Microloft
They kept our $35,000 deposit without…
They kept our $35,000 deposit without ever intending to give us a loan. We contracted with Edgewood Capital on January 15, 2025, for financing to convert a Savannah hotel into workforce housing, fully disclosing all project details during our initial lender interview. After agreeing to fund the project, Edgewood collected a $35,000 deposit on January 22, 2025. Despite our good faith efforts to address every concern—including bringing on experienced property management and construction teams—they declined the loan on March 12, 2025, citing information we had disclosed from the beginning. Edgewood then refused to return our deposit, violating their own Term Sheet which requires refunds upon loan decline. Their communications revealed a systemic pattern of obtaining deposits and refusing loans as standard business practice. This breach has caused $355,000 in damages including the retained deposit, $185,000 in wasted architectural work, $100,000 in lost property earnest money, and $35,000 in legal fees. Evidence shows discriminatory age and gender-based evaluations in their March 12th communications, and company representative on September 3rd admitted that deposit retention without intent to lend is their normal business model—a predatory practice harming legitimate affordable housing development.