- Report: #499134
Complaint Review: Charles Frazer - Bedford Virginia
Reported By:
B. D. Clark -
Winston Salem, North Carolina, USA
Submitted:
Updated:
-
Author Not Confirmed
Why?
Charles Frazer
1387 Jefferson Terrace Bedford, 24523 Virginia, United States of America
Phone:
5405878604
Web:
N/A
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Charles Frazer Frazer and Associates mortgage fraud, upfront fees, failed to perform, bait and switch, Con, Bedford, Virginia
Charles Frazer worked really hard to get me to act against my better judgement and pay an "application fee" to acquire refinancing for apartments I owned since 2006. Mr. Frazer reassured me about interest rates, terms, closing costs, and efficiency of closing. After receiving an unacceptable LOI, Mr. Frazer made predictions about the $600K appraised value he expected on a property I own and know well about values in an area that is depressed and where the market is flat. His confidence in getting an appraised value almost $200K higher than reasonable to justify the 65% LTV suggests mortgage fraud.
Mr. Frazer indicated that he had some pull with the lender who already wanted to fund our refinancing, and convinced me that they could work it out quickly and to our advantage. Prior to me paying the "refundable application fee", Mr. Frazer indicated an interest rate between 7 and 8%, and closing costs of about $10K which I thought were high, after I initially told Mr. Frazer I would not pay the "application fee".
The LOI Mr. Frazer provided, two business days after I wired the $595.00 "application fee", had an interest rate above 8% and around $30K in closing costs. This LOI also awarded 2.5% to both my loan officer, Jeff Bates, and to Charles Frazer, for a total loan origination fee of 5% of an already inflated loan amount. This lender also wanted a $7,000.00 "earnest money deposit" upfront to proceed to refinance my property.
This questionable lender is PINNACLE CAPITAL MARKETS and the LOI forwarded by Carlo DiMarco. Alexander S. Nicholas is the Vice President and their website is www.pinnaclecapitalmarkets.com
To add insult to injury, Mr. Frazer forwarded documents to me for me to complete even though I had already provided the information requested to my loan officer locally, Jeff Bates, who gave it to Mr. Frazer, who said he had already submitted it- IN ADVANCE OF MENTIONING the need for me to pay an "application fee". If Mr. Frazer were not even going to complete the "application", what was the $595.00 "application fee" designed to cover?
Mr. Frazer has refused to return my "refundable deposit fee" despite using "bait and switch" tactics to procure the questionable "application fee, and stated he did what he agreed to do, despite the fact that we have documented email from him which contradicts his false assertion.
Mr. Frazer has stated in an email, "I am done", after I submitted my 3rd request for reimbursement of the $595.00 "application fee" in this situation where he submitted my information to his lender prior to requiring an application fee and then failed to produce the LOI with terms Mr. Frazer indicated I could expect. Mr. Frazer then advised me to accept the unacceptable LOI and has ceased communication.
Mr. Frazer has proven to NOT BE the responsible and ethical person loan officer, Jeff Bates, represented to me that he was.
1 Updates & Rebuttals
B. D. Clark
Winston Salem,North Carolina,
USA
Clarification about Pinnacle Capital Markets
#2Author of original report
Sat, November 21, 2009
When I filed my report about the unethical behavior of Charles Frazer of Frazer and Associates of Bedford Virginia on RipOff Report.com, the only reason I cited the Letter of Intention coming from Pinnacle Capital Markets was because of Mr. Frazer's proclivity for distorting the truth. I wanted the direct citation to be unequivocal and verifiable.
Mr. Frazer repeatedly made blatantly untrue allegations, in reference to what I had requested in terms of acceptable loan conditions and terms, after conning me to pay his "required application fee". I wanted to leave no room for that type of subterfuge on the RipOff Report.com site should he make a rebuttal. By specifically citing the terms and conditions of Pinnacle Capital Market's intention to refinance my apartments, I simply wanted to make it completely clear that Mr. Frazer knew what this company could and would provide, and knew in advance of demanding I pay him for his "required application fee" that my acceptable terms and conditions were clearly different from the terms Pinnacle Capital Markets could provide.
Pinnacle Capital Markets did nothing wrong and I was in no way alleging that they did anything unethical. I am happy to speak to any of Pinnacle Capital Markets' potential clients who have concerns about my mentioning this letter of intention in my report about Charles Frazer's unethical behavior.
My report was strictly about the unethical "bait and switch" con tactics of Mr. Frazer who essentially stole $595.00 from me and showed no remorse nor willingness to make things right. I have also filed a negative BBB report about Mr. Frazer in Virginia, and reported his criminal behavior to the FBI and the State enforcement programs.
My reference to Pinnacle Capital Markets being a "questionable lender" was because I strongly believed I did NOT qualify for their lending requirements for refinancing my 14 unit apartment building that had a Broker's Price Opinion of ONLY $445K a year ago (market has gone down since then) and my previous appraisal was for $230K. Pinnacle's lending parameters are CLEARLY stated on their website. In order for me to qualify for the $350K I needed to borrow, my property MUST appraise higher than it could. After receiving the LOI, I had NO REASON TO BELIEVE my project would be approved by Pinnacle Capital Markets UNLESS we got an un-scrupulous appraisal, because Pinnacle would only loan UP TO 65% OF THE APARTMENTS' VALUE!
I made this clear to Charlie Frazer repeatedly, but he continued to condescend and disregard my concerns, claiming his 20 years in the mortgage industry made him better qualified than me, the local owner, to decide the amount my apartments would appraise for. When I again made it clear to him that we needed to BORROW $350k, he disregarded that. Mr. Frazer continued to state that because my apartments brought in approximately $5,400 per month GROSS, that they should appraise at least at $540K.
Unfortunately, I had no idea about the "desirable terms and conditions" Mr. Frazer alleged he had obtained on my behalf, nor did I know which company had provided them prior to paying the $595.00 fee to Charlie Frazer. Had I even known which company he was dealing with, I could have checked our their website and learned the truth and avoided paying the "application fee".
After the receipt of these unacceptable terms and conditions, Charlie Frazer continually alluded to Pinnacle Capital Markets being the best in the industry, for the type of funding I sought, to avoid doing anything to earn his "application fee" which I already paid after he said he had 3 eager lenders ready to refinance my apartments.
