Complaint Review: silverback capital - sacramento ca
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- Author Not Confirmed
- silverback capital sacramento, ca United States
silverback capital Dave Simmons, James Mitchell No performance hard money real estate loan liars sacramento ca
*Author of original report: Terrible silverback capital experience
*Consumer Comment: I'm sorry where is the ripoff part?
*REBUTTAL Owner of company: just because its not on your credit report dont mean it wont come back to bite you .
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I engaged with this company to pursue a hard money loan to close a real estate deal. I was issued a letter of intent to engage and close the loan by the employee James Mitchell. Everything was "no problem", "we have you handled", "your good", "we're scheduled to close", "we have everything we need"....And the list goes on about every possible promising scenario you could possibly imagine. With all of these encouraging words you are led to believe that the financing is going smoothly and scheduled to close on scheduled just as promised....But wait here's where the game starts...3 appraisals later, and 3 BPO's later and you still are not closed but you Will repeatedly be promised that everything's going great and that they're just securing some extra financing behind the scenes to ensure that there's no problems… But wait there's more!
The salesmanship here is at such a fine level of making you feel so comfortable that they lock you up so you don't pursue other financing and then all of a sudden when you're supposed to close escrow there's another hitch…The owner of the company Dave Simmons calls me with a sweet story about how the cost of the loan has increased then we decided to talk about it the next day…An increase in points and an increase in loan percentage from 8% to 11% and a 10% drop in LTV. So with all of these things said and blaming it on corona I worked out a special deal with my seller and I brought it back to present to this company and the lender supposedly approved the deal and I was given the word that we were a go.
This Company contacted my realtor who they gave the thumbs up authority to proceed with the deal and the loan terms were fine and on track to be funded. The next thing I know I get an introduction To another brokerage firm that wants me to pay for yet another BPO And start the paperwork all over again after I submitted it about five times prior. A couple hours later I receive an email from the brokerage firm that was hired by silverback to procure my loan and they told me that they had to decline my deal because of the corona issue that killed many lenders in the industry.
Silverback capital did not even know that this email existed And could've cared less by telling me that nobody else could've funded my deal anyway but locked me up for 30 days and prevented me from procuring another lender or loan product. Instead of allowing me to procure funding they basically said oh well at least we have our friends family and our health And made everything sound like they did their best and it was nice.
I'm here to tell you that this experience was miserable stay away from these guys they are a level of con artist that is very big and i believe based on my experience that it is an operation designed For you to pay appraisal fees and BPO fees so they can make an income without even providing any sort of financing I would not pay anything upfront for these clowns as I have nothing but paperwork and no loan products. Stay away from Dave Simmons and Silverback Capital
This report was posted on Ripoff Report on 04/12/2020 03:09 PM and is a permanent record located here: https://www.ripoffreport.com/report/silverback-capital/sacramento-ca-dave-simmons-no-1493966. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#3 Author of original report
Terrible silverback capital experience
AUTHOR: jon - ()
SUBMITTED: Tuesday, October 11, 2022
I know no two years later you’re digging deep to try to find some thing to defend yourselves in this report by but I can tell you you did a lot of nasty things that you shouldn’t have done. First of all He gave us a preapproval letter that you probably didn’t that very well but she did that to bait the client.
Because you gave us the approval before you started shopping your vendors for loans everything was ago everything was good everything was no problem and then when you started shopping you put us in a position where that everything was ago not everything was easy and that everything was good.
All the terms had changed more money down on a multi million dollar house you guys thought you were going to be able to squeeze us like a grape and Bacchus into a corner where we had no other choices. The best thing we did was walk away from your company and find somebody else we were able to get in with no problem and weren’t sold a song and a dance.
Ripoff for sure, conniving definitely, misleading the actual facts and putting us in a terrible place yes the worst. Which ever knucklehead gave this rebottle before me about how a broker works so hard for free to get to a place of finding a connection and making alone reality needs to stop smoking the pipe and stop the pity party.
It has nothing to do with my story on any level. We were lied to So they could lock us up and make us feel like we were in the right place they made false promises that didn’t come true and this went on for a good period of time probably exceeding 30 days. I feel sorry for them having to work so hard and doing it in an Unscrupulous way just to put a dime in their pocket but they got caught on this one we’re not dummies
#2 Consumer Comment
I'm sorry where is the ripoff part?
AUTHOR: Rediculous - (United States)
SUBMITTED: Monday, October 10, 2022
It sounds like someone did not like what 3 separate professionals providing 3 different BPO's, and an appraisal..Did you actually pay money to the company for their services & obvious time they put in to getting you a loan?
I've been in Real Estate my whole career and I can say that the Licensed Appraisers, and Realtors that perform these services would never risk losing their license to do the work, then give up their money for doing the work just to help out some loan group that wants to run up your out of pocket money??
Just so you know, Covid / Corona Virus affected the entire planet, do you really believe that it has nothing to do with every lender in the world pulling back their capital to prevent probable losses due to millions of people dropping dead and no idea what was coming??
You're an idiot, most people figure out that after the first appraisal gave you value you'd get it, but you "paid for 3 appraisals & 3 Bpo's", this was probably one of the dumbest reports I've ever read.
#1 REBUTTAL Owner of company
just because its not on your credit report dont mean it wont come back to bite you .
AUTHOR: DAVID - (United States)
SUBMITTED: Tuesday, December 07, 2021
In reading the complaint from this man i see a lack of intelligence in regard to finance and lending . This is information to all whom are applying for mortgages . When you apply for a loan a broker will run your credit and base the loan off of what's on your credit report. We will then submit a loan package to the lender .
On the approval it states that the approval is based off of the information that is given to us and we have the right to run a background check before funding the loan. when you get to the point that a lender is ready to draw docs and fund your loan they run a background check on you for financial crimes and also run a Nexis Lexis report that show every piece of credit you have had since you were 18 years old . Just because you took it to a credit repair guy and he had it deleted does not matter , they find all foreclosures , charge offs , unpaid liens , late pays , everything.
if you do not disclosed the information upfront the lender finds it untrustworthy and will likely decline your loan at the end of the process. which is what happened in this scenario . The borrower told me he was a credit repair expert and for got about the other channels of bank reporting. . So the moral of the story is when you dont pay your bills on time and think you can get away with it because its off your credit report it will come back and bite you in the end .
PAY YOUR BILLS ON TIME AND YOU WILL QUALIFY FOR LOANS!!!!! BROKERS DONT MAKE ANY MONEY UNLESS THEY CLOSE LOANS , AND WE DO NOT MAKE MONEY OFF OF APPRAISALS - APPRAISERS DO .
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