Complaints

This profile includes complaints for Commercial Mortgage Consultants, Inc.'s headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Commercial Mortgage Consultants, Inc.

  4404 56th St W Bradenton, FL 34210-2714

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  Commercial Mortgage Consultants, Inc.

  15 Paradise Plz # 246 Sarasota, FL 34239-6905

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:05/17/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Scam Alert! Do not work with these scammers. They asked me to wire them money before looking at my application, once I was approved they asked me to wire them more money then one week before closing I get a phone call saying that they don't even lend on properties like mine and that I was never approved, yet I have a document from them saying approved and to send more money to continue. Lost the deal, and thousands of dollars. They will not respond to me about returning the money. Stay far away. *************************** was the one working on my file. They will take your money and not respond.

  Business Response

  Date: 05/30/2024

  CMC is a nationwide commercial lender and we have been lending since 1988.  It is very rare to receive a complaint and certainly not one of this nature.  This loan was approved but the issue is that the property type/condition was misrepresented.  We asked for photos initially, in the original LOI and again in the status letter. Had these been provided, we believe we could have saved a lot of time and energy.  This was first presented to us an apartment loan and then property type was changed to mixed use with apartments and storage. It is our understanding now that a vast portion of this property is not only vacant but in very poor repair needing a total rehab.  The appraiser saw this and terminated his visit immediately.   We offered **************** to re submit this for a private money loan that would include the rehab money from proceeds, but she not only refused but was abusive to myself and our people. We attempted a resolution to refund the balance that was refunded from the appraiser, but she refused.  Keep in mind that per our agreement, we have 3% fee due upon acceptance of commitment.  We have no desire to collect commitment fees on loans that don't close, CMC has NEVER pursued that avenue.  However if **************** wants to continue on some sort of smear campaign, we will certainly take a more aggressive stance and pursue damages.  At this time we honor our offer to refund the balance of the appraisal deposit.  ($2,400).  This offer will remain for 10 business days from today.  If she wants to accept and move on, we will re issue the docusign for consent and release.

  Customer Answer

  Date: 05/30/2024

   
  Complaint: 21716344
  
  I am rejecting this response because:
  The claim that I misrepresented the property is false and I have provided proof. All information was provided concerning the property and the properties condition from the very start. I have attached emails of our conversation stating further renovations were needed and the property was gutted. I have also attached the documents I sent in stating the rehab that was left to be done. It was approved after they were reviewed by CMC. CMC should not have approved me and collected nonrefundable fees if they needed pictures as you have stated. I would not have paid a nonrefundable fee for something I was not approved for. I had sent in and had many conversations providing all information they needed to make sense of the property. I was called a week prior to closing and told I was not approved by ***************************. Which is it?CMC should not approve people and collect funds for services they do not provide. If I never qualified for the loan you should have not approved the file and then I wouldnt have paid any more money. I will accept the money you received back from the appraisal refund but I am not signing anything stating that you did nothing wrong. We had no is*** refinancing with another bank after providing them the same information we gave you all and we never paid them a dime until closing. I have the freedom as a customer to file a complaint for your bad practices, you cost us a lot of money and lured us to believe we were approved after giving you all necessary information you are accusing me of withholding. You have not responded to any of our attempts to contact you to resolve this matter. You scammed us out of money. If you really are not in the business of scamming clients then your company made a mistake and is failing to remedy it. You have ignored us and only took until now to respond. The way you are threatening to *** because I made a valid complaint speaks volumes. I want to protect anyone from having the same experience that I did and you need to be held accountable. Send me the appraisal money back that I am owed without the stipulation that I sign anything. It is a refund. I am also requesting that you send me a check for the money I sent you when I was lead to believe that we were approved. 
  
  Sincerely,
  
  *************************