When I filed my report about the unethical behavior of Charles Frazer of Frazer and Associates of Bedford Virginia on RipOff Report.com, the only reason I cited the Letter of Intention coming from Pinnacle Capital Markets was because of Mr. Frazer's proclivity for distorting the truth. I wanted the direct citation to be unequivocal and verifiable.
Mr. Frazer repeatedly made blatantly untrue allegations, in reference to what I had requested in terms of acceptable loan conditions and terms, after conning me to pay his "required application fee". I wanted to leave no room for that type of subterfuge on the RipOff Report.com site should he make a rebuttal. By specifically citing the terms and conditions of Pinnacle Capital Market's intention to refinance my apartments, I simply wanted to make it completely clear that Mr. Frazer knew what this company could and would provide, and knew in advance of demanding I pay him for his "required application fee" that my acceptable terms and conditions were clearly different from the terms Pinnacle Capital Markets could provide.
Pinnacle Capital Markets did nothing wrong and I was in no way alleging that they did anything unethical. I am happy to speak to any of Pinnacle Capital Markets' potential clients who have concerns about my mentioning this letter of intention in my report about Charles Frazer's unethical behavior.
My report was strictly about the unethical "bait and switch" con tactics of Mr. Frazer who essentially stole $595.00 from me and showed no remorse nor willingness to make things right. I have also filed a negative BBB report about Mr. Frazer in Virginia, and reported his criminal behavior to the FBI and the State enforcement programs.
My reference to Pinnacle Capital Markets being a "questionable lender" was because I strongly believed I did NOT qualify for their lending requirements for refinancing my 14 unit apartment building that had a Broker's Price Opinion of ONLY $445K a year ago (market has gone down since then) and my previous appraisal was for $230K. Pinnacle's lending parameters are CLEARLY stated on their website. In order for me to qualify for the $350K I needed to borrow, my property MUST appraise higher than it could. After receiving the LOI, I had NO REASON TO BELIEVE my project would be approved by Pinnacle Capital Markets UNLESS we got an un-scrupulous appraisal, because Pinnacle would only loan UP TO 65% OF THE APARTMENTS' VALUE!
I made this clear to Charlie Frazer repeatedly, but he continued to condescend and disregard my concerns, claiming his 20 years in the mortgage industry made him better qualified than me, the local owner, to decide the amount my apartments would appraise for. When I again made it clear to him that we needed to BORROW $350k, he disregarded that. Mr. Frazer continued to state that because my apartments brought in approximately $5,400 per month GROSS, that they should appraise at least at $540K.
Unfortunately, I had no idea about the "desirable terms and conditions" Mr. Frazer alleged he had obtained on my behalf, nor did I know which company had provided them prior to paying the $595.00 fee to Charlie Frazer. Had I even known which company he was dealing with, I could have checked our their website and learned the truth and avoided paying the "application fee".
After the receipt of these unacceptable terms and conditions, Charlie Frazer continually alluded to Pinnacle Capital Markets being the best in the industry, for the type of funding I sought, to avoid doing anything to earn his "application fee" which I already paid after he said he had 3 eager lenders ready to refinance my apartments.
Why file a report here? Ripoff Report is a permanent record! Other complaint sites copy our content then remove reports for money.
