ED Magedson – Founder
MidFirst Bank Construction Lending Department Oklahoma City Oklahoma/ Gilbert Arizona Nationwide
I requested construction financing for a single family residence from MidFirst Bank in July 2013.
Loan was granted as requested. Since the loan closing in November 2013, MidFirst has repeatedly changed the process and "made up" new rules and proceedures for advancing the loans funds. I only had 1 year to complete the home.
I have in writing they will lend 100% of costs or 80% of value, whichever is lower. My costs are $415k and the value is $680k (80% of 680 is 544k) I've submitted 2 requests for funds to be drawn for the ongoing construction. Both have been denied and the second I was refused the required inspection to see that the work has been completed.
I have invested $38k of my own money and am unable to get MidFirst to advance any funds to continue construction or pay the trades that have completed their duties.
Without something changing, our next step is to surrender to forclosure.
Don't use MidFirst Bank / Mortgage for any financing! They misrepresent themselves and do not honor the comittments they make.
If anyone has any suggestions or ideas please help!
This report was posted on Ripoff Report on 07/17/2014 05:35 PM and is a permanent record located here: http://www.ripoffreport.com/reports/midfirst-bank/nationwide/midfirst-bank-construction-lending-department-oklahoma-city-oklahoma-gilbert-arizona-nat-1162972. 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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