ComplaintsforCapital Direct Lending Corp.

• Initial Complaint

  25/07/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  We were buying residential property and closing was on July20,2023. As we were short of 200k funds to purchase the property valued at 799k. We applied for 200k mortgage from Capital Direct as in a form of ***** line of credit on our existing house address-******** *******************.Capital direct ensure us the payment of loan will be deposited in our account before closing. On day of closing the funds were not deposited in our account and we send them email in the morning of July20,2023 and also mentioned in the email that if we did not receive fund end of the day we will loose 25k deposit. And we still getting there phone calls for ******* ********* title clear. We answer all the phone calls as well as we provide all the ID's and they talked to our lawyer and get all the information related to us for the title search from him as well on July20,2023 everything was done same day but we still did not received any fund from them. Now We extent our closing to July21,2023 and we got money from somewhere else to close our property and find out that the capital direct put the lean on our property without providing us 200k and even without noticing us. Now we suffer so much consciousness because of that and we went to the Capital directs lawyer office(***** *** ***** ****** ************* ****) at 11.00pm on July21,2023 and asked them to provide discharge certificate but they are asking us to pay them $18,808 ($16000 Lender fees + other fees). As we talked to our lawyer they said Lender not suppose to charge us money or lean the property until provide fund in our account which was not happened at all. This is against the ******* *** ******* as per our Lawyer. Law Clark name -Shianne S******** she said we can wait and she will applied again to ******* ***** ********* clear people and get the money. We both wait in the office until 2.00pm but no reply and nobody came out to speak with us so we left. Some how we closed our deal but Capital direct is not taking out lean from our property and still asking for 18k to discharge. Because of this problem we suffer lots menially stress and still suffering. Please give us solution. Feel free to give us call.

  Customer response

  26/07/2023

  Hi,

  We would like to the billing adjustment with Capital direct through the BBB. Capital direct is charging us lending fees of $18080 without us receiving any loan amount in our account. As per Capital Direct' Lawyer email if we do not pay them $18080 they will not take out lean from our house. So we need solution from BBB to get discharge letter from Capital Direct without charging us any money. 

  

  Business response

  14/08/2023

  Funds were advanced by Capital Direct into the Trust account of our Lawyers, *** ***, in trust for the *******'s, on July 18th, 2023, 1 day after having received executed documents from *******'s lawyers.  

  Once funds were advanced by Capital Direct, the mortgage was registered on the *******'s property, to secure priority of the mortgage on the title, along with the advancement of funds.  The registered mortgage also secures all lender and legal fees as per the Standard Mortgage Terms.

  Capital Direct was advised by the law firm representing *******, that although the *******'s had provided the required identification, the *******'s requested that they not provide First Canadian Title with this identification, as they were having second thoughts.  The *******'s identification was necessary for First Canadian to approve the title insurance.     By doing this, the *******'s frustrated the ability of First Canadian Title to place its title insurance.    

  In other words, Capital Direct did all the work necessary to fund the mortgage the *******'s had requested, only to be advised that the *******'s did not wish to pay Capital Direct for its work, in securing and funding the mortgage.

  This being said, the *******'s seem like nice people, and Capital Direct instructed its lawyers *** ***, today, to discharge its mortgage from the *******'s property, without cost.

   

   

  Customer response

  15/08/2023

  
  Better Business Bureau:
  Thank you for your effort to resolve this problem and bring the outcome. We will notify you when we will receive discharge certificate on our property by Capital Direct lawyer. I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***** * **** *******

*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. ↩