Complaint Review: Satilla Capital Group - Atlanta Georgia

Editor’s Comment:  06/22/2018- Ripoff Report believes in transparency and the more information the better.  In this instance, there has been court action regarding this subject Report.  We believe it important to note that not all Court Orders are alike.  Many court orders are absolutely legitimate and we make no representations about this court order situation.  However, we want our users to be aware thatsometimes courts enter orders based upon default which typically means that the defendant didn’t show up.  Sometimes a defendant won’t show up because they didn’t even get notice of the case proceedings in the first place and other times defendants may not show up because they don’t necessarily have the knowledge and/or the financial resources to fight.  Still, in other instances, a defendant may simply appear only to stipulate (settle) the case by agreeing to stipulate to a court order because they are being bullied by the plaintiff and whether what they said was true or not, they just want the matter to go away so they can move on with life and make the plaintiff go away.  Again, we make no representations about this particular court order situation.  We are simply providing you with additional information so that you may be more informed and, coupled with any additional research you feel is necessary, may make your own informed decision regarding the validity of this Report.  As always, we encourage our readers to do their homework and not just rely on one single source for information.  Google, through the Lumen Database, has provided the following document relating to this subject Report:

LandAmerica Holdings and Investment LLC v. Satilla Capital Group LLC - Final Consent Order and Judgment by Ripoff Report on Scribd

https://www.lumendatabase.org/notices/14158235 

http://lumendatabase.org/notices/14189043

END OF EDITOR’S COMMENT

THE ORIGINAL REPORT IS UNDER THE LINE IMMEDIATELY BELOW

____________________________________________________

After weeks of underwriting and due diligence, Satilla Capital Partners, LLC a/k/a Tower Lending Company provided an executed Term Sheet to LandAmerica Holdings & Investments Group, LLC for a real estate development loan.  Per term sheet, the LandAmerica was to deposit a fee of $21,000.00 into the account of Tower Lending for due diligence.  LandAmerica netogiated the fees down to $5,000.00.

Tower Lending Company and Satilla Capital partners, LLC failed to deliver a lender, a loan, legitimate closing documents, a HUD or any evidence of a legitimate loan, but claimed to have used our funds placed on deposit to prepare loan closing docuements by their attorney's Neel Stafford and Robinson. 

On March 24, 2015, LandAmerica and its principals entered into an agreement, evidenced by a Term Sheet, with Tower Lending Company and its principals Michael Fillaize and Paxon Griffin.  According to the Term Sheet, Tower Lending Company or related company Satilla Capital Partners, LLC would deliver a $2,100,000 revolving loan, secured by the real property and improvements, including the construction of 36 townhomes subject to normal due diligence and underwriting.  Over a period of 120 days, neither Tower Lending Company nor Satilla Capital Partners, LLC nor any company affiliated with Mr. Fillaize and Mr. Griffin delivered a loan for closing.  Instead on May 19, 2015, Mr. Fillaize requested that LandAmerica make an additional escrow deposit for an additional $5,000.00 to the account of their closing and escrow agent Neel, Robinson & Stafford, LLC.  As of July 25, 2015, when I contacted Mr. Fillaize and requested a return of the $5,000.00 Escrow deposit and the return of the initial $5,000.00 Deposit paid on March 25, 2015, no loan offer had been made.  Instead on July 27, 2015 Mr. Fillaize sent over a bogus, generic Promissory Note with no lender identified in the Promissory Note, no interest rate and no HUD or other related closing documents.

We later closed a loan with a legitimate and lender and immediately requested the return of the $10,000 in deposits provided to Tower Lending Company a/k/a Satilla Capital Partners, LLC.  Our request was followed by a Demand Letter in a final attempt to recover funds placed on Deposit with Tower Lending Company and to recover funds placed in Escrow with Neel, Robinson & Stafford, LLC. 

Beacuse of Tower Lending Company, Satilla Capital Partners, LLC and its agent, Lenders Loan Capital, who facilitated the collection of the deposits and Tower's escrow agent, Neel Robinson & Stafford, LLC refusal to return our deposits, we are seeking justice with the filing of this report to inform the global community of the ocmapny's and it's agents unethical dealings and illegially activites of stealing client's escrow deposits.