Complaint Review: Edward Pete Engleman

I submitted 4 loans to this company after negotiating term sheets for my clients. They required upfront good faith deposits supposedly to be used for third party reports in the closing of the loans. This process started in late October early November of 2014. The first loan went all the way to closing before they refused to fund due to what they called title issues all though clean title was issued by the title company and oppinion letter form the closing attorney that title was good. They refused to refund any of the $3500 good faith deposit even though they never did order an appraisal, all other third party cost were paid out of pocket by the borrower 

 The second loan never got this point because the borrower withdrew  be caus e the lender had not moved forward with the processing of the loan and tier earnest money was going hard with out assurance that the loan was approved at the terms stated in the terms sheet, again a refund was requested of the $7500 good faith deposit no third party reports were ever ordered.

 The third loan is still ongoing, a close date was set and documents signed on 2/27/15, the lender told all parties that the funding had been sent that day. Now almost 18 days later the lender still has not funded the loan and continues to state that everything is in place and the wire will be sent for over two weeks now.

The fourth loan seems to be in a permanent spin cycle, they have continued to communicate with the borrower requesting documnets that in many cases have been supplied multiple times. Lender states that they cannot close until after the third loan is complete, I am not hopeful that anything will ever be done.

 The botom lline is that when I originally submitted the loans and all the way thriugh the issues with the frst loan I was the piont of contact with the lender as I should be, once I started to push back on their lack of performance and failure to perform even the most basic resonse to questions relating thto the loan process first Dan Carbeck who was the contact for term sheet issuance and then documnet collection refused to take my calls. I then turned to Edward (Pete) Engleman who initially took my calls but once I pushed for responses to my customers urgent inquiries related to the purchase contracts and time frames and questioned his legitimacy he became very combative and insulting to both myself and the borrowers. Then stated that I would have to talk to Dan Carbeck that he was not willing to talk to me any further. Since then niether Pete Engleman nor Dan Carbeck have taken any of my calls and instead have been calling my clients the borrwers directly refusing to update me on the process. To date they have not funded any of the loans submitted by me on my clients behalf, I can only conclude that he is a complete scam and is collecting significant upfront fees fraudently for third party services adn has never actually ordered any reports. Stay away from them they are as dishonest as they come