ED Magedson – Founder
Eastern Capital LLC1230 Peachtree St N.E., Suite 1900, Atlanta, GA Internet USA
Eastern Capital LLC A. Joseph Tomasso CFP So many promises. So many lies. NOT A DIRECT LENDER! Internet
Gave me a terms quote, and then required over $10K in up front charges, promised fast results, direct lending. They literally sat on the paperwork for 3 months. Every week, another promise--"it's in the final stages of approval." Here's what really happened. It got lost. Someone got sick and my paperwork sat somewhere on a desk for three months and did nothing. When they did actually start processing the paperwork, it soon became clear what was going on. Not only was Eastern Capital NOT a direct lender, they weren't even a real broker. They presented my loan package to other brokers, not to actual lenders. The terms I had been given where nothing more than wild guesses as to what then would find in the market place. Well, they went through a few brokers, with repeated promises about how we were almost to close, when they did find a broker with access to conduit funding. It was real funding through Bancorp Bank, with a real terms sheet and everything. The only problem is that I could get this type of loan through a number of brokers, and I would only have to pay one broker a 1% fee. Eastern Capital was charging 2.75 points. So, after six months of lies and broken promises, I walked away from non-refundable deposit, and will do in two months and 1 point what Eastern Capital would do in 8 month and almost 3 points. The last lie from Joe, company president, came just a day before I fired the -- "we're about 3 weeks from closing." Of course, the real broker, who actually was processing the loan had just told me 45-60 days. But I guess I can't blame Joe for trying once again to string me out. After all, his lies and promises had been stringing me out for six months. Why not try it once more. His falsehoods, however, pale in contrast to Jillian, the inital sales contact. She gave me bogus information so many times that I lst count.
You might actually get a loan through Eastern Capital LLC, but it appears that you will be paying two brokers. You will never be involved with a direct lender. Absolute lies when they make this claim. Just a loan broker, one with extraordinarily high up front fees, and extremely poor service.
This report was posted on Ripoff Report on 07/23/2013 09:41 PM and is a permanent record located here: http://www.ripoffreport.com/reports/eastern-capital-llc/internet/eastern-capital-llc-a-joseph-tomasso-cfp-so-many-promises-so-many-lies-not-a-direct-le-1069556. 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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