Rodney Peterson operates a company called West Coast Funding, Inc out of Denver, Colorado. He claims to offer second chance financing for various commercial real estate purchases. He charges what he calls a retainer fee of $5000 for his services. In the contract agreement he also states that if the deal is not funded he will refund the retainer fee.
I paid the "retainer" fee of $5000.00 and two days later he emailed me some documents with "soft terms." He said that this came from "the underwriter" and that I had the option to negotiate these terms. I did negotiate the terms and got approval from the "underwriter" that all was agreed to.
Next, Peterson told me that I must send $2500 to "the underwriter" who apparently was the "lender" as well. Also, it was suggested that if I wanted to rush the closing to 12 days I would pay an additional $900. I sent "the underwriter lender" $3400.
This person who calls themselves the underwriter/lender is someone named Davide Erante at Hard Equity Financing (hardequityfinancing.com). I followed the instructions and sent all the documents relating to the property purchase to Erante.
Each time I sent documents to him, he sent an acknowledgement that they were all received. He stated in the agreement that our closing date would be May 31st. When May 31st, came nothing from him. 2 days later he said that he was still missing 2 documents which I sent to him immediately and he said they were wrapping things up and about to close. Never happened.
Finally the title company warned us that they still haven't heard from Erante and that they MUST receive documentation from him no later than the 14th of June. Still nothing from Erante. Rodney Peterson kept saying it was not unusual for Erante to wait to the last minute. Still no funding was made available.
So, I went into default. Now the seller wants to sue me for not being able to perform and Peterson and Erante are no where to be found. Do not do business with Rodney Peterson of West Coast Funding, Inc of Denver nor David Erante of Hard Equity Financing of Miami. Obviously they are working together to scam potential buyers out of upfront money.
Do not be fooled by what you see on the internet with Peterson. He claims to have a pristine reputation and claims to have done several deals with Erante. Run the other way! Not one penny has been refunded and the there was never a loan. In contacting the authorities I have been told I am a victim of an Advance Fee Loan scam.
My story; I was approached by this company and told that they could save my house. They had me give them $3,900.00 in cash. My rep was Troy Moritz. I was desperate and did not know what to do. He explained to me that I needed to pay cash so that he could act quickly.
A few months after I gave him the money, I recieved a letter form my bank telling me they were going to sell my home. I had spoken with Troy over 10 times in 2 weeks and he kept telling me that they were working on it. Later, I spoke with my bank and they said that no one from West Coast Funding and Real Estate Services had even called them... EVER!! I called Troy and he said he was taking care of it. I TRUSTED HIM!
BIG MISTAKE!!!
Next thing I know, the sherrif was kicking me out of my house. I needed the money to move so I went back to Troys office to get my money., THERE WAS NO ONE THERE! THEY HAD MOVED AND NOT LEFT A FORWARDING ADDRESS!!! I sent 4 certified letters requesting a refund but they all came back to me.
After searching the internet I found that they had moved to another location in the same office park. I asked for the refund again and was told that there would be no refund because they provided services!!!!!! IF YOU HAVE BEEN SCAMMED BY THIS LOAN MOD COMPANY, CALL THE DRE AND HELP SHUT THEM DOWN!!!! THEY ARE OPERATING ILLEGALLY AND ARE HURTING OTHERS!!! DONT LOSE YOUR HOUSE TO THESE SCAM ARTISTS!!!
My wife and I refinanced our home through West Coast Funding and Real Estate Services. We were promised a refund at the time of closing for the cost of a home appraisal in the amount of $375. I have a letter dated Feb. 12, 2009 stating this, as well as e-mail correspondence from Marcos Gomez admitting this amount is owed us.
Escrow on the refinance closed March 12, 2009. I have discussed this on several occasions with Marcos Gomez, Senior Account Executive. Marcos is the person we worked with throughout the entire refinance process. Marcos did not respond to the last two e-mails I sent. I have detailed documentation of e-mails, a letter, the final closing statement, and final HUD 1 Settlement statement.
