I am writing to express my deep concern and dissatisfaction with the services provided by Fast Money For Flips LLC, specifically the actions of Stuart Somlar and Jeffrey Abraham, as detailed in the recent interactions concerning our potential real estate transaction.
Our engagement with Fast Money For Flips LLC began on a positive note when we approached your organization seeking financing for a property. We were initially assured of their direct lending capabilities and engaged in the due diligence process promptly, providing all requested documentation and information in a timely manner.
However, several issues have arisen during the course of our dealings that have raised serious doubts about the professionalism and transparency of Fast Money For Flips LLC. I feel compelled to outline the key concerns and issues we have encountered:
Misrepresentation of Direct Lending Status:
We were led to believe that Fast Money For Flips LLC is a direct lender. However, it became apparent that you were acting as intermediaries and shopping the deal around to potential lenders.
Inconsistencies in Requirements:
The list of required documentation and information kept changing, causing delays and confusion in the process. Furthermore, the sudden objection to the proposed use of the property as an event space raised concerns, especially given the property's potential for increased income.
Unreasonable Demands and Fees:
We were presented with an invoice for Document Preparation Application and Underwriting Fee for $995.00, along with terms that appeared to be inconsistent with our initial agreement. This raised questions about the legitimacy of the fees and terms presented.
Threats and Unprofessional Conduct:
We received threatening messages demanding the immediate payment of fees and expressing an intention to cancel the deal if compliance was not immediate. Such conduct is unprofessional and unacceptable.
Disparaging Remarks About Selected Lender:
The disparaging remarks made about the selected lender, Jacob Michaud of T&M Commercial Funding, without providing concrete evidence or engaging in a collaborative resolution process, were highly unprofessional.
Lack of Accountability:
Despite the challenges and discrepancies, there has been a notable lack of accountability on the part of Stuart Somlar and Jeffrey Abraham. Instead of addressing concerns and working towards a resolution, blame has been placed on our actions. These actions have caused undue stress, financial losses, and damaged our confidence in their professionalism. I hope this report serves as a cautionary tale for others considering business with Fast Money For Flips LLC.