ED Magedson – Founder
Michael Burritt d/b/a ThunderHeart Financial Partners110 16th St, Suite 1400 Denver, Colorado USA
Michael Burritt d/b/a ThunderHeart Financial Partners Burritt took $4500 to be used as an Appraisal Fee and never used it for this and refuses to return these monies Denver Colorado
On June 27, 2013 Burritt sent us a commitment for a loan, the terms were as follows:
How are you progressing with the negotiations with the Appraiser, Rose?
as discussed in our first conversation, here are our lending parameters:
2% - 5% Origination
9.99% - 14.99 Interest Only
6 month - 3 year term
65% LTV/LTC - Debt
80% LTV/LTC - Equity
I understand Jamie feels he is entitled to a 1.5% broker fee; he is not and I will discuss that with him. You get a fee for successfully placing a deal directly with the lender and he did not. [continued below]....
Here are the docs we require to begin:
1) updated Appraisal
2) Environmental Reports
3) Personal Financial Statement for all Principals
4) Articles of Incorporation
5) Profit and Loss Statements (3 years)
6) Year to Date
7) Balance Sheet
8) Title Report
Call me direct with any questions.
Then on July 1, 2013 we signed an agreement with Burritt as follows:
We would like to move forward in getting this property financed through your company. You asked for us to send you a $4,500 wire. We will do so upon you agreeing that the use of these monies is for the updated appraisal with Rose.
If by any chance these monies are not used to update the appraisal, then they will be promptly refunded to us upon request.
Please counter-sign this agreement and we will immediately be wiring the funds as per your previous instructions.
Then on July 3, 2013 we wired $4,500 to Burritt.
During this process of compiling the financial informaiton, all communications were through Burritt's associate, Phil Sahag from Scottsdale, AZ.
There were tremendous amount of mis-imformation in terms of what acutally were the types of financial statements needed and after about a month, Burritt now said that the appraiser that he initally said was qualified, was all of a sudden not approved by lender.
On July 31, 2013, we formally terminated this financing and requested the return of the $4,500 deposit to be only used for an appraisal, of whcih no appraisal was ever ordered.
Drurring the next month we tried to collect the monies to no avail. We are still awaiting for Burritt to return the deposit.
This report was posted on Ripoff Report on 09/10/2013 10:01 AM and is a permanent record located here: http://www.ripoffreport.com/reports/michael-burritt-dba-thunderheart-financial-partners/denver-colorado-80202/michael-burritt-dba-thunderheart-financial-partners-burritt-took-4500-to-be-used-as-an-1083271. 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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