George Smith Partners Constellation Blvd, Los Angeles

UPDATE 2: Now who is spreading false and misleading information?!? GSP, If you define "Successfully Obtained" as having never, not once, formally presented my loan to an actual bank loan committee, then I guess that you may be correct. However, in my world, that means "Failed To". If you also define "Successfully Obtained" as having never, not once, received a formal Term Sheet, as IS required in your brokerage agreement, then I guess that you may be correct. However, in my world, that also means "Failed To". The only thing that you ever were successful at obtaining is a non-binding LOI, which has no guarantee of success. You NEVER had us before a loan committee which would have produced a term sheet as was required per your brokerage fee agreement, therefore you were not entitled to a brokerage fee and the "Compromise" of $50k was paid to avoid the NUISANCE of having to fight this out in court. Your attorney could have cared less about merits. He was only hired to get as much cash as he could for GSP by mis-using the clause that says that if negotiations were ongoing that your agreement is deemed to continue. In my world, GSP can't claim that negotiations are ongoing if GSP isn't fulfilling your end of the deal. Neither Gilda Rivera nor anybody at GSP ever once successfully obtained one red cent of financing or we would have closed a deal with GSP and happily paid a brokerage fee. Instead, your "Team" cost us significantly. Next time hire a better attorney that will remember to put a confidentiality clause in your "Compromise". Buyer beware!! UPDATE: I have now been formally threatened with litigation by George Smith Partners legal council over a less than positive google review. This further shows that any potential client should exercise extreme caution and hire their own attorney to review GSP's contracts before engaging GSP. My suggestion to GSP if they are so thin skinned about a negative review is to either 1-perform in a timely manner, or 2-don't bill a client $152,750 after you fail to secure sufficient funding in a timely manner only to force me to hire an attorney and ultimately provide you a settlement of $50,000 plus pay for my associated legal bills. "In good faith my partner and I engaged George Smith Partners to handle a sizeable loan for us. GSP represented to us that they had the ability to secure funding for our project. In engaging GSP to secure the needed funding, GSP understandably had us sign a brokerage fee agreement. However, after two and a half months of back and forth, and well after their brokerage fee agreement sunset date, they still hadn't even had our project in front of a formal loan committee. My partner and I decided to look elsewhere and in short order had the funding that we needed. Shortly thereafter GSP sent us an invoice for well over $100k. Now I'm all about compensating somebody for performance. I just don't think that any organization should be compensated for failing to perform and in our case, GSP just couldn't deliver. Even though we were well past the sunset date of the agreement, and even though GSP hadn't yet even given us a formal bank approval or term sheet for any loan, GSP used a clause in their brokerage agreement claiming that we were still in "negotiations" and therefore we owed GSP a big fat check. Even though I have no doubt of our success had this gone to court, in my opinion, GSP knew that it would be cheaper for me as a "client" to pay them a nuisance fee rather than to see the dispute through in the courts. And they were right. I hope that Gilda and the whole GSP group enjoys every penny of the $50,000 settlement that we paid them. Heaven knows that they didn't earn it. My suggestion, engage your attorney to break down GSP's brokerage agreement in GREAT detail, or better yet, my opinion is to look elsewhere for a financial brokerage and save yourself a boatload of time and money. Buyer beware."