| David Erante |
| David Erante Jr Hard Equity Financing Miami, FL Stole $3400 Miami, Florida |
| 13th of Jun, 2011 by User614617 |
| I was referred to David Erante at Hard Money Financing who claimed to be the underwriter and lender for the purchase of a 61 unit property. I received a term sheet with "soft terms" and I was told to negotiate the terms and get back with the "lender." I did negotiate the terms of the funding from 9.5% interest rate to 7.5% interest rate. Once we agreed on the new terms I was told to wire $2500 to their bank account and also to add $900 rush fee if I wanted to close the deal quickly. I did pay the rush fee, so I sent a total of $3400 and received a note from him that it was received. From that point we were to close in 12 days. Erante said the closing date would be May 31st. May 31st came, nothing from Erante. 3 days later I got an email from him saying that there were 2 missing documents and once I faxed them over we could go ahead and get the loan done. Finally the 12th day came and time to close and nothing from him. 3 more days nothing from him. The title company was contacting me each day saying that they did not receive any response from him in regard to the title commitment, etc. My agent and I sent many emails asking him to respond but he still refused to do so. Finally the title company said that they MUST receive a response from him so that we could close on the 15th. Still nothing. This creep just simply took the $3400 and ran with the money. Do not do business with this guy or company. If anyone suggests working with him or sending him a dollar...do an internet search first. This guy is all over the internet. Now I regret that I didn't research well enough. Just like anyone who perpetrates a scam and ripoff...they will rue the day that they ever started it. Then when they are sitting before a court and whimpering that they are sorry...the court has every reason to just shut the door on them and lock them away for a long long long time. If you hear the name David Erante or anything dealing with Hard Equity Financing, be warned..run the other way. |
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It would be nice if they told the complete story.
As HR manager. I am notified of all of these complaints & it would be nice if they told the whole story.
In defense of HEF, these claims that came in were disputes between customers & HEF. Some even false statements which are outright untrue, as we have been in hard money finance for quite some time now, I feel Hard Money Lenders have been given a bad rap. Most over asking high risk borrower to pay for their own research.
All conventional lender do as well, just it may be a pay at the door appraisal, inspection, credit report fee, ect.
Our borrowers are no A paper loans, these are borrowers with bad credit, high debt, high LTV, foreclosures, Bankruptcy, ect.
I do not think there is a lender out their that would even touch any of these cases and all the risk a hard lender goes out on.
It is only common sense to ask customers to cover their exspenses.
All loan requests that come in are subject to conditions of verifying the value. All of which have a professional analysis on the value completed.
During our process of review, it is common to request additional or
supporting information on the file. Usually we are in contact with
customers on a weekly basis, brokers, even more so.
Yes we will order an appraisal or a BPO & if the value is overpriced, we will correct it.
What lender would give a loan based on inflated values.
The above mention customer, had 5 SFR's & at the time of the value review, they came in substantially lower. Altogether $80, 000 lost in value.
We were unable to continue to complete her loan based on these losses of value & a refund was issued promptly.
In fact, we issued twice a refund since the customer lost the first one issued.
I
regret she had a problem with HEF, but
it would also have been nice if she told the complete story. |
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Hard Money Experience GOOD!
I had worked with this company in the past & had prompt response on my requests for a hard money loan. I worked with Steve Jacobs & David Errante. They tentatively answered all of my questions on their programs & although they had said they were busy & were tough to reach by phone, they always returned my calls.
It was a fairly simple loan (485k residential purchase) & the requirements were basic as it was based on the equity in the property. There was an upfront due diligence charge to underwrite the file but I know that is standard in the industry & their charges were the lowest I could find. Especially in this market there are many borrowers SHOPPING with no commitment to close on the loan & it would help me get my client to closing with some interest in the deal.
My borrower decided against the offer but for all of my future hard money deals, I'm sending over to them. They has an unbeatable hard money source with flexibility to work in this market. |
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| Hear is a current one for everybody. Couldn't agree more with gentleman above. I recieved a "Soft Offer" then they come back with a way out in left field BPO and go from a 2yr loan @ 9.5 % rate, arv 135000, to a straight decline and value the property at 103000. My ratios still fit there criteria at 70% LTV and we cant even recieve a call or e-mail back. We submitted new documentation to support are 135000 and no response at all. So were do I sit now, a property due to close in a week with no fianancing and absolutly no communication from Hard Equity Fianancing. Please Please believe this people out there dont't waste 950 dollars of your hard earned money on these scam artist. |
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| Can anyone supply the projects that were funded? Can the title companies verify? |
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