- Report: #1100572
Report - Rebuttal - Arbitrate
Complaint Review: Ben Levine/Streamline Commercial Funding
Ben Levine/Streamline Commercial Funding12 Abba Hillel Street - 16th Floor Ramat Gan-Tel Aviv , Select State/Province Israel
Ben Levine/Streamline Commercial Funding Benjamin J. Levine Ben Levine's and Streamline Commercial Funding Scam Tel Aviv Ramat Gan
*Author of original report: Continued report
*Author of original report: Continued report
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Have known Ben Levine and his so called lending company for several years. We undertook getting a loan from his scam company earlier this year on a project in Las Vegas. Having paid over those years more than $35,000 in so called "fees" for everything from "translations" to interest on keeping the so called scam offer in force. Above those fees came the cost of a site visit (business class) and a 5 star hotel accommodation. There was always a constant focus on the money rather than our business at hand. He would do this or that as soon as he had confirmed money in hand or was informed by wire confirmation it was on his way.
Which should have tipped us off as to his unscrupulous intent since it is similar to what we have run into with other scam artists in the mortgage/loan business. Keep in mind, Ben Levine doesn't make the actual loans if anything he is just a typical give me some money for nothing broker. But he is a slick character and has been around for a long time and knows his game well.
To make sure this transaction on our end was done with meticulous detail we went over everything that was needed several times. On 8/18/2013 we wanted to understand about the Proof of Funds needed for the Seller. The response from Mr. Levine was in writing and unequivocable "the POF is clear cut and will meet anyone's scrutiny...Your guy can call the banker to get further verification" On the 19th of August Mr. Levine again stated in writing "POF will clearly be adequate ... There is additional POF if needed from Israel but there's no chance the other will be disputed". Again, on 8/26/2013 in writing Mr. Levine stated "Regarding the POF we have several options...way more than enough to satisfy your seller."
In that same communique we wanted to make absolutely sure the definitions within the MAI appraisal we were required to do was precisely what Ben Levine was wanting to have done. We forwarded the exact language on 9/4/2013 from the MAI appraiser to Ben Levine for his approval of the language so there would be no misunderstanding. Which Mr. Levine approved of the definition in writing.
On 9/12/2013 we wrote to Ben Levine to make absolutely sure we were on track. Since this was a $10 million dollar deal and we had earnest money deposits that if it took too long, the money would go hard. A potential event Ben Levine was made all too aware of. In this communique on 9/12/2013 we stated "Ben, As an update on the progress and status: 1. Should be forwarding next week the executed Purchase and Sales Agreement; 2. Later next week the Summary Numbers from the appraiser; 3. Perhaps the preliminary title work, but that will probably be the next week; 4. The remainder of the funds for you. After receipt of the above when can we expect a LOC (Letter of Commitment)? Any further updates on your end as far as a potential site visit date?
Ben Levine responded in writing "Immediately upon receipt of all the aforementioned. At the very following meeting, Monday, or Thursday, I will present the complete package and get the okay to issue the LOC." On 9/16/2013 Ben Levine added in response to our inquiry about what happens after receipt of the LOC, he stated "Without going into what goes on behind the scenes, once we get the LOC back from you signed which also calls for an opinion of counsel from you attorney as to the legitimacy of the transaction in your jurisdiction it goes to our closing attorney and they (the attorneys) talk to each other from that point". Which we alerted our real estate attorney too (well known firm) and he was ready to engage in closing the transaction.
On 9/22/2013 we had the summary numbers from the MAI appraiser which did conform to the required amounts that Ben Levine/Streamline needed to move forward on the loan. The full appraisal would be out in a few weeks and we would forward (continued)
This report was posted on Ripoff Report on 11/19/2013 08:29 AM and is a permanent record located here: http://www.ripoffreport.com/r/Ben-LevineStreamline-Commercial-Funding/Ramat-Gan-Tel-Aviv-Select-StateProvince-52136/Ben-LevineStreamline-Commercial-Funding-Benjamin-J-Levine-Ben-Levines-and-Streamline-C-1100572. 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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