Complaint Review: Starlite Funding

We have tried publishing success stories from our clients on our website, however, we have had numerous of investors call our clients which has caused us to remove the link.

We have asked our clients to provide us with letters of recommendations to show our companies abilities of closing transactions.

Please note: the information on complaint websites are brokers who are angry because their loan was denied. Yes Starlite Funding charges a retainer. However, the client signs a document which has to be notarized that informs them of the documents we need to take their loan to terms.

The problem with this particular broker, is the client they submitted to us lied on their application. For some reason or another the brokers don't feel it is important to verify the clients financial status. Well naturally we work with large transactions, and in doing so we must be able to verify the clients ability to service the debt.

If the client is looking to obtain an interest reserve; then we must establish if the client has the funds to pay for the reserves. This is why it is important to make sure you provide true and accurate information on an application. It is also important that the client does not make major purchases which henders the clients financials which drastically changes his financial status.

Unfortunately there is nothing anyone can do if the client does not have what they claimed they have on their application which resulted in our group issuing an engagement letter.

The sad part to us having to justify our position, is the same broker who made this statement is one of the brokers who actually closed one of his loans through our group.

Its unfortunate because you may think you are reading a clients complaint, and they are warning you to stay clear, but in reality it's an angry broker who didn't get their way. And we can not remove this statement due to the fact there is a freedom of speech law, and the broker who wrote this is denying they indeed wrote this statement in anger. I personally feel someone should have investigated this statement before they allowed it to be published, this is why they have the BBB.

I hope before you read negative statements, understand, there are procedures we have to follow, one of them it to process and underwrite your loan requests. There are people who have to be paid to verify the clients financial status. If the client/borrower is not truthful on their application and the financial information changes so drastically which causes them to no longer qualify for that program.

Then only thing we can do is try to help that client to the best of our ability and put them into another program.

Our major issue is the client lying about their financial status, and for some reason they do not think we will verify this information. This is why we do not accept applications that have been filled out by the broker, and the client must sign the application so we know it was the client who filled out the information.

As for not being able to provide references or show previous closings, that is not a true statement, we will give signed letters of recommendations to anyone who is seeking references on our ability to close a transaction.

The last year has been hard on everyone in the commercial industry. Our advice is simply make sure you are honest on your application, know we will verify the information you give us, and if you pay a retainer and we find the financial information is so off that it can not be repaired, or us being able to restructure the deal, then know you will loose your retainer. That the cost of business, and if you feel we robbed you, maybe you should think twice before lying on your application hoping we will not verify it. We have people to pay, and costs associated with your loan request. We will not pay for it for you.
If you think the buck stops at the retainer guess again, there are travel fee's, attorney fee's to draft up contracts, and title and closing fee's. All from creditable companies, which you don't see any of them listed, why because this particular project did not make it through the underwriting phase.

On a positive note: We are in the first quarter of the year and have already closed 3 transactions and in contract with several others. We are still going strong, and will not let any of these brokers ruin our reputation. If I could remove this article I would, but that is also the price we have to pay for being on top I wish all of you the best of luck, and if you have any questions pertaining to this article, we will answer them.

Sincerely,

Starlite Funding Inc
(210) 858-5534
info@starlitefundinginc.net

Apparently you didn't read the website, I think it clearly defines who the trust is, and what the relationship is between the 2.

Good Luck, you sound like an angry broker to me.

First,

I would like to personally address the statement listed above. Unfortunately you are going to read a lot of negative statements from Brokers who are angry because we chose not to do business with them for either;

(A) Lying on their clients application by increasing the clients net worth, to only find out in the financial review stage the client is in bankruptcy or financial debt;

(B) Falsified contracts or bank letters trying to push their clients through thinking we will not verify it or validate the information;

(C) Will not provide the information we have requested from them in order to complete our processing, underwriting and financial review or;

(D) The Broker were gouging the client with a Broker Train of Broker Fee's which caused the loan to die at the table.


Secondly, Doreen's Statement that Starlite Portrayed ourselves as a Lender.

Starlite Funding Inc. has, evolved from Mortgage, to Commercial to a Private Investment Group, which is supported by a trust, hedge funds and deep pocket Investors thus the name Starlite Funding Inc and Investment Group. Starlite Funding Inc's funds are generated through the trust and by investors, this has always been stated to the brokers and clients. It is also stated in the clients Memorandum of Understanding of which the client is required to have notarized stating they have read and understood this relationship.


Third License is not active. The mortgage company in which my license was held under is now a BANK, which you are not required to have a license if you are under a bank due to the fact you are protected under their umbrella.

Since Starlite converted to Private Commercial Investments, we do not anticipate working with traditional mortgages, so I did not feel it was important to place the license in ACTIVE STATUS, since we DO NOT work on Conventional Residential Mortgages. We do not portray ourselves as Mortgage Brokers, nor is it advertised on our website.

Our company is Registered in the State of Texas, and any government agency will able to give you that information.

Fourth - Not a valid Address

The address Doreen looked up is a Post Office Box, and quite honestly I could not tell you what the value of the Post Office is, because I have never had the urge to look it up. I do not see what the relevance is in the value of my home even if it is true, a lot of people do not have to live extravagant lives just to perform their duties in their business.

Fifth - Refunds on Retainers

1. We do not hold the pen in the clients hand and make them sign the MOU or Client Information Sheet, nor do we go to the bank and force them to make a wire transfer. We do not have special connections with the Notaries they go to, to signs off on their MOU which clearly states;

The Client understands that should the project be denied or rejected due to the Client's inability or refusal to provide the required documents on pages 5 & 6 of the Memorandum of Understanding (MOU), and/or pulls the loan while Starlite Funding Inc is processing, underwriting or while Starlite Funding Inc is conducting due diligence and legal research the retainer and deposit will be forfeited and non-refundable. Should the client fail to provide a completed package within 30 day's after execution of this agreement, this offer will expire and will no longer be available. Should the Client falsify information on the application or within their financials in the attempt to receive funding illegally, the project will be rejected immediately


If any Investor, feels they have complied with all of Starlite Funding Inc's Groups underwriting guidelines, and have provided all of the documents our group needs to process, underwrite, and conduct a financial review, then I will personally take care of the problem myself. I truly hope you will research your information before believing everything you read on this website.

We wish everyone well, and look forward to a prosperous New Year in 2009.


Sincerely,

Starlite Funding Inc.
Brenda K. Ramsey
President & CEO
(210) 858-5534

Brenda at Starlite has been great to work with so far. Once my project was approved by SF things moved very quickly with the trust. As brokers it is easy to tell if an investor is legit by the due diligence and the legal process. SF was very detailed in this respect.

The bottom line is that SF was able to help me dry close my transaction inside of 30 days. Based on what I have done with them so far I would use them again.