Complaint Review: Shawn Smedley - St. Louis Missouri

First, let's start off with that Eagle Nationwide Mortgage Company has no regard here and should not even have been mentioned by the consumer.  The company as a whole has no liability nor input on where commercial files are brokered to, so they should remain faultless in regards to this consumer's opinion.

Furthermore, this consumer has twisted some of the facts around to either suit his purpose, or to gain sympathy.  Either way this individual knows that we know the real truth and timeline of events.

The commercial loan applicant was made aware that we were acting as a commercial broker in regards to his transaction, and that his file would be packaged with at least the minimum documentation in order to secure a preliminary approval or LOI, from an eligible private commercial lending institution or bank.  His file was a potential construction loan of a private condominium PUD and his initial documentation was sent out to three potential investors.  One was denied right away, two were contemplating the project.  The last investor said they would do his project with some modifications to it, requested additional required documentation from the applicant, and issued an LOI to our office.

We relayed this information to the applicant, he wired in his funds and we forwarded them to his investor.  Then we waited.  The requested documentation never came forth with the modifications requested.  The investor grew tired of waiting and then lost confidence in the project, and us as the broker of record.  They stopped taking our calls and answering emails.  The project had been in review for close to 60 days at this point.  The refund schedule was laid out in clear black & white to the applicant.  They were not going to issue him one based on their contract executed with him.

The commercial lender is responsible for holding and retaining the consumer's funds, not the broker.  The consumer failed to provide the accurate and required documentation with the modifications requested, and his financing request failed.  This is not uncommon.  And it is worth noting that the entire construction lending market was practically non-existent at this point, as it was only the premium projects getting financing.  His project, without the modifications requested, was at maybe a 8-10% profit margin.  It's no wonder that the financing failed.

This consumer can be upset at me all he wants...but we both know that decisions were made that effected the outcome of the project.  You had a chance to increase the project's profitability, but you chose not to.  That's fine, that was your choice.  But please place blame for holding your funds in the right direction of the commercial investor that you applied with, not us.  We've brokered many successful commercial transactions over several years, not to mention the testimonials that you spoke to yourself before committing to our written agreement.

Your comments are misguided and several degrees separation from the truth.  We feel your circumstances were unfortunate but we still wish you well in your future endeavors.

-S.S.