Complaint Review: 1st American Investment Group

1st American Investment Group: Fraud alert


Beware: The above named firm, 1st American Investment Group located at 139 Gaither Drive, Suite C, Mount Laurel, new Jersey, 08054, is NOT a direct lender. (Direct lender being defined as a bank or lending institution that deals directly with its customers. Mortgage brokers or other middlemen are not involved).

I first contacted the above firm at the beginning of April of 2008. When I asked if
they were direct lenders, I was assured by both Herb Rohrbach and Marco Ferreira that they were that no-one else would be involved in the decision making process. About mid-April, I sent the initial loan package in per their instructions. On the 24th of April, I was told that it was approved but the terms weren't issued yet. After submitting all their stipulations, on May 21st Herb Rohrback called to say that the funder wanted to speak
directly with the borrower. The funder turned out to be a hard money lender offering a
rate of 18% and wanted to discuss other properties owned by my borrower. I discontinued the conversations at that point with the funder and 1st American.

June 9th, Messers. Ferriera and Rohrback came back to me with a Letter of Intent to fund the request loan at reasonable rates and terms. Acceptance of this LOI included tendering a $3000 due diligence fee which my borrower did. On October 1st, Mr. Ferreira felt that a favorable decision would be forthcoming by the end of the week with closing the following week.
In the past 45 days, we have haggled regarding appraisal (they approved our highly regarded and exceedingly well qualified appraiser) stating that they wanted another appraisal because they felt that the appraiser was holding back something. It is now November 17th and after promises of communication by 1pm on given days with no follow through and no communication in 11 days despite my repeated requests, we are terminating our relationship with this firm. Please note that in the time I have been dealing with them, I've been hung up on when I've called the office, there would be times when I've called the office only to have no-one pick up for days at a time. This is in addition to the lies and deceit they have willfully given. I highly recommend that anyone think twice and three times before doing business with this company.

Regrettfully submitted

Cynthia
Bowling Green, Ohio
U.S.A.