Business ProfileforPark Place Finance, LLC

Unreliable lender! Do not use them if you want to be sure your loan funds. My clients jumped through every hoop presented for their 6-unit new construction loan, only to have the rug pulled out from under them when it came time to close. The entire process was painstakingly slow and we often went days without hearing from the lender **** ***** My client payed well over $3k for the appraisal the lender ordered after a conference call with the lender to discuss what type of appraisal order would be needed. The appraisal came back within an acceptable range, and my borrowers were able to show all the funds needed to close, as well as reserves. The loan went to final underwriting in early January. We were then told that my client would need to order 3 new appraisals for 2 units each, despite the lender ordering the 6-unit appraisal. When that issue was overcome last week, we were told the borrower did not have the necessary funds to close. We then showed about $50k more than was required to close, and the loan had been sitting there until today, when I was told that the lender's capital partners "did not have an appetite for the loan". All in all, my clients wasted close to 4 mos dealing with this lender. ****** team lead, ****, was little help in the process, and told me the only indivdual above him was the owner. I requested a call with the owner or anyone else in upper management, and my request was never met. I requested **** to send a denial letter to my borrower, and was told "Why? I just told you the reason". The only thing this lender did well, was to consistently deliver poor customer service. In 7 years of lending, this was by far the worst experience I have ever seen.