Fred
WORST Lender I've Every Worked with in 20 Years - ZERO Integrity.
I have been in business almost 20 years and I FUND CITIES (ifundcities.com) is the WORST, MOST IMMORAL lender I have EVER dealt with in my entire life. They are one of the lenders that give other lenders a bad name. They will make bold promises and then turn their back on you the DAY of CLOSING and not accept responsibility for ANYTHING. I was called by I Fund cities by a telemarketer and they offered their lending services (even though I’m on the DNC list but I decided to listen to their value proposition). They offer lending services in the real estate sector. I told them that if they lived up to their promises, I would refer them a good amount of business (I work in the space). The loan officer told me that they wanted to prove their value first by performing on my loan and then he would feel comfortable asking for referrals after he and I Fund cities proved their capabilities and follow-through. Once I started the process, I had several conversations with Jack Pagliarini who described the loan scenario as a “slam-dunk”, “home run” and an “easy decision” for them. I sent them all of the information/ documentation they requested regarding my experience they asked for in a timely manner and nothing was said on their part at any time leading me to believe it wouldn’t be a “slam dunk” ON THE DAY OF CLOSING, they informed me that they made a mistake and that they needed additional info IF we were going to be able to close. Also bear in mind that I had a maturity date with another loan I had that they were supposed to be paying off with the refinance. I had a 9-day grace period but if I did not refinance within the grace period, I would have been charged a large penalty by my previous lender, back-dated to 9/1 (over $1,000). So, once they told me they may not be able to close, even if I gave them the additional documentation they needed, I had no choice but to contact another lender and had to pay for another appraisal ($650) and I would have been out at least another $1,000 had I not found another lender last minute. They finally came back and said they would approve the loan, BUT they wanted me to bring over $40,000 to closing?!?! On the initial loan that was supposed to be a “slam dunk”, I had about $3,900 coming back to ME at closing! These people do NOT do what they say they are going to do and will wait until THE DAY OF CLOSING to back out on you. What a Disaster! Sure, they apologized and said they made a mistake but then promptly explained to me that I would be the one “paying” for their mistake, although not in as many words. They professionally told me, “Too Bad”. I have a business too and I have customers. I make mistakes just like everyone else but I would NEVER ask my customers to pay for my mistakes because that would be immoral and simply BAD business. I would not have customers for very long! When I realize I have made a mistake, my response is to take full responsibility and also ask them how they would like me to make it right and if they don’t know, I offer them something of greater value then I even think would be rational for them to ask for because I value my customers. I Fund Cities and Jack Pagliarini do the opposite and if you don’t like it then they tell you that you are welcome to take your business elsewhere and they tell you that THE DAY of CLOSING! This is a DISASTER for an investor and pretty much worst-case scenario. Not once, did anyone from I Fund Cities say anything to me taking responsibly and offering to make it right. I also spoke to one of the Co-Founders, Chris Tereo. He seemed like he cared a little and tried to do something to help but his offer would have still resulted in my bringing over $30,000 to closing!!! What’s worse, I’m supposed to be buying an engagement ring to propose to my girlfriend next month and if I had to put the extra money down, I wouldn’t be able to buy the ring and propose next month as planned. That’s BAD but it gets EVEN WORSE! Now I have to pay more money with another lender in interest, so I won’t be able to honor my commitment to a local charity to help my fellow disabled veterans who suffer from PTSD and homelessness! I even told them this and they still didn’t care about anything but THEIR BOTTOM LINE! What kind of person does one have to be to do something like this? ALL I ever asked of them was to do what they said they would do. Nothing more. They believe that, if it doesn’t benefit them, that it is too much to ask and have no problem reversing course. They have ZERO Integrity. I FUND CITIES does not care about the little guy and don’t care that their lack of a spine and lack of integrity affects people’s lives. VERY poor-quality company turns their back on you when it hurts you the most. If you value honest people that do what they say they will do and not having to pay a LOT more money than you agreed to, RUN away from I Fund Cities and tell everyone the same!