Complaint Review: Gateway Capital Partners

My client and I, as a CRE broker, were in the same situation as previous victims.  Found them through Scottsman Guide. They were very nice at first, willing to negotiate. At times, pretending being "firm" on their offer, then using tricks like accidentally taking me off hold to hear them chat about my loan and Byron telling Landon "if this chick doesn't have the LOI signed today, we will back out". After long negotiations, we received an LOI that laid out all the important terms for both parties.  Submitted the loan, paid $15K deposited that was extensively discussed before signing with them. It was agreed that the company will provide a breakdown of due diligence costs and will return the unused portion of the deposit to the client if the loan is denied.  The transaction was a purchase and required quick closing to which the GCP agreed. 3 weeks later, after not picking up calls or answering emails, Shawn called to explain the denial. He was referring to "3rd party reports" not supporting the estimated value claimed by us (supporting exactly half of the value to be exact) and also a few serious environmental issues, like sewer "outside the window" that came unexpected and disqualified the deal from financing. This sounded especially ridiculous as the piece of raw land that required financing was located in a national park and obviously sewer was out of question. Did they not care to even look at the map???  I requested copies of the reports since there were paid by my client, but was told they were GCP property thus confidential. Shawn said their controller would be calling to take care of the deposit refund, but no one ever called. My client and I sent tons of emails but never heard back. These people certainly deserve a law suit, and I will be happy to participate, if that happens. My dealing with GCP was in early 2016.