Complaint Review: Builder’s Capital Mortgage Corp. - Calgary Alberta
Builder’s Capital Mortgage Corp. Sandy Loutitt John Strangway Mortgage Loan Scammers! Calgary Alberta
*UPDATE Employee: The other side of the Story
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I am writing this report on behalf of 8 small residential new home builders in Calgary that currently have builder mortgage loans with Builders Capital Mortgage Corp. in Calgary. This is only the start to the official takedown of these mortgage lending cons! The President is a half native midget named Sandy Loutitt and his partner is John Strangway who hides in the back room!
These two guys or perhaps he-she’s have zero money themselves. They went public on the stock exchange to con innocent investors to place monies in their mortgage fund. Sad part for the investors, these two clowns have absolutely zero underwriting skills! None! They approve loans to some of the worst projects in Calgary, sometimes not even viewing the land or revising the plans!
They pride themselves with quick hassle free lending to builders. In return they charge a hefty 3.5% placement fee and 12% interest rate. Once they approve your loan amount, they take their full 3.5% fee from your first draw. Then they fund close to your full draw request amounts for the first 6 months then start shorting your draws by nearly 50-75%.
As you get closer to completion they start making excuses on the loan to cost ratios, market conditions etc and stop funding you. At this point, builders are left empty handed and cannot pay trades and suppliers with builder liens being filed. Requests for funding from Builders Capital is ignored and shortly after they send the file to their lawyers, PMR Law to start demand letter and statement of claim for foreclosure! So Builders are left with no funding and now need to spend money on lawyers to defend protect their projects.
I have been in the home building industry for over 20 years and have never ever dealt with a more corrupt lending group then Builders Capital. They are deceitful human beings! The good part to all of this is at least 8 home builder clients of Builders Capital have retained a high profile lawyer in Calgary to start a class action law suit against Builders Capital and Sandy Loutitt and John Strangway.
Further, claims are being forwarded to the Alberta Securities Commission and RECA. The objective of this builders group is to make sure this company gets shutdown so no further hard working builders get hurt. If there are any other clients of Builders Capital that are experiencing similar treatment, please get in touch with us.
This report was posted on Ripoff Report on 04/24/2019 02:24 PM and is a permanent record located here: https://www.ripoffreport.com/report/builders-capital-mortgage/calgary-alberta-sandy-loutitt-1477671. 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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