ComplaintsforLMF Commercial, LLC
Need to file a complaint?
BBB is here to help. We'll guide you through the process.
Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
12/24/2023
- Complaint Type:
- Order Issues
- Status:
- Unanswered
Filing complaint against LMF Commercial LLC for engaging in deceiving lending practices. Local mortgage broker *********************, President of Commercial *********** and LMF Commercial agreed to provide loan. The lending team for LMF were **** *********************************** and ***************************. ********************* is intern with no experience in lending. *************************** is inexperienced loan originator. On 05/19/2023; ****************** stated in his email that the loan amount would need to be changed and would be much less. The amounts changed drastically within few hours. After 1.5 months there was no indication or heads up of any possible changes. ****************** has yet to provide a documented reason. When side by side financial information was sent to ****************** on 05/24/2023, he said: I do not get the purpose of this analysis - per the term sheet we require a ****x cover. The property was never ****x. Per the financials provided in Mar 2023 the financials indicated **** DSCR. The above demonstrates that LMF companys management had knowledge and had no intention of approving the loan yet due to their greed they deceived and pretended to loan on the property. LMF had run up the fees to approximately, $51,370. Underwriting fees charged $8,000, legal fees $18,000. LMF Commercial had exhausted entire $40K deposit that was meant for 100% closing costs. LMF did not provide monthly reconciliation. LMF has run up the fees knowingly, had no intention of closing the loan. They were not transparent. The management of LMF is extremely greedy and do not hesitate to deceive clients. They are shady, lack integrity & honesty. ***************** did not hesitate to pay themselves $8,000. I am demanding LMF refund the $40,000 received as deposit immediately upon receipt of this complaint. I will file complaints with other regulatory agencies regarding LMF's greedy & deceptive lending practices. I had to incur $20k due to their greed while closing with another lender. Possible class action lawsuitCustomer response
01/23/2024
I am following up on this complaint
*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. ↩
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business.
BBB Rating & Accreditation
This business is not BBB Accredited
Customer Reviews are not used in the calculation of BBB Rating
Customer Complaints Summary
1 total complaints in the last 3 years.
1 complaints closed in the last 12 months.