• Report: #667195

Complaint Review: Resurrection Financial

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  • Submitted: Wed, December 01, 2010
  • Updated: Sun, December 26, 2010

  • Reported By: Maria — Somerdale New Jersey United States of America
Resurrection Financial
4115 Columbia Road Suite #5 Martinez, Georgia United States of America

Resurrection Financial Lurton Lipscomb, Jr. THE DEAL NEVER CLOSES, AND YOU'LL NEVER FIND OUT WHY Martinez, Georgia

*REBUTTAL Individual responds: HE GOT CAUGHT COMMITING FORGERY OF THE SELLER'S SIGNATURE DURING MY DEAL

*REBUTTAL Individual responds: HE GOT CAUGHT COMMITING FORGERY OF THE SELLER'S SIGNATURE DURING MY DEAL

*REBUTTAL Individual responds: "WE CAN CLOSE NOW" IS WHAT I HEARD FOR MONTHS!

*REBUTTAL Owner of company: WE GUIDED THE DEAL TO CLOSING AND CAN CLOSE NOW

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I learned about Resurrection Financial around March of 2009 through a post on the Big Board at www.loopnet.com.  While I dont remember the wording of the post, it did state that difficult deals werent any trouble for this firm, and it referenced that creative methods were available to handle financing shortfalls.  My failed transaction involved financing for the acquisition of a property that was already occupied by an investment grade tenant with an extremely high credit rating by Moodys, Fitch, and S & P, and the transaction required assistance on the creative end to cover some of the equity needed in order to acquire the property.  Mr. Lipscomb confidently told me that he had a financing structure to fit my needs, so I began to submit offers to sellers while using his loan commitment letters.  One of the sellers accepted my offer, and the seller and I went under contract in August 2009.  This is where the nightmare begins.



Mr. Lipscomb submitted my loan application to a lender that stated that they had underwritten over 40 first mortgages for acquisitions of properties with this same tenant, which should have meant that the lender was skilled and efficient in its underwriting processes.  Instead, it took this lender NINE MONTHS to complete the underwriting for this transaction.  This was cookie-cutter underwritingsince the building was constructed specifically for this tenant less than two years earlier, there were no environmental issues, structural defects, title problems, etc. that needed to be corrected along the way.  With a reputable lender, underwriting for this transaction would have taken no more than 90 days.  Since this underwriting took NINE MONTHS, however, I fell out of contract two different times with the seller with a $100,000 liquidated damages clause hanging over my head. 


 


The creative side of the deal had its own separate nightmare.  The lender for the first mortgage was finally ready to close in late May 2010, and it was now time for Mr. Lipscomb to bring funds to the title company so the transaction could get completed.  While I stayed in regular contact with Mr. Lipscomb throughout the month of May, and while I was REASSURRED by Mr. Lipscomb in every phone call that the funds needed to close would make it to the title company in time, yet the funds NEVER came.  I was again REASSURED during subsequent phone conversations with Mr. Lipscomb after the missed closing date that the funds were still coming, and were simply delayed by a few days.  Those days came and went without the funds ever reaching the title company.  I fell out of contract for the second time with the seller, my loan commitment for the first mortgage expired soon afterwards, and the property that I wanted to acquire ended up being sold to an unrelated party not too long ago. 


 


While the communication with Mr. Lipscomb has always been sparse (Mr. Lipscomb is terrible at returning calls, following up, and keeping in contact in order to provide updates to the progress of the transaction.  He also moves forward with a strategy without having all of the kinks worked out first, which requires him to literally start over from a different direction, and then he keeps you in the dark about his mistakes while hes trying to fix them.), he and I have been in contact off and on regarding this transaction up until last week.  Since I am once again in a situation where Mr. Lipscomb has made promises that he has not kept, Ive reached my threshold with him and am not staying silent anymore about all of the problems that his actions have caused me. 


 


Here is the fallout from this relationship with Mr. Lipscomb and Resurrection Financial:


 


1.      I lost my $8,000 application fee that was wired directly to the lender.


2.      I lost my $12,000 for all of the third party reports needed to cover the costs of appraisals, environmental reports, etc. that was wired directly to the lender.


