- Report: #1344727
Complaint Review: Olympia Financial - Who Knows California
Reported By:
ABBM -
Greenwood Village, Colorado, USA
Submitted:
Updated:
-
Author Not Confirmed
Why?
Olympia Financial
Who Knows Who Knows, California, USA
Phone:
818-370-4335
Web:
http://www.californiaprivatecapital.com/realEstate/Recent%20Transactions/
Categories:
Business Rating:
(0)
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Olympia Financial Fee Collector, not a direct lender though he represents himself to be a lender Who Knows California
This guy will tell you that he's the lender who work with investors such as augustine flores at centurycapitaladvisors.com/meet-the-team/ but he is not the investor either though he says that he is. He says that he is a smaller investor that only goes up to about 2M but if you bring something to him in that price range he can't fund it. They are just a intermeadiaries who are trying to get deals on their desk to shop around. If you try to brows Olympia's site there isn't anything but a home page. Here are the basic signs of someone posing as a lender:
They ask for up front fees
They have no broker package for broker/lender relationships
They ask the broker if they have a fee agreement with the borrower
They ask for part of the broker fees
Lenders make their money off of the rate and their lender points, they don't need to split a broker commission.
I don't have a problem spliting fees if it's something disclosed up front prior to sending the file, but they will say anything to get the file on their desk and if they can get it done who knows, maybe they circumvent... by that I mean steal your client. I don't know if they do that all I know is that it's very imbrossing to have a conference call with a so called lender's investor (Augustien Flores) who is also just a broker, he is not the money, does not controle a line of credit and has to get investor approval... if he's the investor/lender why does he need investor approval, I'm confused! Not really, pretty clear they missrepresent them selves.
When they can't preform they ignore calls and e-mails. Are they lying to the bottower as well? YES, I was on that call where Augustine 'Teen' told my borrower that he was the investor when really I was only introducing two intermediaris to my client.. NOT COOL!
If non consumer loans were regulated I would say it's fraud, and it is, it's just not regulated. It's a missrepresentaion of their lending position.
