Complaint Review: Glass Door Capital Mortgage - Los Angeles California

I am asking  for assistance in obtaining a refund of the monies I paid in good faith for the reasons stated below and feel Keith Walker’s position regarding a refund is unlawful and fraudulent.  I filed a complaint with the BBB in Richmond, VA but to date they have been unable to locate APR, Glass Door or Keith Walker.

I am an unmarried woman 76 years young.  In June 2019, I applied for a commercal loan on a 24 unit apartment building in Muncie Indiana with a company named APR Capital Mortgage/Glass Door Capital Mortgage at 6301 Harbour Drive, Chesterfield, VA 23112. 

The owner/Broker was  Jermaine Keith Walker, 804-591-0690 Ext.33. My file was assigned to an associate of APR Capital Mortgage named Mychal Walton of mskinvesting.com 707-712-4306 for the day to day communications regarding my file and the loan processing. The ultimate investor on this loan was to be Velocity Mortgage, 30699 Russell Road Ste 295, Westlake Village, CA 91362

I received a conditional loan approval document (CLA) providing me the terms proposed by Velocity Mortgage on August 20, 2019.  After reviewing the document, I inquired of Keith Walker what the fee would be to reduce the interest rate and prepayment penalty quoted.  On August 26, 2019 I received an updated CLA from Velocity. 

I also received a call from Keith advsing me it would be $52,000 to accomplish the rate and prepayment reduction and it needed to be submitted to Glass Door Capital’s bank account at Navy Federal Credit Union in Richmond, VA immediately as we were trying to close the loan as soon as possible.

I obtained the funds quoted and sent the money via wire transfer to the account as instructed. It was my understanding these funds were for the reduction of the items previously stated. At NO time did Keith state these funds were for any other purpose nor that they were non-refundable.

The CLA I received referred to “Broker Fee: was per the borrower agreement with APR Capital Mortgage”.  I was never presented with a Broker Agreement at any time during my relationship with Apr Capital/Glass Door Capital.

Shortly after I received the second CLA and after I sent the funds, I received a telephone call from Keith advising me Velocity Mortgage would not be able to fund the loan at that time as they had misunderstood the occupany status of the building. He stated I would have to obtain a “bridge loan” for 12 months from another lender before Velocity could help me.

He also stated he was relying on Mychal Walton, his associate, to help me obtain the bridge loan. On September 30, 2019 I emailed Mychal requesting a refund of the $52,000 I had paid as Velocity Mortgage was not going to fund the loan.   On October 14, 2019 I sent another email to Mychal requesting a refund of my money. He responded and said Keith said there were  NO REFUNDS as the money was for  ” his” services.

I have sent written letters requesting a refund to Keith at the address I was given for his company in Virginia and sent them registereed mail. I sent them to both APR and Glass Door Capital only to have them returned noted  “Return to Sender, Unable to Forward.” I located a new branch office in  Los Angeles, CA and mailed a letter to that address and the envelope was signed for as having been received.   I received a subsequent call from Keith and he stated again that there would be no refunds.

I filed a complaint with the BBB in Richmond, VA but to date they have been unable to locate APR, Glass Door or Keith Walker. I am asking  for assistance in obtaining a refund of the monies I paid in good faith for the reasons stated below and feel Keith Walker’s position regarding a refund is unlawful and fraudulent.

Thank you, Denise R. Germain