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Report: #1447140

Complaint Review: BLACKBURNE AND SONS - SACRAMENTO CALIFORNIA

  • Submitted: Tue, June 12, 2018
  • Updated: Tue, June 12, 2018
  • Reported By: Losing investor — United States
  • BLACKBURNE AND SONS
    4811 CHIPPENDALE DRIVE #101
    SACRAMENTO, CALIFORNIA
    United States

BLACKBURNE AND SONS GEORGE BLACKBURNE BEWARE! BAD LOANS AND INVESTMENTS!!! SACRAMENTO CALIFORNIA

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I urge you not to be duped by this company! They overstate the value of property when soliciting loans then once they foreclose, mis-manage the proprty all the while making money for them selves to the detriment of investors.

Two examples.

Loan 2120 American Way LLC Memphis Tn. They represented that the office building was worth $1,100,000.00 in soliciting investors for a $605,000 loan. The borrower defaulted immediately and Blackburne foreclosed over 3 years ago!They continue to manage the property and make money for their fees! They have assesed investors $299,000 since the foreclosure in addition to the original loan amount, so 50% more than the original loan! After foreclosure the sent a letter saying the value of the property was as low as $191,000! Just recently, over 3 years since foreclosure and $299,000 later, they say property is worth $300,000! So if sold for that, after commisions etc, investors will loose not only the original loan but not even recover the additional assessments! Blackburne continues to manage the property and generate fees.

Loan 2147 Williamson Express Mart Idler Alabama. In 2014, they represented that the property was worth $450,000 in soliciting investors for a $220,000 loan. The borrowers defaulted after 6 months and when Blacbourne foreclosed, the declared bankruptcy. Lots of fees and expenses were incurred and investors were told taht an adjacent property owner claimed part of the propert was actually theirs! In 12/15 investors were told that the value of the property may be as low as $225,000.00. There have been over $127,000 in assessments to investors on this $220,000 loan so total investment now over $347,000. In early 2018 (Blackburne is making money eac and every month on this terrible deal) the property was sold for $250,000 with 20% down and Blackburne carrying a loan for the balance at 5.5%. So while Blackburne continues to profit, investors loose well over $150,000 after paying fees, commisions on sale and adjacent landowner and still have seen no return of any money.

Ask them about there golf corse loan of over $1,000,000 that defaulted as well....where they continue to charge fees based upon the original loan amount.

In conclusion, they misrepresent the value of property in soliciting loans and are set up to actually benefit and make money on the foreclosures, all to the misfortune of investors! BEWARE!!!

 

This report was posted on Ripoff Report on 06/12/2018 10:36 AM and is a permanent record located here: https://www.ripoffreport.com/reports/blackburne-and-sons/sacramento-california-95841/blackburne-and-sons-george-blackburne-beware-bad-loans-and-investments-sacramento-cali-1447140. 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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