3.      I lost my loan commitment fee of $94,218.50 (not a typo) that was wired directly to the lender.


4.      I incurred legal fees of almost $55,000 (not a typo) for services that were needed in order to repair the damage to my relationship with the seller after I fell out of contract from the lenders delay, as well as to follow up with the lender to try to get the rest of the underwriting completed with as few delays and oversights as possible.  This attorney worked very hard for me, and he literally wasted his time.


5.      My reputation is damaged with a commercial broker that has offices all throughout the United States, and I am very likely blacklisted by this brokers agents.


6.      My reputation is damaged with the seller, who is a regional developer of shopping centers and single-tenant net-leased properties, and I am very likely blacklisted by this developer.


7.      My reputation is damaged with my investment colleagues because we had over $169,000 of expenses into a failed acquisition, and my reputation will take many years to repair.


 


Mr. Lipscomb has demonstrated time and time again to me that he cannot deliver as promised, and that he also does not have the ability to admit it.  Mr. Lipscomb cannot even adhere to his own self-imposed deadlines.  Throughout the last six months for the creative portion of this deal I was repeatedly told, Youll have the HUD-1 by the end of the week, or, Ill have the HUD-1 for you tomorrow, or, the paperwork will be ready next week, or, well be able to close in 2 weeks.  Most recently, I was supposed to close on the creative portion of this deal by mid-November 2010, and not only havent I closed, but I havent received even one document related to the transaction. 


 


Mr. Lipscomb stood to make over $225,000 (not a typo) in commission for procuring the lender for the first mortgage for the property that is no longer available, and also stood to make another large commission from structuring the creative side of the transaction. With two large commissions coming his way after both transactions closed, it is not possible to place me into the category of some of the others who have complained about their experiences with this firm, since there was a large financial incentive for Mr. Lipscomb to close these transactions.  In addition, if my acquisition had insurmountable limitations, as has been described in some of the replies to the negative comments about Resurrection Financial, I would have never received a loan commitment letter from both Resurrection Financial as well as the lender for the first mortgage; nor would have Mr. Lipscomb had stayed in touch with me all of this time, although sporadic, to say that he was still working on this transaction.  You can find additional bad experiences with Resurrection Financial and Lurton Lipscomb, Jr. at:


 


http://www.merchantcircle.com/business/Resurrection.Financial.803-591-0031/review/list


 


I am not running a smear campaign.  I am not crying sour grapes.  I am not a weirdo.  I am someone who had sincere intentions to acquire an income-producing property, disclosed my entire financial situation to Mr. Lipscomb up front, and trusted him to perform as he stated that he could.  YET, HE DID NOT RETURN IMPORTANT PHONE CALLS OR IM CHATS WHEN THE TRANSACTION WAS RUNNING INTO PROBLEMS, AND HE DID NOT KEEP ME UPDATED ON THE PROGRESS OF MY DEAL.  HE DIDNT EVEN MAKE HIMSELF AVAILABLE DURING THE DATES AND TIMES THAT HE INSTRUCTED ME TO CONTACT HIM.  MOST IMPORTANTLY, HE DID NOT PERFORM FOR ME AS PROMISED, TIME AND TIME AGAIN.


As you can see from my experience with Mr. Lipscomb, I have had some serious damage done to me.  YOU COULD BE NEXT.  Please feel free to contact me at (((ROR redacted))) or at (((ROR redacted))) to confirm my above information.


 

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

This report was posted on Ripoff Report on 12/01/2010 06:01 PM and is a permanent record located here: http://www.ripoffreport.com/r/Resurrection-Financial/Martinez-Georgia-30907/Resurrection-Financial-Lurton-Lipscomb-Jr-THE-DEAL-NEVER-CLOSES-AND-YOULL-NEVER-FIND-O-667195. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 0Consumer 4Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Individual responds

HE GOT CAUGHT COMMITING FORGERY OF THE SELLER'S SIGNATURE DURING MY DEAL

AUTHOR: No victim here - (U.S.A.)

Mr. Lipscomb's repeated lies about what happened with my deal, and his e-mail threat to me after I exposed how he has repeatedly failed me in my deal led to my disclosing on an open forum that I have proof that he forged the seller's signature in my deal so an LBO could take place. Read about it in my rebuttal from December 22, 2010 at http://mortgagegrapevine.com/thread/?thread=588495.

