Temple View Capital — Local services in Bethesda

I honestly don’t know where to even start. I’ve been in this business successfully for 18 years and Temple View is the worst lender I’ve EVER dealt with, and I’ve dealt with ALL the bad ones! I currently have a loan with them we’re I am owed $100,000 in draw payments from April of this year (It’s currently August) and they have refused to release it! Their reasoning is that they need the full permits for the project in place. However, they did release my initial draw when I first started the project without the same permits in place. They gave me some nonsense about “we have to follow company guidelines”. When I expressed to them that there was no way to obtain permits for this project due to the city (I’m in Chicago) being shutdown from Covid they could careless! Yet they still saw it fit to pay themselves out of my escrow money that was set aside to cover the debt service on the loan. I am utterly flabbergasted, NEVER in 18 years have I done business with a lender that conducted itself in this manner. At this point I might as well have just used my own funds to complete this project because my lender isn’t even funding my construction at this point! This is the most ridiculous s**t I’ve ever heard! It’s at the point that as of this week I’ve literally had to turn in all documentation to my attorney. I also believe that they are illegally restructuring the loan terms of its clients. I received an email from them stating “we will be adjusting draw payments to 20% of the total budget or $50,000 whichever is less due to Covid” So basically they’re able to adjust how they do business due to Covid but their customers are just S.O.L, got it. Also, I was under the impression that loan documents once executed were legally binding contracts but apparently they can do whatever they want, or so they think. I’ve been doing this along time and based on what I’ve personally experienced I think this lender will find itself in a class action lawsuit very soon! I’d definitely be willing to participate. If you are interested in using this lender DO NOT USE THEM! If you actually believe they’ll do what they’re telling you they’ll do DO NOT TRUST THEM! If the idea of a lender “advancing” your draws is appealing DON’T FALL FOR IT! You’re better off going to a loan shark and borrowing what you need then you are in dealing with a lender that doesn’t give a damn about its clients or the success of their projects. At least you’ll get...

I recently used Temple View Capital as a lender for two properties for fix and flip type product. Essentially, a portion of the aquisition is financed and the construction costs are financed as completed. After some of the worst communication by the originators, the deals finally happened. The loans are then turned over to "BSI" which apparently is the service for the new loan from Temple View. About 2 months later, a buyer was found for one property, and settlement was scheduled. The buyers' title company did not properly request the payoff when they requested it 1 week prior to settlement. 5 days later (including the weekend), BSI responded informing the title company that it was requested improperly. There was no proper authorization. The title company then emailed the proper authorization to BSI two days before settlement. BSI had everything they needed 2 full days prior to settlement, to disclose the payoff. Settlement was scheduled for 1 pm on a friday. After making over 30 phone calls to BSI, and Temple View, leaving messages, and sending over 20 emails, there was no response as to the payoff. I find this hard to believe. I was told later by senior management, that it was the title company's fault. I was told by another member of BSI, that there was a "technical glich,", and also told not to talk to the one person who I had a cell phone number as it wasn't his job. I was told that requesting the payoff should be done "weeks before settlement." I have never heard of such a thing. There was no responsibility whatsoever for this transaction. If you are in this business of renovating houses, using short term capital, this is not the place to go unless you are a glutton for punishment. The customer service is horrible, especially when you need them the most. If there are any responses to this that questions the validity of it, I will post the actual emails that went back and forth. They even used, the excuse, that it could be held up if the loan was delinquent, implying that it was. The house was sold about a month before any payment was even due. No investor needs to experience this as tough as our business is to get these deals done. The interest rate and points that are paid, should be plenty for not only the financing, but also decent...

I had been approved by Temple View Capital for lending on a home in NC for a fix and flip. The home was under contract for over three months with several failed attempts by the lender to get an accurate appraisal. The lender was responsible for hiring the appraisers and getting the reports in time for closing, but the first appraiser just failed to submit the report. We then extended the contract again and the second appraiser also failed to submit the report in a timely manner, once the report was filed it did not have the accurate information about the home (number of bathrooms, etc.). Temple View explained that it was all completely out of their control even though they were the business responsible for hiring them and the only ones that could communicate with them. I could have contested the appraisal, but because the report was filed past the deadline I did not have time to do anything about it. The lender told me that he could still make the deal work, so I, and the sellers awaited the new terms to only find out that the terms of the new loan were very different from what I had been told me I could get. This happened over and over again. The selling agent, should not sell loans because he doesn’t understand or have the knowledge of what the underwriters are going to need or the company as a whole is very deceitful. I should have suspected the company had some systemic issues right from the beginning because I had to repeatedly resubmit documents and I was continuously misled. This was a terrible situation for not only myself, but it also greatly impacted the sellers and the real estate agents. I would not trust Temple View to deliver on any of their promises. They will tell you one thing and deliver something completely different!

They recently responded to this complaint saying they would contact me offline, but never did so don't believe that either when they say it. They say this is not how they typically do things, but after having this bad experience, I am finding out that there are many more people like me out there! This company has yet to do anything they told me...