- Report: #1513306
Complaint Review: LTV Fund - Indian Wells California
Reported By:
Matthew -
Twentynine Palms, United States
Submitted:
Updated:
-
Author Confirmed
Why?
LTV Fund
75280 Hwy 111 suite 101 Indian Wells, 92210 California, United States
Phone:
7608348689
Web:
Ltvfund.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
LTV Fund Tyler Crawford Misrepresented their ability to refinance within the one year prior to balloon payment Indian Wells California
Report Attachments
LTV Fund/Tyler Crawford agreed to give my Hawaii tenant a loan to purchase my home in 2016. The loan was for $725k and there was a balance of appx $390k that I agreed to carry as a second mortgage in order to complete the sale. LTV promised the two loans in total would be refinanced within one year and the terms were set accordingly with a balloon payment due in full on both the first and my second note. However, LTV failed to perform within the one year time frame so a six month extension was granted in writing from myself and the first mortgage which LTV serviced.
Unfortunately, after six month extension which expired Feb 2018, LTV again failed to perform. Other prospective lenders were also asked for a loan during the extension period, however, they replied in writing they cannot loan on an owner occupied sfr. Further investigation of LTV website notes they clearly only loan on NO OWNER OCCUPIED SFR.. This is contradictory to what they provided my tenant as LTV clearly knew the tenant/borrower was my tenant and lived in the home.
The tenant either lied on the application to LTV or LTV lied to their hard money investor as to the buyers residency. Shortly after the Feb 2018 extension deadline, the tenant/buyer stopped making payments on my loan yet has been allowed to continue making payments of $7250 per month on the first loan and the loan has not been called as of 10/21. I have asked multiple times for LTV to perform as agreed and finally Oct 8 2021 they agreed in writing they will pursue refinancing the two loans. However, they have since refused to follow through with a refinance of both loans and now their attorney is threatening me and demanding I basically “go away”.
LTV refuses to pursue refinancing the loans. LTV/Tyler Crawford also clearly states on their website they pay a finders fee (1%=$7250) which they also have failed to pay after almost 5 years and multiple request. Clearly the tenant was a referral. The property is located at 27996 Old Mamalahoa Hwy Pepeekeo Hawaii 96783 and is valued at approximately $2M. I believe the intention of LTV/Tyler Crawford was to provide a $725k loan which they could eventually foreclose on as the tenant/buyer is unable to refinance despite the loan being current as of October 2021. The loan to own scheme they are trying to pull off will not work as the Dept of Real Estate, the FTC, & multiple news outlets have been notified.
This company is deceptive and intentionally misled me into believing LTV had the ability to refinance both loans when in reality they had only one intention and that’s to steal my home and wipe me out. I am also suspect that the borrowers/tenant by the name of Cindy & Larry Sellers may have colluded or actively colluding with LTV to purchase the home for just the $725k in hopes I will just go away or die.
