ComplaintsforPI Mortgages

• Initial Complaint

  02/22/2022

  Complaint Type:

  Delivery Issues

  Status:

  Answered

  More info

  I am writing to report my experience with Property Investment Mortgage Group (of Alabama). No known address is listed on their website, just a cell number 256*********, but I was able to find the address of *** ********** Pl, Madison, AL XXXXX. I inquired about a new construction loan for a residential single-family home in my area on July 5th, 2021 from a representative that posted in a Facebook group. I was quickly introduced to a managing partner in the organization, Jason ******* NMLS# XXXXXXX. The company advertises an easy application, Approval in 2 business days and closing in 30 days or less. As of February of 2022, I have not been able to get the loan they said I was approved for. I was told I did not have to pay an application fee but was later told my loan could not move forward unless I paid $995.00 which I did. I was told it was not refundable but it did not matter because I was already approved. There has been a series of delays, requests upon request for additional information, and a constant change of terms. I have additional information to provide that will not fit within the limits of this box. I would be happy to provide this information/ emails as needed. I reached out to the company for a refund but was denied and threatened with a letter from their attorney if I went forward with my complaints. The organizations should be investigated for possible fraud, scam, and or poor business practices. Consumers should definitely be leary. I continue in my efforts to get the $995.00 back that was paid to them even though I have actually spent thousands of dollars in pursuit of this loan.

  Business response

  03/28/2022

  Business Response /* (1000, 5, 2022/03/02) */ Multiple times during this lending process we have asked to speak to the correct contact or have paperwork updated. This loan has not been denied. See below 1. When the loan started in August we were speaking with the contractor that was boots on the ground. The person who actually slung the hammer. This went on for over two months. The time that we were speaking to him we should've actually been speaking to Ephraim at ****** construction. 2. On multiple occasions from LLC paperwork to basic personal financial statements, information was consistently filled out improperly or just left off to where the processor ************** had to ask multiple times for corrections. And even ************* at ******** Capital actual lender has done the same. 3. ************* at ******** has asked multiple times over the past 60 days to speak with the contact Carlos at ****** to get an updated spreadsheet on the ground up construction bills that his company has done since we started this loan. This still has not been done. We are ready to close we are needing this one phone call to happen. The contact information below is for our processing manager and our contact at the lender and they have both mentioned they are more than welcome to speak with you folks to help all parties understand that we close loans quickly. Where the issue is here was a lack of accountability in improper paperwork and also contact connection. Thank you for assisting us and bringing this matter to a close. I am confident in the information that is above and with the contact information supplied you folks will see that there's not an issue on our part. Thank you

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