• Report: #872080
Complaint Review:

Lurton Lipscomb Ressurection Financial

  • Submitted: Sun, April 22, 2012
  • Updated: Sun, April 22, 2012

  • Reported By: jeff — Little Rock Arkansas United States of America
Lurton Lipscomb Ressurection Financial
4115 Columbia Rd Suite 5 Martinez, Georgia United States of America

Lurton Lipscomb Ressurection Financial RFI Not closing on a loan Martinez, Georgia

*General Comment: He has closed deals !!!


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I wish to inform the public that making a decision to use Resurrection Financial and Lurton Lipscomb could prove to be hazardous to your financial health.

I found an ad on www.loopnet.com from a mortgage broker claiming to have funds for commercial deals. I had found an apartment building I wanted to make an offer on and was looking for financing. I spoke to Mr Lipscomb, explained my deal, sent him info and he issued me a commitment letter. With that in hand I flew to the location of the property, inspected and liked it. Told them I had a lender who was interested in the deal and Lurton helped me to put a contract together based on the terms he said he could deliver on.

Then my nightmare began. He told me about his upfront due diligence fees. I told him that although I understood paying for 3rd party reports it had been my experience in the past that lenders who focus on upfront fees dont close loans. Mr Lipscomb is a salesman. He explained how he work and so I did send him a fee, although reluctantly. I then sent him every item he requested on the application submission sheet he provided. He told me he had everything he needed and would contact the appraiser.

I informed seller and we waited and waited. When days went into weeks Lurton informed us that the appraiser had "changed his mind" about doing the appraisal. I had given him the name of an appraiser the seller said did a lot of the appraisals for banks in the area and was well informed about how to comp things out. Lurton never called that appraiser.

Seller was an Investor and wanted to talk to Lurton to see if he was on the upside. She did and we both were convinced that he knew what he was talking about. What bothered us both is that he was dragging his fee about ordering the appraisal.

I finally ended up calling a few and referring the one the seller had referred us to to Lurton. By now we are weeks into this process and the seller is having a hard time feeling he can close. Lurton refused to talk to the seller. And when I called him, it took him days to get back to me. He was prompt in calls mostly when we spoke about me sending him more money.

I told him I would mail him a check. He gave me his address. I told him I had a problem dealing with a lender who didn't have a physical address, only used the internet to do business and his main phone was a cell phone. However when I did mail him a check it was returned undeliverable. I inquired and found out his address is the UPS store. Spoke to attendant and she confirmed he had a post office box there and the reason he didn't get my mail was I didn't include the box number. Lurton told me repeatedly that that was his physical address and he didn't know why the woman at UPS said that. Well, she even gave me his post office box number.

By the time I got appraiser in place seller had decided to move on and sold property to someone else. So I lost my due diligence fee, time, cost to fly and see the place, etc. I told Lurton that I was the only loser in the deal; seller sold building, he had my fee. I felt that since I had experienced this loss the least he could do was work to close on another property for me and discount the upfront due diligence fees. Well he wont work on a deal unless hes paid the fees first. 

I told him "dont you make your money at closing? These are multi million dollar deals I am bringing you and all you care about a few thousand dollars due diligence?" I guess he does because he wont work unless you are willing to entrust him with your hard earned money with NO guarantees from him if his negligence costs you your deal. 

I have since moved on to a local lender for my next multi unit deal and guess what? No due diligence fees. Only appraisal, credit reports and environmentals if deemed necessary. Standard closing cost fees apply.''

I told Lurton "I didnt pay you to try to get me a loan. And you didn't order any appraisal so I know you didn't spend my money on any legitimate fees. It shouldn't cost a customer thousands to have someone try and get a loan. People pay fees for results."

I would suggest that if you need a loan, find a lender who has a physical address, has some staff, returns phone calls and does not require you to pay them and they still dont have to work. Anyone who charges a fee for their services should be held accountable for the delivery of that service and should return anyone's money who does not receive the service.

Lurton didnt close my deal....so what exactly did I pay for?

This report was posted on Ripoff Report on 04/22/2012 10:29 AM and is a permanent record located here: http://www.ripoffreport.com/reports/lurton-lipscomb-ressurection-financial/martinez-georgia-30907/lurton-lipscomb-ressurection-financial-rfi-not-closing-on-a-loan-martinez-georgia-872080. 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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#1 General Comment

He has closed deals !!!

AUTHOR: Aidan - (USA)

I have seen  closing statements personally on at least 5 deals .The real issue is with disgrunled clients  personal issues and pronblems destroying deals.The He is creative in closing deals.Everyone has had diffcult clients who derial deals by stepping into the drivers seat themselves,ths is the real pronem.



