David Antonelli

David Antonelli ,/National Commercial Mortgage Funding Inc. Commercial mortgage broker charges big cash upfront to get you a mortgage and never does..

11th of Apr, 2011 by User295384

Beware of any dealings with this scam artist posing as a 'mortgage broker. He has a business card says that says hes a "partner' of National Commercial Mortgage Funding Inc. a bogus shell company thats operating out of a vacant addresses in St charles,Illinois area(hes actually the owner) .
Once he befriends your local commercial real estate broker, he waits for an eager buyer and eager sellers to meet and strike a deal. Then he likes to start by putting on an act that seems very convincing that he is genuily interested in actually helping you get commercial mortgage funding for you or your company, and that he has proven methods of applying for such and even for sba loans that have almost guaranteed results for his clients, going as far as to even obtaining your financials and reviewing them with you to help convince you the service he is offering is legitimate and genuine. He even boasts about having relationships with banks that were offering unsecured lines of credit for up to 125k with just a signature available to sweeten the deal. The catch is: You have to pay him a fee of 1% of the loan amount. Which is typical for just about any type of mortgage, but he is requiring $5000.00 deposit of it, UP FRONT!!!! From you in cash with your application! After he receives your check and your complete financial records, he says he will start looking and then "reach out to you" once he finds youre funding, usually in a couple weeks. I originally didnt fall for it actually thinking its a scam then but later re-negotiated the "upfront" fee to $3000.00. And only after my estate broker guaranteed my 3000.00 himself. I had nothing to lose! But even with the condition that he would pay me back the fee if he didnt get a loan. I of corse, Well, you probly guessed it, never got a loan, (or a denial letter either for that matter) and no refund! And the real estate broker wouldnt pay me back either. I later heard someone else in a similar situation to mine actually gave him 20k!!! Apparently, the state of Illinois does not regulate commercial mortgage brokers whatsoever. They should be required to be licensed just like residential brokers.

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