USE LURTON LIPSCOMB, JR. AND RESURRECTION FINANCIAL AT YOUR OWN RISK.

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#2 REBUTTAL Individual responds

HE GOT CAUGHT COMMITING FORGERY OF THE SELLER'S SIGNATURE DURING MY DEAL

AUTHOR: No victim here - (U.S.A.)

Mr. Lipscomb's repeated lies about what happened with my deal, and his e-mail threat to me after I exposed how he has repeatedly failed me in my deal led to my disclosing on an open forum that I have proof that he forged the seller's signature in my deal so an LBO could take place. Read about it in my rebuttal from December 22, 2010 at http://mortgagegrapevine.com/thread/?thread=588495.

USE LURTON LIPSCOMB, JR. AND RESURRECTION FINANCIAL AT YOUR OWN RISK.

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#3 REBUTTAL Individual responds

"WE CAN CLOSE NOW" IS WHAT I HEARD FOR MONTHS!

AUTHOR: No victim here - (U.S.A.)

Mr. Lipscomb has stated some falsehoods, and has omitted important information in his rebuttal.

1. His negotiations with the seller failed to build their confidence in our relationship, which was one of the reasons why an expensive closing attorney needed to be brought into this deal in order to repair the problems done by Mr. Lipscomb and his empty promises.

2. The loan company that I "complained and griped" about was inept, and slow with its underwriting. My documents were repeatedly lost (at one time, not only were individual documents were lost, butmy entire file was missing), and they could not figure out when their underwriting was complete. As soon as we all believed that underwriting was finished, I would be notified that the lender needs one additional document, or needed an original document updated due to the length of time that their own delays had caused.

3. Inever attempted to get this deal done on my own. That is a flat out lie.

4. If my credit score dropped too far for Mr. Lipscomb to work with, then he should have been a responsible, eithical, and honest business man and tell me that he now doesn't have a way to get this transaction to close. Instead, he continued to mislead me into thinking that he could work within the deadlines presented in the sales contract. He continued to say that the deal would close, and that it would close on time. Mr. Lipscomb had multiple opportunities to back out prior to any of these contract deadlines expiring, yet he didn't.

5. "The sad part is that we recently raised the she needed to close the deal." It is impossible for me to believe this comment by Mr. Lipscomb. First, I've been hearing this from him for over six months, yet the money never came through. Second, he had the opportunity to tell me that the funds came through between the time of my last communication with him and his rebuttal on this thread, yet he never has. Third, my signature was required on multiple documents in order for the funds that he alleges that he has "recently raised" to be released, I was never presented any documents to sign for my signature.

6. "She has emotionally given up and has chosen to slander the very entity that enabled her to get to closiing." Actually, the property is off of the market, sold to a different buyerbecause of his repeated delays and empty promises regarding when this transaction could origianlly take place. This was not a nine month process, but one of sixteen months. The lender's underwriting took nine months on a first mortgage, and Mr. Lipscombs funds have taken (as of today) sixteen months to obtain. Waiting nine months (or sixteen months)to raise three million is worth the wait; but losinga transaction because of broken promises, refusal to return phone calls, mistakes, and lack of communication to a client is not part of the process of a reputable broker.There is no more deal for him to broker, which has nothing to do with any emotions or lack of patiencerelated to the transaction. The property is gone because Mr. Lipscomb did not perform as he repeatedly promised.

7. "No other entity did what was needed for this woman..." And neither did Resurrection Financial.

8. Mr. Lipscomb states that he will alert the Savings and Loan company to rescind the $7 million firsrt mortgage. What he did not tell you is that this first mortgage was rescinded by thelender itselfback in June of 2010 because the closing didn't take place a few weeks earlier. Also as stated earlier, this first mortgage would not be available regardless, since the propertyhas been off of the market for weeks.Mr. Lipscomb is alleging that he now has the funds and can close, but alll of the underwriting for this transaction by this lenderis worthless.

