I will keep this short and sweet as I can't believe I have to take the time and effort to report another shady commercial mortgage broker. Hyde Park Capital is a small firm that boast a ton of closings, promises the world on almost any deal you turn in, when they fully know it's going to be impossible to get done.
They interview your client, tell them their deal is awesome, will be able to make it work like it is, say they have lenders lined up and will get a terms sheet within 48 hours, and will quote " run like rabbits " to close the deal. Well none of this happened except running like rabbits once we requested a refund of deposit. Which they agreed to in several emails.
They say they are paying but after 5 months from initial submission, and excuse after excuse and delay after delay, I am stuck paying my client back $2500. I payed half of it back because HPCG said they would pay their half and I was hoping to keep a decent relationship. But bottom line, no broker should promise so much without pre-flighting the deal with their lender contacts. I pre-flight deals all the time and save my clients time and money. I was nice for a long time.. very patient.. But with more blowing me off, I told them I would report them to this site.. We'll see if they care enough for a lousy $1250. I hate to take this route, but I am not going to eat another $1250 because of them. The only way my client was going to pay the deposit, since he did not trust them, was if I secured it. Which I already paid my half and I thought all would be good. They did supposedly get us a "verbal" commitment for 70% LTC but they new damn well we had no additional cash for this strip mall and we needed to use equity in the land..
so stop playing game Bill Markley. Be a man of your word, repay half the deposit back to my client. If not, you will lose a ton of business. I really hated to take this route but you left me no choice.. Plus.. commercial brokers need a code of ethics.. there is a real problem in the commercial broker business. Everyone tells these desperate clients what they want to here to get deposits then they drag their feet for months shopping.. when they knew it was dead from the start.. sad way to make a living.. and incredible people will trash their name for such little money.. HPCG.. you know who this is.. so pay up.. no more games..
Timber24
Myrtle Beach, South Carolina
U.S.A.
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