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Dandrew Capital Partners, New York, New York Complaints & Reviews - Unauthorized charges

Dandrew Capital Partners Contacts & Informations

Dandrew Capital Partners

Posted:    Valerie

Unauthorized charges

Complaint Rating:  89 % with 19 votes
Contact information:
Dandrew Capital Partners
45 West 21 St Ste 3C
New York, New York
United States
Phone: 212-717-8580
dandrewpartners.com
I approached this company about obtaining a mortgage loan. After being past to a untrained loan officer, I was asked for credit card information without getting the proper paperwork for my application that was denied. The reason for my denial was due to the type of loan that I was requesting. I was only denied after my card was charged 500 dollars and then told that they do not offer that loan. Had my application been taken completely and correctly upfront, the company would have been able to notify me upfront that my application was denied and no expense would have been accrued. If walked into a shoe store asking for heels yet they sale tennis shoes, my money would not be taken upfront to just tell me sorry we don't sale heels. This is what this company did to me. The last email that I received stated that they do no offer construction loans yet that is what I needed. I have asked for my money back and no one will return my call or email.
Comments United States Unauthorized Charges
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 1st of Dec, 2008 by   Your Name 0 Votes
Did you attempt contact with the owner of the company? It is odd that someone would charge you for a service that they did not provide.
 11th of Feb, 2009 by   Michael Porter 0 Votes
The person who requested this loan failed to accurately tell the company about ALL of the repairs that were needed. Since Dandrew is in NYC and lends out their own money out of state, it cost them 200 to only find out that this borrower was looking to pull the wool over their eyes.

I use Dandrew often for my loans, and they have always been upfront and honest with me. However, there are those that should not be in the business if they gripe about the application fee.

When you apply, you get a Term Sheet. That term sheet states the rate, term, points, etc. Once you sign it, you authorize a non-refundable fee of $500 (cheap compared to others I use in Texas).

It is then my understanding they get 2 appraisals and will stop if they get one full of red-flags.

If it were me, I would go out of my way to work with those STILL LENDING and are not out of business. I would hope that Dandrew would not use someone's complaint to be strong-armed into doing a loan for someone who is inexperienced. I make my living off of this and I treat my lenders like gold.
 23rd of Oct, 2009 by   Real Lender 0 Votes
it seems obvious to me that if a company is charging up front fees they are not a reputable company, in the past companies may have charged administration/loan application fees up front but in my 13 plus years i have never charged a borrower upfront fees to conduct business, however if they where collecting a fee upfront it would have been an appraisal fee that should be made out to an the appraiser not the lender. This does not appear to be the case and as for the second comment up there i would say That Michael Porter is probable not real and works for this company it seems obvious that a customer that does business with this company probably would not be coming across this post unless they were searching scams and rip off reports in others words he would have had to know of this situation to prior to comment on it. If he actually loved doing business with the company then he most certainly would not have come across this post. So in further review about Dandrew Capital Partners out of New York and Sal Buscemi it appears as they are not a reputable company and you would be best to stay away from them. From what I have gather they may lend money but they make their money by selling reo bulk software to novice investors by marketing thru email and using webinars to hype up their products by charging fees for the software. Hardly the typically lender out there. Charging custmers for software so they can borrower from them now thats a scam.
 1st of Mar, 2010 by   Dandrew Partners 0 Votes
This person tried to get a hard money loan from us. we charge everyone on the residential side non-refundable $500 when signing the term sheet to cover BPOs and inspections once they agree to the terms on the prelim. If you agree, we move forward. This is standard practice and is similar to most residential loans.

She didn’t get the loan because what the appraisal came back as and what she told us in repairs were too much. it was essentially finishing new construction.

She got upset and decided to be a bitch. It was not resolved. It had no merit.

