Liberty Lending Al McGilly Ed McGilly Lying lender Port Jefferson New York
The web site and per conversations with this lender they told us that they could get a deal done in 3 weeks and that they specialize in short term interest only loans that require a fast closing. They got the loan commitment back to us the same day that they got our application on the deal and then we sent in the "commitment fee" and their "third party fee", about $20,000.
Once they got the money everything came to a screeching halt, they took 6 weeks to identify an appraiser, they took 10 days after we approved the appraiser to engage them and then they took over a week to get us the appraisal after they had received it. Unlike many real estate transactions they require you to pay the appraiser before the appraiser begins their work and, although I have no proof, they seem to work with an appraiser that they could direct as to the value.
The loan amount is supposed to be based on the value of the completed project but then we found out that they had instructed the appraiser to discount the value by 20-30%. The appraiser was not willing to look at land values for the comp which were significantly higher than the "as completed value" that he put on the whole project.
It has now been 8 months since they took the fees from my client and they sauy they are still in process on this deal.
If you need a fast loan or a reliable lender do not look to these people they will string you along and lie to you at every step of the way.