Complaint Review: Eric Day - North Carolina
Eric Day Legacy Funds They set up a retainer fee of $25,000 for a conditional approval that was set up for failure. A scam to justify stealing from you. North Carolina
*REBUTTAL Owner of company: Clients Must Honor What They Sign and Perform As Agreed
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Eric Day is a smooth operator. He has been in the scam business for years and has not been called out because he makes people feel it is their fault. That is not the case though. Eric Day places conditions that are impossible to accomplish in 10 days for an "underwriter" to review. The files he proposes to have done are much more complex than regular residential loans and conditions take time to fulfill and negotiate. eric uses these rules to keep retainer since you did not meet a 10-day deadline.
Please note, he has no brick and mortar location, no profiles for business or business pages, his references of projects funded cannot be verified by property profiles and communication with title companies. States the company has been in business for
Below is one of his responses:
"The 10th business day is from the date of the signed Conditional Commitment. It does not renew after repeated request for any of the original documents items. As communicated in previous emails, the exclusivity period and the 10-day period for receipt of documents has passed.
There is contractually no obligation to a loan file if documents are not satisfactorily reviewed as stated on page 1 of each Conditional Commitment directly above the checklist items. Also, the retainer is nonrefundable if all requested documents/stipulations are not received within 10 days (of the date of receipt of each Conditional Commitment).
As has been made abundantly clear, the requested documents were not received within 10 days. Substitute and/or incorrect documents cannot be accepted as requested items.
Our underwriters stand by our checklists and recognize the description of each requested checklist item as clear and basic language.
Please understand that, according to your contractual obligation and our contractual Agreement as indicated by signatures, there is no obligation to this loan file as document items were not received as requested nor within the time allotted.
We should have better luck in underwriting next time. This loan request file has not yielded favorable or desired results in documentation or presentation.
At this point, due to all of the pressure to move an unorthodox file into priority for the quick provision of an Approval with POF, I am honestly saying better luck next time because our Investment Funds cannot be impressed or swayed to commit their funds quickly to any loan file that has fallen out of priority due to missing and/or incorrect documentation.
I wish I had good news to relay to you, however, there is hope that subsequent projects and investments will be satisfactorily reviewed and remain in a priority position to receive approval and funding with our Private Equity Investment Funds."
I will add more material as time passes and look into this report from time to time to ensure he does not answer clients did not meet all the requirements (it's because you give impossible conditions) or the underwriter did not approve (no contact information for underwriters too) Eric is the only point of contact and you must take his word as to the status of your file without documentation that is needed for this type of business from the originating company.
After spending weeks of getting conditions prior to sending retainer fee and double checking, Eric Day and Legacy Funds are a fraud with no licenses, no morals, no location and no business being in business.
This report was posted on Ripoff Report on 12/13/2018 09:50 PM and is a permanent record located here: https://www.ripoffreport.com/reports/eric-day/north-carolina/eric-day-legacy-funds-they-set-up-a-retainer-fee-of-25000-for-a-conditional-approval-th-1469503. 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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