Complaint Review: SILVER SKY CAPITAL FUND I LLC MARK EULGEM CHRIS NGUYEN GUATAM D. SHAH - Lubbock TX

I have extensive experience as a direct lender, correspondent lender, and broker.  The fact that a lender charges upfront due diligence fees is not only NOT a red flag but is extremely common.  This is especially true of bridge or hard money lenders, who have an incredibly high volume of funding requests but are very frequently presented with transaction information by a borrower that turns out to be completely inaccurate, having been the wishful thinking of the applicant. 

Lenders, who primarily base their loan approvals and funding clearances on only the third-party valuation of the property, the receipt of a clean title report, and the borrower not coming up as having been involved in financial crimes, or anything that falls under federal RICO statutes... are bound to get a lot of applications, and based on the applicant supplied data be able to make many offers.  The frequency with which an applicant was either hiding materially important information, or was simply overvaluing their collateral asset. is very high.

The reason for requiring the borrower to pay for these due diligence fees upfront is twofold:

• To discourage borrowers from moving forward with a loan offer that is based on information that they are not confident is accurate, or that they actually know to be false.
• Without the primary justification, lenders would incur outrageous expenses for due diligence fees on loans they will not be able to fund once the independent information is in.

Good things to look for and ideally find in determining if a lender is legit before shelling out for those fees are:

1. Are their due diligence fees different for every transaction, as would make sense for the different costs for reports in different states, on different property types and sizes, and with a correlation to the loan amount?
2. Will the lender tell you the name of the company it uses for services, like an appraisal?
3. If the lender will provide documentation of appraisals they have received on other loans - even if they redact the details of the borrower and property - this is a good sign.
4. Can the lender be searched online and returned without any FILED lawsuits or regulatory violations?  If so, it means that any defamatory statements you may come across on forums of investor sites or elsewhere did not hold up to be worthy of legal actions (despite claims that a complaining party will sue) or any agency affirming a regulatory violation.  *Many people who are unhappy about completely legitimate but negative results decide to take out their frustrations on a lender who did everything possible to help - but simply couldn't.

 Silver sky Corp account info/ Company Name:   BRUPOTX LLC (https://www.bizapedia.com/pro-search.aspx) Entity Type:   OHIO DOMESTIC LIMITED-LIABILITY COMPANY File Number:   4923376 (https://www.bizapedia.com/pro-search.aspx) Filing State:   Ohio (OH) Filing Status:   Active Filing Date:   September 11, 2022 file:///var/mobile/Library/SMS/Attachments/2b/11/28713FBC-FE0E-429B-BBDD-C59CE0DFB49D/Screenshot%202023-12-08%20at%202.21.43%20PM.png Company Age:   1 Year 3 Months Registered Agent:    BRUPOTX LLC Used Citizens bank to steal my clients money. This is their information to help trying to track them down. (https://maps.apple.com/?q=411+Wolf+Ledges+Parkway%2c+Suite+201%2c+Akron%2c+OH+44311)

 How many times have you seen reputable lenders ask for $20k + UPFRONT for a loan??? Get yourself a keeper. You have ZERO COMMON SENSE when it comes to money!