Temple View Capital PREDATORY LENDER EXPOSED!!! Bethesda Maryland

I recently attempted to close a deal with Temple View capital, it initially started out great and they said all the right things.  Then as the process continued more and more details came out on a plethora of junk fees, including a fee I PAID to them for an investigation into me.  They hit my card without my permission, before close.  If anything this is a fee paid at close.  None the less as the deal progressed, SLOWLY, the rope began to tighten and tighten.  they disallowed almost 90% of my experience and gave me credit for TWO FLIPS.  They had facts wrong, dates wrong, and most importantly did everything possible to attempt to disqualify me.  In reality what it was was a well craftd last minute ploy to jack the rates and points paid, thinking if they strung me along long enough I would still close.

Absolute banditos, worse experience with any type of lender, period.  So I could not agree more, they are shady and underhanded and ultimately will close the deal (I assume) at a siginifcantly higher cost to you than originally quoted.  And thier costs are already ridiculous plus they hold 6 months of payments in escrow.  There are A LOT of options out there and this group shoul dbe the last call, not the first.

I should note, I am 3 months into the origination process and as of yesterday they said they could still close me in 10 days from now, which would be a full 3 months to close me.  I am 2 maybe 3 weeks away from being complete, funding the deal 100% on my own.  These people are bad news, stay clear.

 Robert, The answer to your questions are as follows:

1. I use multiple lenders to complete multiple projects. This was first time using this lender at the suggestion of my Title Company Representative. The fact that they advanced construction draws is what I found appealing but hindsight is 20/20. There’s always a "first time” using a lender and everyone is different.

2. I purchased the property cash and owned it free and clear. I acquired a demo permit as well as a permit for the roof but have been unable to get a permit for the remaining scope of work due to the bureaucratic mess in Chicago and the time that it takes to get permits pre COVID.

3. As far as a pandemic is concerned that’s self explanatory but if they are adjusting their guidelines to benefit their business they should also do the same for their clients.

4. I am using my own funds that’s how the work has been getting completed even though they are not releasing my draw money. My permit application has been submitted for months there’s nothing I can do. I either sit at a stand still while they take all of the money out of my payment escrow or I use my money to move this project along. Secondly, this loan has a payment escrow that’s established at closing so their profit is already in their pocket. They simply pull from it monthly and put it in their account.

5. I didnt say I was waiting for a Class Action Lawsuit, that would be foolish. I said I think this lender will find itself in a Class Action Lawsuit very soon. Google them, I’m not the only individual that’s had an issue with their lending practices. As far as my attorney I prefer to keep that information confidential at this point.

If you have been in business for 18 years you must have made several relationships with various lenders. Why would you switch from those lenders to one you have not had before?

When I expressed to them that there was no way to obtain permits for this project due to the city (I’m in Chicago) being shutdown from Covid they could careless!
- How can you start the project without permits?  Sounds like they want verification that the project will be allowed to proceed. But if you can't give them that proof why would they provide the funds for a project that is stalled?

NEVER in 18 years have I done business with a lender that conducted itself in this manner.
- Tell us how many times in 18 years has there been a Pandemic that has caused a similar situation?

At this point I might as well have just used my own funds to complete this project because my lender isn’t even funding my construction at this point!
- So why don't you do that? Why pay interest on funds if you have the money available?

Also, I was under the impression that loan documents once executed were legally binding contracts but apparently they can do whatever they want, or so they think.
- What's your attorney say? Did they read over the documents you signed? Do the documents state that they can adjust the terms under certain conditions?

I’ve been doing this along time and based on what I’ve personally experienced I think this lender will find itself in a class action lawsuit very soon!
- Why do you need a Class Action lawsuit. If you think they are in breach of contract...sue them yourself. If you wait for a Class Action Lawsuit you will be at the end of a possibly long line of claiments and likely may get nothing more than a pat on the head saying...Sorry..we will do better next time.