insula capital not what they advertise

[Lucy Ahl]

I've noticed several years back some negative reviews for Insula Capital. I'm having a very hard time with them and on the verge of losing my earnest money on a house purchased to flip. After getting the funds letter, which clearly states no appraisal was needed for this property, at the day of the closing, they came back and said no funds will be released until we get an appraisal. We hired an appraisal company to do an appraisal knowing we were under the gun because now the seller is threatening to sue me and keep my earnest money. We were threatened by our rep that if we do not get the appraisal, they will pull all funding. I love all this last minute BS they are pulling. Had to come up with the contractor's estimate too. So, now that they have everything, they are stating they can't use my appraisal. They have to order it. WTH? Then they 'circled back' and are now saying they may be able to use the appraisal but need the appraiser to give them a price on what the house will go for once the reno is done. Huh? How does he know what we are doing the house? They have the comps in the area. This may be my first rodeo in flipping but not my first rodeo in construction. With 25 years under my belt in construction and corporate environments, this is not the way you do business. Won't be using them again on the next flip that's for sure.