Complaint Review: Network Capital Funding Corporation - Irvine CA
Network Capital Funding Corporation Avoid this lender Irvine CA
Do not waste your time dealing with Network Capital Funding Corporation. Do not buy into their slick radio advertisements. I have bought and sold eight homes from the first condo out of college in 1976 and refinanced to obtain better mortgage rates four times since then. (Young people may not remember when a 12% home loan was a "deal" in the early 1980's.) I have never had an experience as excruciatingly painful as I did with Network Capital.
I simply sought to refi a $225,000 mortgage on a property with hundreds of thousand of dollars in equity. I am a licensed professional practicing in my field for 44 years. Near the end of the five month ordeal I was told I needed to prove that I am in business which of course is easily verifiable with Sacramento and my professional website. Then I was told I needed to get a second appraisal to prove I do not live in a "fire zone" despite living in an urban center of the San Fernando Valley of Los Angeles surrounded by high rise office buildings and a major shopping mall. If that wasn't enough, Network Capital demanded in early December that I prepay into escrow the second installment of my property taxes not even due until April. (My first installment was paid.)
In addition, they demanded that I prepay my next year's homeowner insurance premium when I didn't even have a quote for the insurance not due for renewal for another two months. They settled on me putting into escrow the prior year's premium. After five months of these incessant demands, escrow closed in late December, 2020. On January 19, 2021 Daniel of Network Capital (one of three people I had been dealing with) called me and asked me to provide a current Profit/Loss statement for my business because of a problem selling my loan to another lender. In a not too pleasant tone of voice I let him know what he could do with an appendage to his body.
The next day, after being told I would not provide any current Profit/Loss statement as I have no legal obligation to do so (and even after an apology from the Client Relations Manager who did not like my Yelp review), Daniel called my accountant's office to ask for my financial records which Network Capital Funding is not entitled to after the loan was funded in December. Stay away from these people unless you want nothing but aggravation.
This report was posted on Ripoff Report on 01/22/2021 11:32 AM and is a permanent record located here: https://www.ripoffreport.com/report/network-capital-funding/irvine-ca-avoid-lender-1504184. 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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