9. "She will never find a lender that will be willing to do what we did for her." I'm sure thankful for that. Mr. Lipscomb did nothing butcontinue to mislead me into thinking thathe could close this transaction. Mr. Lipscomb's arrogance not only shows with this comment, but also by saying that I am ungrateful for what he has done for me. He he did not perform as promised, which means that he did nothing. The property has been sold to another party.

10. Mr.Lipscomb alleges that I am and "unsophistocated"investor, yet I knewthat there was non-recourse funding for transactions such as this one, in these credit conditions, when he flat-out stated that there was not. Mr. Lipscomb also chose an expensive lender, when I knew that there were other lenders forinvestment grade tenants thatcharged lower fees, thatwould waitto get paid for underwriting costs at closing, and that would also charge lower interest rates than the lender that Mr. Lipscomb chose for this transaction. I also knew what needed to be done to structure the deal, but I did not have the number contacts to structure this transactionthat a broker would have, thus I turned to Mr. Lipscomb for help.Asking forthe help of brokersis typical ofmany investors. More importantly, Mr. Lipscomb agreed to work on this transaction because said that he could perform, andhe stood to make a lot of money doing so.

11. I have my own records to document what I have said. And I, too, will use my experience as a reminder. However, my reminder is that there are brokers out there whopromise that they can perform creatively when they actually cannot.

USE RESURRECTION FINANCIAL AT YOUR OWN RISK.

 

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#4 REBUTTAL Owner of company

WE GUIDED THE DEAL TO CLOSING AND CAN CLOSE NOW

AUTHOR: RESURRECTION FINANCIAL, INC. - (United States of America)

This negative comment was written by Maria Montalbano. There are several things that Maria does not mention in her comment. She came to us without a down payment, without earnest money, without any knowledge of how to structure a business acquisition, without a real estate team to get her to closing, without the ability to negotiate her contract, anda BIGdesire to buy a $11 million Walgreens property.We helped her structure her deal, negotiate with the seller, assemble her real estate team, we arranged a $7 million real estate loan from a Savings and Loan entity(that she complained and griped about taking too long eventhough she normally did not fit their lending profile)which had the money ready at closing, and got the deal to closing. What Maria doesn't tell you also is that her credit score dropped 70 points from her attempts to get the deal done on her own. She did not have the $ 3 million+ difference she needed to close the transaction and we were unable to raise the $3 million she needed to finish the deal up the way we initially arranged BECAUSE HER CREDIT SCORE DROPPED!!! Therefore, we had to piece together another creative way toraise her down payment money because the loan we had arranged for the difference was not available for such a low credit score.The whole reason the deal was possible in the first place is that her credit score was high. Keep in mind, most people have to come up with their own downpayment. The funds that she talks about losing were borrowed funds tht she borrowed to pay the necessary costs of theSavings and Loan entity that funded the majority of the deal(the $7 million) and the appraisal. You cannot buy an $11 million property without some costs. We shielded and structured her around having to pay 98% of the cost of the deal. Normally, as an investor, you should have these funds and not have to or expect to borrow it. She was buying a $11 million Walgreens property!!The amount she expended(borrowed)did not even amountto 2% of thepurchase price.The sad part about it all is that we recently finally raised the $3 million she needs/needed to close the deal. She has emotionally given up and chose to slander the very entity that enabled her to get to closing. Waiting nine months to raise $3 million, when you have moneyand no other way of raisingit, is not tat bad and sh should have been graeful to get to this point.The deal would have taken this woman from zero to a net worth of over a million. No other entitydid what was needed forthis woman who had nothing but a credit score and works aspole worker for a utility company. Wehelped her from day one andraised every centof what was remaining of what she needed. However, because she was impatient and didn't realize how fortunate she was to have gotten this far, not to mention be able to close the deal. We will return the $3 million we raised for her downpayment, we will alert the Savings and Loan entity that they should rescind the $7 million loan that they have readied for her for months, and we will use her comment here as a reminder of why you cannot deal with beginner investors or ungrateful people. She will never find a lender that will be willing to do what we did for her. There is a reason why lenders turn people down and don't get involved with them. We are learning to say "no" and not expend heart and energy on unsophisticated investors. It's just not worth the time. They are where they are for a reason. We can document everything that was stated in this rebuttal.

Lurton Lipscomb, Jr.

Resurrection Financial, Inc.

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