• Report: #1139668

Complaint Review: T & M Commercial Funding

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  • Submitted: Thu, April 17, 2014
  • Updated: Wed, July 02, 2014

  • Reported By: Dr. Drew — Minneapolis Minnesota
T & M Commercial Funding
259 Minot Ave Auburn, Maine USA

T & M Commercial Funding Todd Johnson, Jacob Machaud Hard Money Lender Operating Out of House: No Formal Education: Doesn't Understand BPO's Auburn Maine

*General Comment: Thanks T&M

*REBUTTAL Individual responds: Re: Unhappy Client

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Simply google their address, which foolishly I didn't, to see what you are dealing with:  259 Minot Ave, Auburn, ME 04210

T&M Commercial Funding, Todd Johnson, and Jacob Michaud, pre-approved a transaction with full knowledge of credit history and all of the details.  Their "underwriter", Todd Johnson, and Jacob Michaud took 3 weeks to find a person to do an appraisal.  They failed to find an appraiser and blamed it on my property which is a typical corner property in South Minneapolis.  They then rejected the estimate of an appraiser with over 20 years of experience in BPO's.  Her estimate after 15 hours of research was approximately $200,000.  Their estimate was $40,000 - $50,000.  Seriously, a property in South Minneapolis going for that amount?  I will buy every single one if that is the price!!!!  The commercial property I own was nearly complete and only needed $75,000 to finish.  The city was going to contribute an additional $20,000 at a minimum.  Jacob Michaud wrote that my property was a "White Elephant" and a "Ginger Bread House".  The information provided him included plans for a new grocery store across the street, 200 new employees occupying another building, and a revitailization plan supported by the city of Minneapolis.  

The process took over 6 weeks to recieve their condosending feedback.  The CEO Todd Johnson, who has no college education, would not return my phone calls.  Jacob Michaud has a basic education and is very junior at best.  They wasted my valuable time and wasted money in the process!


This report was posted on Ripoff Report on 04/17/2014 12:19 PM and is a permanent record located here: http://www.ripoffreport.com/r/T-M-Commercial-Funding/Auburn-Maine-04210/T-M-Commercial-Funding-Todd-Johnson-Jacob-Machaud-Hard-Money-Lender-Operating-Out-of-H-1139668. 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 1Consumer 1Employee/Owner
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#1 General Comment

Thanks T&M

AUTHOR: House Flipper - ()

T&M is a legit hard money lender. Ive been using them for years for flip funding. This guy is clearly disgruntled about the value in his property. If you need hard money, dont hesitate to use these guys.

 

 

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#2 REBUTTAL Individual responds

Re: Unhappy Client

AUTHOR: T&M Commercial Funding - ()

I would like to take a moment to remind any viewers that 1 bad report in 14 years is a very good track record! T&M Commercial Funding has funded thousands of loans over the last 14 years and we strive to exceed our client’s expectations on a daily basis. We lend with dignity and confidence, and provide funds too many folks that cannot get money traditionally. We have references all across the country and can provide proof to anybody looking for hard money or private funds that we are indeed, a real lender AND good at what we do!

I’m going to take the time to reply to this borrower’s statement individually as the information provided is grossly misconstrued.

Simply google their address, which foolishly I didn't, to see what you are dealing with:  259 Minot Ave, Auburn, ME 04210”

Please do! If you google our address of over 10 years, you will see our local office here in Auburn Maine is not a home, but indeed a commercial. You can clearly see our sign out front.

Their "underwriter", Todd Johnson, and Jacob Michaud took 3 weeks to find a person to do an appraisal”

Before we lend our private funds on any real estate, we need to establish a value. It is true that we had a hard time finding a real estate agent to perform the market analysis on this particular property. It’s a rural area, but the main issue was the style of this particular property and how unique it is. The first 2 agents that accepted the assignment cancelled the order after visiting the property. They reported that it was impossible to compare and did not feel they could adequately establish a value. Please see the picture in the link I have provided. You can see how unique and non-conforming this property really is.

Link to a 3rd party site showing the original listing: http://www.cbburnet.com/property/details/1898906/MLS-4178001/3800-3rd-Avenue-S-Minneapolis-MN-55409.aspx

 

The process took over 6 weeks to recieve their condosending feedback.  The CEO Todd Johnson, who has no college education, would not return my phone calls.  Jacob Michaud has a basic education and is very junior at best. ”

Todd Johnson, the CEO, has been underwriting loans for over 30 years. His job is to approve quality loans and ensure that we will not have any exposure on any particular deal. He felt that 125,000 investment secured by this property was not a safe investment. To respond to the quote above, I would agree that this loan request took longer than most. The client did indeed call everybody in our phone tree, but the correct procedure was to continue communication with myself, the loan officer.

In closing, we will not fund every deal that is submitted. But our long track record in the lending field along with the thousands of happy clients over the last 14 years should speak for itself. We post funded transactions on our website every month and will provide any client who is looking to borrow on real estate with references upon request. Thanks for taking your time to read this rebuttal and we will work hard to make sure that any clients that we cannot assist feel satisfied that we did our best.

www.TMfunding.com

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