ComplaintsforCapital Funding Financial LLC

• Initial Complaint

  07/18/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I began a hard money loan with Capital Funding based on terms that were emailed to me. I signed a term sheet that was agreed upon with specifics terms. In order to process the closing, they required an appraisal with an appraisal fee of $905. Since I was in agreement with their terms, I proceeded with them and paid the appraisal fee of $905 on 7/11/23. Later that same day, AFTER I paid the appraisal fee, my husband and I received a phone call from ****** at Capital Funding stating that they were changing our terms and were requesting an additional almost $20,000 at closing. They did offer to increase the loan percentage amount and allow us to also finance the additional funds requested. ****** said she would hold off on putting the appraisal through until we made a decision on whether we wanted to move forward with the new terms. I requested a new term sheet be sent via email so that we could look over the numbers. She said she would get something over to me the next day, 7/12. On 7/12 at approximately 3:00pm when I still hadn't received the new term sheet I called ****** to find out the status. She said they were still working on it. On 7/13, I sent ****** an email asking her more questions on the change in terms to see if there was room for negotiation. Even though a new term sheet was never sent or received, Capital Funding still sent an appraiser to the property on 7/13 at 10am, only 1 day after they changed the terms and agreed to hold off on the appraisal. Since ****** never sent the term sheet, never responded to my multiple emails after 7/12 or returned my phone calls, I requested not to move forward with them on 7/14 via email. I called ****** today 7/18 as she never responded to my loan withdrawal email and explained to me they were sill processing my loan. They are refusing to refund my appraisal fee of $905.00.

  

  Business response

  07/19/2023

  Please find the attached communication with the ***************** & her husband ***************** the signatory on the commercial loan. Attached is the executed term sheet with IP tracking agreeing to the terms, the  payment link paid to the 3rd party **************************** (whom we have no affiliation with) with acceptance of the terms with IP tracking, paid invoice which she paid on her own volition with her Credit Card, and the follow-up pushing our company to move faster in closing the transaction for her. As shown and proven by preponderance of the evidence that she undeniably approved the payment of the appraisal which she is requesting a refund on. Furthermore Capital Funding Financial did not even collect any payment to refund to her as it would be the appraisal management company that collected it. It would be unjust enrichment and a breach of contract for services if she ordered an appraisal, agreed to their terms, let the inspector schedule it with the point of contact she provided, and then obtain the appraisal report only to request a refund after the fact due to her dissatisfaction with the value or some alternative reason. This client has been extremely rude, condescending, and disrespectful to our staff when she was kindly advised that we cant collude or control the appraiser or their valuation or force them to refund the fee for services they rendered. She then proceeded to have her husband get on the call to harass our female staff with comments demeaning towards women and he even joked about the death of one of our staff members family members when he was told they were out for the day. I am completely appalled by their actions and may pursue legal action for breach of contract. Please help resolve this matter in a professional manner. Thank you 

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