Direct Commercial Funding, Inc. by Steven Marks as the Loan Submission Representative with direct phone line (713)224-5505. It claims to be the "number one commercial lender in the nation", having been in business for 60 years and lists some 20 testimonials from borrowers, and claims to have "recently funded" some 40 loans from $2 million to $10.3 billion, and totaling more than $46 billion. They issued a Commitment Engagement Letter for $932,000.00 within one day, and wanted me to wire $14,500.00. within 24 hours, which I did. They issued a Commitment Letter within 3 days. Strangely, they started underwriting AFTER the commitment was issued, then wanted an additional $4,950 for appraisal. to continue the underwriting. I wired the $4950.00. Direct Commercial Funding legal department called me and told me that the loan has been denied and i will recieve the reson in the mail from their legal department. When I recieved the denial letter it stated that they denied my loan on the basis of pending lawsuit and insufficient balance in my account as I have over $200,000 dollars in my bank account and they were informed about the pending lawsuit before getting pre approved at 37 % loan to Value. They Lured me into by pre approving my loan with 4% Fixed Interest for 30 years amortization. Contrary to their claim, this company was registered only 2 years ago, and its principals are associated with some 30 other business, none of which amounts to much. I would like to file crimal case as well sue their corporation.
#2Author of original report
Mon, April 06, 2015
I have Put my Company name instead of Direct Commercial Funding