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On november 22nd 2016, I received a commitment letter from direct
Lending partner for a line of credit 1, 000, 000 to purchase real
Estate. The line was supposed to be technically in place after I sent an
Advanced fee of 1% 11, 500 which I did and was received by them on
December 8th. Right away I submitted 2 real estate contracts with
Urgency for closing before dec 16. The lender did not closed, it was
Moved to the 23rd the lender still did not close. They never close on
The deals. View their incapacity to closed I requested a refund. They
Right away replied apologizing stating they were ready. But it was too
Late. The other transaction when we were close to settle they ask me more
Documentation even tough they told me I was approved. I requested a
Refund they agree to give only 5000 out of the 11, 500 I gave them even though I had prepaid the approval and even the underwriting fee. They cause me lost time and money. I called the number they place on their commitment letter, suppose to be the ceo phone, a man stated that he is not the ceo don wenner that he had left this company 2 years ago because they do not know what they are doing. Stay away from them, never pay their advance fee
I contacted DLP about selling a property. They sent a guy around a few days later to look the place over and take some pics. I told him I was motivated to sell if the price was right. I didn't tell him that the property had been appraised recently for $300K. He said he'd call me after they did a market analysis. Two weeks later I get a call and stopped by their office to review their analysis. I was shocked when they suggested that I should list the place for half of the appraised value(!) I told him I wasn't interested in selling at that price and walked out. Since then hardly a day goes by when I don't get a letter from some house flipping scammer offering to buy my property. All the form letters are printed in 'hand written' font and some include the phrase "praise Jesus." I absolutely hate having my intelligence insulted.
I too was taken by them. August / September of this year. I only was conned out of the $995 fee - which I was told would be $745, but they were unable to send the page with that information (or something along those lines). Went through their process and they ordered an appraisal. The appraisal was laughable and incorrect. Challenged it to deaf ears - and NO EXPLANATION. Appraiser's are like lawyers - they are never wrong! 2 months pass by...I'm at a local investor group meeting and meet a gentlemen that's a newly retired appraiser. I tell him about my ordeal on the appraisal (never once mentioned the company), He asked me about the appraiser so I told him the name. Turns out he's a house flipper and he often low balls great properties with the intent to buy them when the financing deal falls through. This guy knew all about him! What a great way to get properties! I notified DLP of this and they said too bad, that they deal with a million people and my deal didn't matter. DLP, failed to act diligently was never prepared to fund my deal as the appraisal (scam) value was never within their parameters. Having done hundreds of deals over 35 this was the SINGLE WORST experience i have had. Asked for the CEO Don Wenner to call me; As of yet no feedback - another ghost CEO? //
Stay away from them - after all, and I am quoting their supposed top producer; " We got a million customers - don't need your business"... so they don't need yours either!
Greetings,
I’m interested in your final resolution and interaction with DLP regarding this “advance fee” that I am also being requested to pay; did you get any feedback from Don? Did the LOC close or did any transactions fund? Please advise. Thanks in advance.
As corporate counsel for Direct Lending Partner I am familiar with this matter. Direct Lending Partner is an affiliate of the Dream Live Prosper Companies and prides itself on delivering outstanding service to its investors and clients. Its successes include being one of Inc. 5000’s fastest growing companies four years in a row, more than 200+ loans in portfolio, 1, 600+ owned properties and over 200 million in assets under management.
While Direct Lending Partner can often close loans in as little as 5 days, the properties submitted by this borrower had issues beyond the lender’s control which prohibited the properties from closing within the borrower’s 7 day window. In the first transaction, the seller of the property did not yet have clear title and in the second, the appraiser was delayed due to weather and an inability to access the property due to safety concerns.
While it is unfortunate that the borrower was unable to close these transactions, it is not uncommon to encounter issues in acquiring distressed properties. Here, Direct Lending Partner, at all times, acted diligently and was prepared to fund upon completion of the underwriting and appraisal process.