Stay Away for American Loans & Funding in Los Angeles, CA – Scam!!! On 9/27/10 I applied for a pledged asset commericial mortgage with American Loans and Funding for a loan of $425, 000 at 4.00% 30 year fix for my 2 family home. The loan officer David Smith, said I have to wire $36, 557.88 as security deposit to be put in escrow, to show to show perspective investors our solvency. At least that was the story told to me. .I was very hesistant to do this, but looked up information about commerical mortgages to find that this is customary, was promised the $$ would be wired back to my account in 30 days. . . I never received any closing documents and the loan never closed. I am still owed $26, 000 (I managed to get back some money back w/help of my attorny). I emailed & spoke to David Smith many times and spoke to several other people in the co. They gave me the run-around over and over again. After numerous promises made by Jorge Romeriz, the Co-founder of American Loans and Funding to my lawyer & assurance that they are a reputable company, I would receive the rest of my money. On 04/16/11 he emailed me with a notice of bankruptcy and Paul Spear, an attorney who claims working for free at [protected]@spearlaw.com will contact me for settlement. I doubted if it ever going to happen. American Loans and Funding used to advertise on internet as subsidiary of Mortgageclose.com before they got the license. This was a fraud and suggested me to contact the Attorney General at Los Angeles and I did. I think BBB is liable and should compensate for my loss since they credited American Loans and Funding with A+ rating. They are over 15 people involved in this scam going across state lines with losses equalling over $1Million.
This review (American Loans And Funding Review) was originally published at Skeptic Files.
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