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#2 REBUTTAL Owner of company


AUTHOR: Resurrection Financial, Inc. - ()

First, let me state that this complaint was not listed by some guy named "Jeff", with no other identifying information.  Additionally, he is not from Little Rock, but rather another city in Arkansas. Additionally, he back dated the comment to also try to conceal who he was.  His deal was declined in 2013, not 2012. The aprtment building that he sought was not in Martinez, GA.  We have never done or attempted to do an apartment building financing in Martinez, GA and have never closed or attempted a deal in Martinez, GA. This comment was posted by George Brewer, a former client that was denied for fraud reasons.  George decided not to mention his name because he knew his statement was a lie and that we would sue him if he posted this untruth under his real name. 


Second, George is not an innocent novice as he tries to portray in his complaint.  He is an accountant that use to be a supposed lending guru in California.  George was a co-owner/partner of a financial firm that had unexpectantly closed in California after his "new financial  products" initiative failed under a cloud of scandal.  He moved back to Arkansas and remade his life and public image.

Third, George presented false documentation to us and rushed us to close a small apartment building he had found in Arkansas( not in Martinez, GA).  He assumed he could rush us with his enticements of other deals to come and his threats of having a brother that was a federal law enforcement officer.  Well, he made the mistake of assuming that because we are a smaller than a large bank, we would not do due diligence on his deal. For the loan he wanted us to do, George was required to provide tax returns; he never did.  George knew of this  requirement for tax returns because it was listed in the Stip List that was provided to him initially.  Additionally, an ACCOUNTANT would also know that tax returns are needed for transactions such as this and should provide them without hesitation; George did not.  This was a red flag.  Next, George filled out and signed an application with us which, among other things, stated that he had no outstanding judgements in recent years.  He stated on the application that he had no outstanding judgments.  The strange thing related to this is that George kept wanting us to use his provided credit report and not pull a credit report ourselves.  We told him that not only do we pull credit reports, but we do in our due diligence more extensive searches, as well.  In those searches, we discovered he had two outstanding judgments right there in his home town in Arkansas, fairly recently, and for which he had to appear in court.  This was another red flag and another reason for denial.  Next, on the same loan, the underwriter for the loan required proof that George had successfully owned other rental properties before; this was a requirement of the loan.  George complained and wined and finally produced four properties in Arkansas that he had supposedly owned as evidence of his rental property ownership.  When we did searches on those properties at the courthouses in Arkansas, there was no record of that ownership by him.  This was another red flag and a reason for denial.  Finally, we checked out his previous history as a commercial lending guru in California, after we were able to cross reference his California history in our searches.  We discovered the failed lending firm and his involvement in the firm's mysterious lending practices and falsified documentation.  We declined George Brewer and informed him of all of our findings.  


Fourth, George was livid about being turned down and promised to hurt us and ruin us.  He even tried to tell the same lies he told in this Ripoff Report to the authorities.  The authorities not only dismissed his allegations, after receiving our full file of information from us  and George's e-mails, but from what we understand are investigating him related to his previous dealings in California.  George even complained and threatened legal action against our credit report provider(mainly because he felt the credit report provider had revealed his deception and lies) claiming that he never signed or provided authorization for a credit pull.  We not only produced the signed Borrowers Authorization, but forwarded the actual e-mail from George with the signed Borrowers Authorization, which allows credit checks and verifications.  So, his effort with the authorities didn't work, his effort to attack the credit report provider didn't work. So, he left off with the threat of saying that he would ruin us on the internet.  We told him we would sue his pants off if he in any way libeled us on the internet. So, he changed a few things to prevent a lawsuit but left enough so that we would know it was him. To date, he is the only client we have ever had that tried to buy an apartment building from Arkansas and his lies match perfectly the accusations that he tried to make previously.  Our attorney is fully aware of Mr. Brewer's tactics and history and is currently dealing with his libelous actions.

Lastly, I would like to say that we have a full file to prove everything I have just stated.  We use due diligence costs, which every other commercial lending entity charges in one form or another, to weed out fraud and make sure all deals we close our clean and accurate.  Fortunately, we were able to discover George Brewer's deceit and trickery in time.  Just know that not every accusation you read on the internet is true and that the truth can always be documented.  If someone hides, conceals, or comes up with aliases, it is usually because they are not telling the truth.  Should anyone need to view Mr. Brewer's full file to see his deception and fraud, we will provide this documentation, provided our attorney gives us the Ok.  Our firm, Resurrection Financial, Inc. has a full list of references from the lending industry and satisfied customers AND it has actual closing statements from deals we have closed.  Remember, the truth can always be verified; lies cannot.


Lurton Lipscomb, Jr.

Resurrection Financial, Inc.


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