Complaint Review: benjamin haynes - denver Colorado

 Advanced Solutions does not owe Clay Smith of CBM Ventures money because:

1. We performed the needed work in order to receive an approval from 3 different private lending groups who fund loans threw out the world. The borrower Clay Smith was not honest on his loan application he stated on the application in the business description section his project was a Travel & Leisure type of business. Then in the property description part of the loan application he states the description of the property as a Vacation Resort. The borrower Clay Smith never mentioned on the loan application nor to me that he was purchasing a Nudest Resort. The borrower Mr. Clay Smith gave us miss leading information on his loan application,knowing all along he was deceiving us and the lenders. Clay or his broker Ray refused to send a business plan up until we threatened to close the file and deny the loan as a whole. We did receive the business plan after several excuses and 2 months later the borrower Mr. Clay Smith finally sent the business plan. Once I received it now it was obvious that this was a nudest resort and not a vacation resort.

Result of the lender #1 was as follows:

Lender #1. Denied loan when property valuation report revealed that this project was a nude resort and this private lending group will not work with these types of projects they were a Jewish private lending group. This denial could have been avoided if in fact the borrower did not lie/ misrepresent to Advanced Solutions LLC from the beginning that this was in fact a nudest resort we would have picked a different private lending group that does clothing optional type of projects.


Lender #2. approved the loan according to the purchase contract that the borrower had negotiated with the sellers. The contract was not sent until 8/20/2012 a month after loan had been submitted to us. And the contract clearly states that the borrower agreed with sellers he was going to put down a total of $ 1,350,000.00: see contract details below:

(1)  An Initial payment of One Million Three Hundred and Fifty Dollars United States Dollars (US$1,350,000.00) being fifteen percent (15%) of the purchase money and shall be apportioned as follows:-

(a)  The sum of Nine Hundred Thousand Dollars United States Currency (US$900,000.00) being Ten Percent (10%) of the purchase money shall be deemed to be the deposit due and payable by the Purchaser;

(b)The sum of Four Hundred and Fifty Thousand Dollars United States Currency (US$ 450,000.00)  being five percent (5%) of the purchase money shall be credited to the balance of purchase money.

Lender #2 denied the loan for the borrowers none performance being that he said he didn't have any more money to put into the deal. FYI borrower negotiated the purchase contract not Advanced Solutions, Mr. Clay Smith  knew he did not have the money for this down payment. 

  Lender #3. Was going to do 100% acquisition and rehab on the project borrower was responsible to pay his closing cost of $40K to lender at closing and he failed to perform with this lender as well. Stating he did not have any more money for his project. The borrower stated to me at the beginning of the loan process he had a 100K to use for the closing cost for this loan. Again Mr. Clay Smith misrepresented information to us.  

Do to the borrowers non-compliance and failure to comply with the terms and conditions of each approval the file was closed and all fees paid for new loan administration were deemed earned Advanced Solutions LLC was paid to structure complete information, research and prepare the presentation package to funding sources. Advanced Solutions got the borrower 3 loan approvals with terms and conditions from 3 different private lenders. When the lenders came back with final terms and conditions the borrower was not able or willing to perform and clear the conditions.

 Therefore  charges were not made up but were instead direct cost charged directly from each lending source. Borrower had a conference call with myself and each of the lenders who were going to fund his project. Advanced Solutions has exhausted its efforts and has completed its obligation to the client which was to structure the loan and get an approval from our private lending resources and that is what we did. Since then we  have closed the file since the borrower could not perform on the conditions of his loan approvals.

Please contact me direct if you want further information about this transaction or are serious about getting an international loan funded I have recently funded deals world wide for the year 2012. 
Benjamin Haynes
Vice president/Sr. Underwriter 
Advanced Solutions LLC
Mobile: 720-448-8124