Business ProfileforSilver Arch Capital Partners

Silver Arch has only ever acted like a "Fee Farm" to me and others that I know. I flew up to ** from GA, and looked the partners who I met with in the eye, and asked, are you really looking to get the deal done. I felt good at the time. But that didn't last.After putting up $40k in a due diligence fee, an appraisal was ordered. What happened when the appraisal came out was pure criminal. The appraisal of course had it's at completion value, and a stabilization value. But unlike any other financial institution, you or I have ever dealt with. Instead of saying that they would loan 70% of the value, which of course is what they had said upfront. They then discounted that value by 25%, and then said they would be willing to lend 70% of that number. In other words, there was no way this deal was going to work unless I added a couple million in additional equity beyond the current contribution. A bank would have been an easier loan to close, and in the end, the bank was easier to close.Attempts to get any part of my $40k back have been ignored, so we are filing suit. I have since this time built this project, closed $37mm of other development loans, and had another hard money ***** say... "you mentioned Silver Arch... did you ever close anything with them? We have never heard of anybody ever closing with them... and I want to make sure you trust me, we will not be like them." That ***** closed an $11mm construction loan with me shortly afterward.I actually would guess that if they were investigated, it would probably be found that they do this with more people than they ever close loans with, suggesting that their business model is to exist primarily off of due diligence fees, and loan closings fall beyond that. I just want my $40k back because it is absolutely wrong for them to operate this way.