The complaint has been investigated and
resolved to the customer's satisfaction
Resolved
David T. Frank Jr.Signature Forgery

This company operating under the name of Simple Capital Solutions located in Diamond Bar, California is under investigation by the California Department of Real Estate Board because of no license to operate in California when I was one of his victim last couple of years ago. The owner/ Manager-David T. Frank Jr. is not a member of the Better Business Buerau nor have a real estate license. He is doing business without those required licenses and wants to collect fees illegally. If you happen to get his service for any kinds of loans, he will "Assumed" and act as your project manager without your approval and knowledge. If you did not pursue or continue with your loan applications with him, he will put a "Mechanic's Lien" on your property until you pay him the amount that he wants to charge you at his high rate of $150.00/hour. You have to take him to court in order to have the mechanics lien release, and he won't pay for the attorney's fees which was mandated by the court after he lost the case. then he threatened you with phone call & email-saying that he will make your life miserable and he will not go away, and he will surely ruin your good credit, by submitting to any collection agency a "forged signature" by you, stating that you have given him the right to charge all the fees for not continuing with your loan to him. He will jack up the amount that you owed him up to almost $50, 000 when he submit it to the collection agency, so that the agency will be intersted to take his case. Beware of this individual-David T. Frank Jr. who represent-Simple Capital Solutions-located in California, for he is preying on innocent, hopeless home owners in order to saturate his appetite for greed. If any of you have any dealings with him and his company, please feel free to write your experiences on this site so that other people will be aware and not get trap by people who wants to take advantage of others.

Responses

  • Ie
    IEHobbyist Jan 25, 2012

    I have the same experience with this group. His partner's name is Kyle. When I first engaged with him for a cash-out refi, we had a general understanding that he'll go after banks first but will also shop in the secondary mortgage market. A few weeks later, he came back with a LOI from a hard-money lender. It was a Letter of Intent, not loan docs or a letter guaranteeing the loan. A simple two page outlining some ridiculous terms of the loan with about 12% up front fee, ridiculous interest rate of 12%.

    Cash was tight so I slept over it but the loan was way too expensive. Therefore I decided not to go for the loan. It looked like he understood and we continued to communicate on the status of his search for another lender. However, a few months later, he sent me a bill for about $40, 000. I ignored it at first thinking "what a crazy guy." As many of you may know, loan brokers get paid when the loan closes.

    A couple months after all this, I got a loan from a different lender. As the loan was progressing, I found out he David Frank had put a mechanic's lien on the property. I consulted attorneys and other people and was recommended that I may be better off just settling with the [censored]er. I ended up paying him $15, 000 in cashier's check for him to remove the mechanic's lien. As soon as he got paid, he acted quickly and David Frank and I had some nasty phone conversations. With his practice of ripping people off, I'm surprised he hasn't been hit by a car or mysteriously disappeared. I'm sure there are many people angry at him.

    My experience with this David Frank and Simple Capital Solutions was more then four years ago. I'm sure they are the same crooks but not quite sure if they still practice their fraud in the mortgage industry or not. Maybe they are in jail...

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