which is why Manhattan Financial Group, Inc. refused to conduct business with her/them.

John James, V.P./Soraya Hebert

Manhattan Financial Group, Inc.