I think I need to reply to this on behalf of the company since I have received multiple emails with this link.
First off, I have spoken to Mandi many times since this happened, as well as her business partner. In fact, I speak to them probably more than any other client.
Yes, this deal was a problem, and without getting into the particulars of it, I did everything possible on my end to unwind the situation, and get it funded for them.
Ultimately, our company, like any company, has/had employees who make mistakes, and we certainly made one here. But I can assure you that EVERY lender has problems with some client, at some point. The question is: Do they strive to resolve it?
I resolved their's and did not make a dime in doing so.
I could list countless scenarios where a lender seemingly screwed a borrower/investor over, either by design, or unintentionally. It happens.
On Mandi’s loan, communication was poor both by our loan officer (who no longer handles loans) and by the broker involved in the deal, who did not property communicate what was being relayed. I've seen the emails.
Is this a question of whether TVC funds loans properly, and has satisfied clients? I've never lost a customer over service, and I have a lot of clients. We're funding in excess of $35mm a month in short-term, construction loans, so we're doing something right.
As for the idea that some construction manager builds your rehab schedule is false. The construction managers, who combined have built and designed over 1,500 homes, will in fact create your draw schedule when the borrower DOESN'T DO IT. What choice do we have? We advance the rehab upfront, ahead of the work. No one else does this. We can't just give someone X-amount without it corresponding to specific work, so when in fact this doesn't get done, our in-house construction team designed budgets as they saw fit. On top of this, there have been new borrowers who haven't a clue how to design a budget, or even build a home. Our in-house guys have spent hours speaking with them about the proper design of a property, as well as budgets. Tell me this: WHAT OTHER LENDER DOES THAT? What other lender has 3-4 people on hand who have built homes? Not a lot of them.
However, all this said, we no longer advance the rehab corresponding to specific work that needs to be done - we now do it on a PERCENTAGE BASIS, so once you have your budget you can complete any part of your budget as you see fit. And again, this isn't reimbursed after you've spent the money - it's given to you upfront.
If anyone wants to call me, or Kerry, or Brendan, or James, or Matt, and ask us how we operate, you can find the number. We're available. And I can't guarantee there won't ever be mistakes, or that everyone will always be satisfied. But I know we work our asses off to get it right.
What I can assure you is that if you're using a broker, and not communicating directly with the lender, there's definitely a chance something will be lost in translation.
No one's perfect. No me; not you. But we're trying to get it right, the best we can.
Btw, you no longer make monthly interest payments with us, so there's that too. Cheers.