This is why residential lending is a pain in the ass. Unsophisticated folks. We will challenge it and her legally at some point, but not right now.
 4th of Jul, 2010 by   Profit Maker 0 Votes
I don't know who "real lender" is but I do know that you are completely misinformed which doesn't stop you from expressing a totally useless opinion except to someone like the complainer (Who goes to a hedge fund/hard money lender to get a mortgage loan? How stupid is that?). "Real lender" claims erroneously that "[Dandrew Partners and Sal Buscemi] make their money by selling reo bulk software to novice investors by marketing thru email and using webinars to hype up their products by charging fees for the software." That's like saying McDonald's sells cars -- it's just flat wrong. I've done business with them for more than a year and I've never been offered any software for sale. They run a hedge fund and they deal with institutional funders (like a state retirement fund, for example) who use Dandrew to make investments that will make the fund members lots of money. So "real lender, " the only thing I know about you is that you are Really Ignorant and whether you lend money or know anything about lending is a subject for another day. I've gotten an exceptional amount of value (including real checks and a wire to my bank account!) from the business I've done with Dandrew Partners, not to mention the excellent training (on DVDs) they offer for incredibly reasonable prices. So you are right in one thing only: Dandrew is "hardly the typically [sic] lender out there." The facts show that they are making commercial real estate loans and deals all the time and in the process, their customers and students are gaining what they came for: knowledge (which for me has translated into thousands of dollars, literally), and an excellent return on their investment.

They do NOT sell software unlike, say, real estate guru Charrissa Cawley who sold me some useless software called "REILeadsPro" $3, 000 which she does not provide support for, which has not expanded beyond its original capabilities (which she promised it would) and which her husband refused to give me a refund on it because it had taken me more than 30 days to evaluate. During that time I was trying it out desperately trying to figure out how it was supposed to produce hundreds of interested buyers for my properties as she had claimed it would. Now THAT is a REAL scam! Ms. Cawley offers some materials that do have value, but that particular one did not offer ANY real value and she needs to issue a refund if as she claims, she has any integrity in her business. Otherwise I consider her a fraud like so many other of the so-called "Gurus".
Signed, a VERY Satisfied Dandrew Customer
 31st of Oct, 2010 by   Profit Maker 0 Votes
Now it's another day, so I'll address one comment made by 'Real Lender, ' who claims that "Charging custmers (sic) for software so they can borrower from them now thats (sic2) a scam.". Oh really? Tell that to Quicken Loans, who is aiming to be one of the if not the top mortgage lender. I went to them twice for a loan to buy property and both times they charged me $500 right up front. So did Chase and Wells Fargo and George Mason Mortgage. I think we should check the IP address of self-titled 'Real lender' as I'm sure we'll find that Real Lender and 'Ann.'. Oh, and by the way: Quicken didn't give me a refund either even though I ended up not doing the loan with them (got a better deal elsewhere). That is a legitimate practice, Ms Ann/Real Lender. If you can't figure that out, maybe you should just stay a renter.
 7th of Aug, 2011 by   dandrew_scam 0 Votes
Dandrew claims to finance student deals. When a certain student presented them with a qualified deal, they were non-responsive in funding the deal, even after issuing a contract to do so. This caused deals to fall through.
 14th of Jun, 2014 by   Jamea Balter 0 Votes
I will tell you up front that I am a Dandrew Intermediary. I have been with Dandrew for about a year. I have submitted numerous deals and while it is true that they have not been funded, I know for a fact that they fund student deals.

Dandrew makes it quite clear that they will not fund every deal and refuse to be strong armed into funding anyone's deal, no matter who you are!!! they make it quite clear what they will and will not fund and why. They don't fund Land or construction at any phase and this is widely known.

These so called up front fees are due diligence fees. No lender is going to fund someone's appraisal costs, inspection costs, BPO's, etc. If you want to be in the investment business, you better come to understand the true costs involved.
 23rd of Jul, 2014 by   Peter X Simpson 0 Votes
Well this is a great he said / she said but the question I have is does anyone make any money with these guys?
My greatest concern is that I see that Sal Buscemi is also hawking and Iphone app on the internet. I know because I received an email blast from him to that effect.
This just makes me question how much he is making as a managing general partner. I would expect him to be making in the high six to seven figures which would give me confidence in dealing with them. I want to work with someone who is making great money.
If you have to resort to being an affiliate marketer how good can your multi-million dollar commercial brokerage firm be? Seriously why would you want to sully your 'banker" status to hawk someone else's goods. I am a banker but I also run yard sales on the weekends...dosen't make sense to me.
Any comments / insight would be appreciated.
 15th of Oct, 2014 by   Magicman69 0 Votes
Dandrew is mostly a scam. They are hawking their training programs to no end. The "Proof of Funds" letters they provide are as good as worthless with most sellers. There are tons of companies hawking POF letters on the Internet now. Most seller are aware of this and demand hard proof of funds.

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