West Coast Funding & Real Estate Services approached me several times in the years of 2008 and 2009. 1.West Coast Fundng & Real Estate Services promised to refinance my loan with the terms I could benefit. During several months, in numerous phone calls and emails, I was assured that the terms are locked, there are just few days until documents will be approved, then documents are already in the escrow, then will you be available on a certain day after 1 pm for a public notary to visit me at home to sign final documents, and tons of lies like that. I wasted money for the unnecessary home appraisal; I wasted time and lost a good chance to refinance when the timing was the best for me. Overall, I estimate my loss at approx. $5,000. 2. West Coast Funding & Real Estate Services made an inquiry about possible referrals I can make for refinancing other home owners, promising a referral fee (in writing), at the certain terms. I provided such a referral. West Coast Funding & Real Estate Services refused to pay, based on a theory that the loan specialist's (Marcos Gomez) personal paycheck was lower than the payment according to the terms contracted to me. Finally, they failed to prove even that. I recommend everyone to read this before you even talk to West Coast Funding & Real Estate Services.
Was contacted by Rudy Cambero to do a loan Modification he told us he get it done for 3500.00. He said it would take 30-90 days. It has been 7 months and nothing. The so called owner Brandon Martinez said he would take our file over and he can't even give me an update. He just comes up with excuses and I have asked for a refund but they have excuses not to give us our money back. They basically stole 3500.00 from us while we are struggling.I have several emails from them promising they will get it done and it is almost done and nothing. Don't fall for this..
I received a phone call with an offer to refinance my house. I asked how much it will cost and was told that it will be $2800 ~ one point of my mortgage. I received Good Faith Estimate for this amount. Final figures I received only at the end of the day when the lock on the interest rate was supposed to expire and the closing cost appeared to be $2000 more.
West Coast Funding Reviews
Rodney Peterson operates a company called West Coast Funding, Inc out of Denver, Colorado. He claims to offer second chance financing for various commercial real estate purchases. He charges what he calls a retainer fee of $5000 for his services. In the contract agreement he also states that if the deal is not funded he will refund the retainer fee.
I paid the "retainer" fee of $5000.00 and two days later he emailed me some documents with "soft terms." He said that this came from "the underwriter" and that I had the option to negotiate these terms. I did negotiate the terms and got approval from the "underwriter" that all was agreed to.
Next, Peterson told me that I must send $2500 to "the underwriter" who apparently was the "lender" as well. Also, it was suggested that if I wanted to rush the closing to 12 days I would pay an additional $900. I sent "the underwriter lender" $3400.
This person who calls themselves the underwriter/lender is someone named Davide Erante at Hard Equity Financing (hardequityfinancing.com). I followed the instructions and sent all the documents relating to the property purchase to Erante.
Each time I sent documents to him, he sent an acknowledgement that they were all received. He stated in the agreement that our closing date would be May 31st. When May 31st, came nothing from him. 2 days later he said that he was still missing 2 documents which I sent to him immediately and he said they were wrapping things up and about to close. Never happened.
Finally the title company warned us that they still haven't heard from Erante and that they MUST receive documentation from him no later than the 14th of June. Still nothing from Erante. Rodney Peterson kept saying it was not unusual for Erante to wait to the last minute. Still no funding was made available.
So, I went into default. Now the seller wants to sue me for not being able to perform and Peterson and Erante are no where to be found. Do not do business with Rodney Peterson of West Coast Funding, Inc of Denver nor David Erante of Hard Equity Financing of Miami. Obviously they are working together to scam potential buyers out of upfront money.
Do not be fooled by what you see on the internet with Peterson. He claims to have a pristine reputation and claims to have done several deals with Erante. Run the other way! Not one penny has been refunded and the there was never a loan. In contacting the authorities I have been told I am a victim of an Advance Fee Loan scam.
Here is the info I obtained from the California Department Of Real Estate:
8334 CLAIREMONT MESA BLVD #214 SAN DIEGO, CA 92111
Licensed Officer(s): DESIGNATED OFFICER 01733067 - Expiration Date: 01/15/13 Moritz, Troy David
Salespersons: 01795487 - Berke, Jessie
01395224 - Conley, Michael Paul
01296412 - Jelsing, Joshua Michael
My story; I was approached by this company and told that they could save my house. They had me give them $3,900.00 in cash. My rep was Troy Moritz. I was desperate and did not know what to do. He explained to me that I needed to pay cash so that he could act quickly.
