I believe you are right about the practices at Highland Capital Group. I was interested in acquiring a property that was in serious need of redeveloping. Highland Capital was listed as the broker and lender to a new buyer. I called and spoke to Kevin whom I asked a series of questions relative to their lending requirements. Suddenly, he needed to pause and call me back. I sensed a gutted feeling there's something wrong about this group but never assert effort to investigate them. I conclude there are other lenders out there more legitimate. I'm touched by your experience and really hope you recover your losses.
After 3 months of material fact gathering, I received a "soft Approval" from Highland Capital with an interest rate, term and fees. After receiving that approval, I met with the company Owner, Sabi Varon as well as the loan officer Joey Cavalier. As a 30 year Real Estate Broker I was very suspicious of loan brokers, I asked a lot of questions.
I asked about appraisal, I was told by Sabi Varon that if I rented my office, the overall would give us two of three appraisal types approved. Cap rate as well as Construction cost would be enough to handle the appraisal. As to the details of the loan, I was told by Mr. Varon himself "no problem". I rented my office, moved and only after that assurance from the President of the Company did I agree to the initial commitment and cut a check to the company.
After the check was cut, I was shuffled from one Broker to another, looking for a loan. The financing presented to me in the "soft Approval" didn't exist and was never even offered. After 90 days, I was called with good news, I could get a loan with a rate 2% highter, $1000/month more than discussed and I only had to produce 35-50K out of pocket for expenses.......... Such a deal.......................
I originally was promised a 70-75 loan based upon appraisal, I was finally offered yet another loan at 60%.
Soft approval was originally 570,000.00 at 5.75%, with a thirty year amortization and loan costs of 4.5% of the loan amount which generates a payment of $3339.00. I was originally quoted a payment around $3339.00/month with a savings of $2,000.00/month.
The games began, I was asked for all kinds of data, sent to several brokers andwas offered an 8% loan with $35-40,000 needed to close. Another wide miss, the payment was in the mid $4K range. This was such a good deal, I was supposed to jump on it.
I refused that "bait and switch" routine and roughly two months later I was offered another "deal".
We may be able to get you a stated loan for 600K at a rate between 7.5% and 8% monthly P&I would be 4613.48. I guess the extra 30K in loan amount was fees.
After 6 months of posturing, I was convinced that I was not getting the mortgage presented to me by Highland Capital or Sabi Varon. I requested the return of my deposit, from the loan office Joey Cavalier, who after a few weeks of hiding told me that it was "above his pay grade". and he could do nothing. I tried several times to contact Sabi Varon, with no return. Evidently, it is a policy of Highland Capital to collect deposits under false pretenses and keep them.
Highland Capital Group, LLC Reviews
Loan Inquiry
I believe you are right about the practices at Highland Capital Group. I was interested in acquiring a property that was in serious need of redeveloping. Highland Capital was listed as the broker and lender to a new buyer. I called and spoke to Kevin whom I asked a series of questions relative to their lending requirements. Suddenly, he needed to pause and call me back. I sensed a gutted feeling there's something wrong about this group but never assert effort to investigate them. I conclude there are other lenders out there more legitimate. I'm touched by your experience and really hope you recover your losses.
After 3 months of material fact gathering, I received a "soft Approval" from Highland Capital with an interest rate, term and fees. After receiving that approval, I met with the company Owner, Sabi Varon as well as the loan officer Joey Cavalier. As a 30 year Real Estate Broker I was very suspicious of loan brokers, I asked a lot of questions.
I asked about appraisal, I was told by Sabi Varon that if I rented my office, the overall would give us two of three appraisal types approved. Cap rate as well as Construction cost would be enough to handle the appraisal. As to the details of the loan, I was told by Mr. Varon himself "no problem". I rented my office, moved and only after that assurance from the President of the Company did I agree to the initial commitment and cut a check to the company.
After the check was cut, I was shuffled from one Broker to another, looking for a loan. The financing presented to me in the "soft Approval" didn't exist and was never even offered. After 90 days, I was called with good news, I could get a loan with a rate 2% highter, $1000/month more than discussed and I only had to produce 35-50K out of pocket for expenses.......... Such a deal.......................
I originally was promised a 70-75 loan based upon appraisal, I was finally offered yet another loan at 60%.
Soft approval was originally 570,000.00 at 5.75%, with a thirty year amortization and loan costs of 4.5% of the loan amount which generates a payment of $3339.00. I was originally quoted a payment around $3339.00/month with a savings of $2,000.00/month.
The games began, I was asked for all kinds of data, sent to several brokers andwas offered an 8% loan with $35-40,000 needed to close. Another wide miss, the payment was in the mid $4K range. This was such a good deal, I was supposed to jump on it.
I refused that "bait and switch" routine and roughly two months later I was offered another "deal".
We may be able to get you a stated loan for 600K at a rate between 7.5% and 8% monthly P&I would be 4613.48. I guess the extra 30K in loan amount was fees.
After 6 months of posturing, I was convinced that I was not getting the mortgage presented to me by Highland Capital or Sabi Varon. I requested the return of my deposit, from the loan office Joey Cavalier, who after a few weeks of hiding told me that it was "above his pay grade". and he could do nothing. I tried several times to contact Sabi Varon, with no return. Evidently, it is a policy of Highland Capital to collect deposits under false pretenses and keep them.