Complaint Review: Gateway Capital Partners

In their own words Gateway Capital Partners is a leading private finance firm that specializes in real estate loans and investments.  They are even listed in a well known publication for brokers and borrowers as a nationwide direct lender offering fast approvals and funding.  What they don't tell you until they issue you their loan application/commitment is that they want a minimum $15,000 "deposit" before they will earnestly review your loan request.

You are thinking to yourself don't do it. Don't send a deposit as you have been burned by other so called lenders before.  You do a web search on the company and nothing really negative comes up except a few items that does not appear too grave. So you begrudgingly send the deposit but not before you have sent all of the due diligence including title commitment, appraisals, survey, financials, etc a couple of weeks in advance for a loan on a property that is free and clear of any debt. Oh yes they say we have an interest and can fund your loan quickly. Remember folks they indicate fast approvals and funding.

Once the deposit is sent the communication between lender and borrower slows down almost to a hault.  Byron Lusk appears to be the guy to rope the deal in. Landon Swain is the phone operator and underwriter I suppose.  So a couple of weeks go by trying to contact Byron Lusk for an update on the undwerting etc. Oh we are working on it provding you can actuallly reach him by phone or email. So the game of cat and mouse begins. A couple of more weeks go by trying to contact Byron or anybody presumably making a decison on your loan.

This game goes on a few more weeks and you are introduced to Shawn Hammond who takes the loan over from Byron to begin the process towards closing. Well guess what Shawn is more difficult to get in touch with than Byron.  One week we are going to committee for approval well that did not happen OK so when is the next loan committee? Oh the very next week. OK good.  Well that loan committee never happens Now weeks turn into a couple of months for a loan that should close in 3 to 4 weeks at most. 

They string you along with false promises and excuses. Fiinally you realize this loan is not going to happen.  Now you ask for a refund of your deposit. After a week or so that gets their attention  Now the next phase of the scam begins.  Oh our "investor" is going for a site inspection. Really? That's great news.  I'll make sure our guy is on site to meet with him and show him around.  Guess what fearless readers the site inspection is cancelled. Drats you say but there is hope. It is now rescheduled for the following week. Really? That's great news. Yes we have the plane ticket purchased and are ready to go. Guess what? Never happens.  Investor's parent is sick or in the hospital or has to go to a school play or some other made up excuse.

I'll cut to the chase, the site inspection never takes place, loan never closes as promised, yada, yada, yada. Oh but Shawn Hammond and Byron Lusk promises a refund of said deposit.  Really? Great news since that was part of the deal up front.  We've been dealing with these fraudsters for over 5 months and it's been several weeks since the promise of a refund was indicated.  Now it's time to contact the authorities and put a stop to companies like these who make false promises and take your money with the intention of never funding your loan.  I know of at least 3 other people who have had similar dealings with these guys and are now fighting to get their money back.

Do not do business with Gateway Capital Partners - Byron Lusk, Shwan Hammond, Landon Swain.