A few months after I gave him the money, I recieved a letter form my bank telling me they were going to sell my home. I had spoken with Troy over 10 times in 2 weeks and he kept telling me that they were working on it. Later, I spoke with my bank and they said that no one from West Coast Funding and Real Estate Services had even called them... EVER!! I called Troy and he said he was taking care of it. I TRUSTED HIM!
BIG MISTAKE!!!
Next thing I know, the sherrif was kicking me out of my house. I needed the money to move so I went back to Troys office to get my money., THERE WAS NO ONE THERE! THEY HAD MOVED AND NOT LEFT A FORWARDING ADDRESS!!! I sent 4 certified letters requesting a refund but they all came back to me.
After searching the internet I found that they had moved to another location in the same office park. I asked for the refund again and was told that there would be no refund because they provided services!!!!!! IF YOU HAVE BEEN SCAMMED BY THIS LOAN MOD COMPANY, CALL THE DRE AND HELP SHUT THEM DOWN!!!! THEY ARE OPERATING ILLEGALLY AND ARE HURTING OTHERS!!! DONT LOSE YOUR HOUSE TO THESE SCAM ARTISTS!!!
Mrs b**** Escondido, California
U.S.A.
My wife and I refinanced our home through West Coast Funding and Real Estate Services. We were promised a refund at the time of closing for the cost of a home appraisal in the amount of $375. I have a letter dated Feb. 12, 2009 stating this, as well as e-mail correspondence from Marcos Gomez admitting this amount is owed us.
Escrow on the refinance closed March 12, 2009. I have discussed this on several occasions with Marcos Gomez, Senior Account Executive. Marcos is the person we worked with throughout the entire refinance process. Marcos did not respond to the last two e-mails I sent. I have detailed documentation of e-mails, a letter, the final closing statement, and final HUD 1 Settlement statement.
West Coast Funding & Real Estate Services approached me several times in the years of 2008 and 2009. 1.West Coast Fundng & Real Estate Services promised to refinance my loan with the terms I could benefit. During several months, in numerous phone calls and emails, I was assured that the terms are locked, there are just few days until documents will be approved, then documents are already in the escrow, then will you be available on a certain day after 1 pm for a public notary to visit me at home to sign final documents, and tons of lies like that. I wasted money for the unnecessary home appraisal; I wasted time and lost a good chance to refinance when the timing was the best for me. Overall, I estimate my loss at approx. $5,000. 2. West Coast Funding & Real Estate Services made an inquiry about possible referrals I can make for refinancing other home owners, promising a referral fee (in writing), at the certain terms. I provided such a referral. West Coast Funding & Real Estate Services refused to pay, based on a theory that the loan specialist's (Marcos Gomez) personal paycheck was lower than the payment according to the terms contracted to me. Finally, they failed to prove even that. I recommend everyone to read this before you even talk to West Coast Funding & Real Estate Services.
Bob San Jose, California
U.S.A.
Was contacted by Rudy Cambero to do a loan Modification he told us he get it done for 3500.00. He said it would take 30-90 days. It has been 7 months and nothing. The so called owner Brandon Martinez said he would take our file over and he can't even give me an update. He just comes up with excuses and I have asked for a refund but they have excuses not to give us our money back. They basically stole 3500.00 from us while we are struggling.I have several emails from them promising they will get it done and it is almost done and nothing. Don't fall for this..
Sugarbear Bayfield, Colorado
U.S.A.
I received a phone call with an offer to refinance my house. I asked how much it will cost and was told that it will be $2800 ~ one point of my mortgage. I received Good Faith Estimate for this amount. Final figures I received only at the end of the day when the lock on the interest rate was supposed to expire and the closing cost appeared to be $2000 more.
Vladimir Pleasant Hill, California
U.S.A.