Complaint Review: AllState Fund aka LoanDev Products Inc - Commercial Lending Capital - Internet

I did some research to find that the owner of this company Scott Oakley has had 7+ different companies which all are pulling the same scam. His California Brokers licensed #01430210 was surrendered on 5/23/12 and he now operated under a differnt company name and a renta broker They are are all closed down except this one, I am sure he will open another and continue. These guys are unlicensed, unprofessional and scam artists Scott Oakley, Donald Davis, Clinton Davis and Rick Ford.

In July of 2012 I was shopping for a bank to do a commercial loan for units that had been owned for less than the 2 years which most other banks required 2 years ownership to refinance. I was told that they did not have this requirement. I applied and about 2 weeks later I received an LOI with terms for the loan and they requested $6100 up fron for underwriting, appraisal and all other fees. I again asked about the terms on the LOI and went over my concerns with the seasoning of less than 2 years. Donald Davis who was my contact stated that I only needed to meet all the terms listed and that the season of less than 2 years was Not listed. I had my client wire the $6100 to get started. about 1 months after we were given a Condition Loan Approval with items needed, which we meet and it took about 4-5 weeks for all. I called and email 1x per week after and was told the loan was in underwriting (which is was not they are only a mortgage broker with a renta brokers license) Then finally, at the end of the 2nd weeks which was 9/20/2012, I was told that the loan was not sent to their Investor for another underwrite. On 9/27/2012 I received another LOI from a entirely different company, BofI Bank, with a new LOI, new terms (less favorable) and another demand for $3500 up front to get started again. This came from Donald Davis. They were now offering only 50% due to seasoning, raised the rate and now cut the term from 10 years to 5 years. I explained that this offer didn't even cover the current loan and why are we having this issue about seasoning, we covered this all in advance. 

Here is the reply:
1.      
No discussion about seasoning was ever held with Don Davis.  At least none in writing can be found.  Very easy to claim, but you have no proof.

2.      
Seasoning is a legal requirement so that the mortgage can be securitized by the Investor and it cannot be waived.

3.      
At no time did anyone from Allstate Fund ever say we were the Lender.  Again, that is your imagination.

4.      
Allstate Fund is not ever defined as the Lender in the loan contract.

5.      
Obviously, you did not read the contract, as you were directed, before you presented to the
Borrowers.

6.      
It is your fiduciary responsibility to present this LOI to the Borrowers.  Since they are currently paying a 11% rate and the LOI is at a much lower rate and a cash saving of almost $4,000 per month, let the Borrowers decide.

7.      
If you chose not to present this LOI to the Borrowers, then Allstate Fund will present it to the Borrowers directly.

8.      
You current attitude and actions are unacceptable.  Comply or Allstate Fund will move without you.

9.      
There will be no further discussions.  Either do your job or Allstate Fund will do its job.

here is a link for his hearing
05/23/12 - OFFICER OAKLEY VOLUNTARILY
SURRENDERED PER H-37188 LA


copy and paste this:    http://www2.dre.ca.gov/hearingfiles/H37188LA_P.pdf

this is the new comapies license info :
http://www2.dre.ca.gov/PublicASP/pplinfo.asp?License_id=01891718

go here to file a complaint:
http://dre.ca.gov/Consumers/FileComplaint.html

http://www.la.bbb.org/business-reviews/Mortgage-Services/Commercial-Lending-Capital-Inc-in-Corona-CA-100011099