ComplaintsforPMC Commercial Trust

• Initial Complaint

  12/16/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I started the process to obtain *** loan and made $13,100 deposit for appraisal, environmental and *** fee. They make you sign a non-refundable fee document which should be used for getting an actual submission and approval of loan from *** - I would have no problem paying it as long as loan was submitted to *** for approval or denial. The loan was never submitted to *** and majority of the work was completed by myself. They sent me a list of 30+ items on their portal to put everything together for them to review and submit to ***. 50% of appraisal happened for which I received an invoice for $3,000 which I have no problem paying as that service was rendered. The deal fell out due to inspection and now they are not refunding full $2500 "*** package fee" and they are charging misc fees on top. they have their borrower complete on their portal and it was never completed along with never submitted to *** as I pulled out of the deal due to failed inspection. They are keeping $2500 for just reviewing loan documents and "effort" they put into the deal. I have all the emails about refusing to provide invoice for their best effort fees and refunding the remaining refund from $13,100 I paid

  Business response

  03/21/2023

  Business Response /* (1000, 5, 2022/12/27) */ Contact Name and Title: ****** ***, *** ******* Contact Phone: XXX-XXX-XXXX Contact Email: *****@pmctrust.com Thank you for the opportunity to respond to the potential borrowers allegation. The potential borrower executed a legal document that is clear on its face, that the balance the potential borrower is disputing is fully non-refundable. We have not included the document as to not include anything that would be personally identifiable information of the potential borrower. In this instance, the borrower determined they were unwilling to go forward with a proposed business and commercial real estate acquisition transaction which we were willing to finance. As a result, the potential borrower requested that we provide refund of this non-refundable amount. We are under no obligation to do so. As an aside, we continued discussion with the individual who filed the complaint and have worked out an agreeable compromise even though we are under no obligation to do so. We look forward to the BBB's completion of its review and will make ourselves available for any follow up questions that the BBB may have.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