Rodney Peterson operates a company called West Coast Funding, Inc out of Denver, Colorado. He claims to offer second chance financing for various commercial real estate purchases. He charges what he calls a retainer fee of $5000 for his services. In the contract agreement he also states that if the deal is not funded he will refund the retainer fee.
I paid the "retainer" fee of $5000.00 and two days later he emailed me some documents with "soft terms." He said that this came from "the underwriter" and that I had the option to negotiate these terms. I did negotiate the terms and got approval from the "underwriter" that all was agreed to.
Next, Peterson told me that I must send $2500 to "the underwriter" who apparently was the "lender" as well. Also, it was suggested that if I wanted to rush the closing to 12 days I would pay an additional $900. I sent "the underwriter lender" $3400. [continued below]....
..... This person who calls themselves the underwriter/lender is someone named Davide Erante at Hard Equity Financing (hardequityfinancing.com). I followed the instructions and sent all the documents relating to the property purchase to Erante.
Each time I sent documents to him, he sent an acknowledgement that they were all received. He stated in the agreement that our closing date would be May 31st. When May 31st, came nothing from him. 2 days later he said that he was still missing 2 documents which I sent to him immediately and he said they were wrapping things up and about to close. Never happened.
Finally the title company warned us that they still haven't heard from Erante and that they MUST receive documentation from him no later than the 14th of June. Still nothing from Erante. Rodney Peterson kept saying it was not unusual for Erante to wait to the last minute. Still no funding was made available.
So, I went into default. Now the seller wants to sue me for not being able to perform and Peterson and Erante are no where to be found. Do not do business with Rodney Peterson of West Coast Funding, Inc of Denver nor David Erante of Hard Equity Financing of Miami. Obviously they are working together to scam potential buyers out of upfront money.
Do not be fooled by what you see on the internet with Peterson. He claims to have a pristine reputation and claims to have done several deals with Erante. Run the other way! Not one penny has been refunded and the there was never a loan. In contacting the authorities I have been told I am a victim of an Advance Fee Loan scam.