Velocity Mortgage Capital Russell Ranch Rd, Westlake Village

I entered into a mortgage agreement with Velocity Mortgage on 10/31/2019. The loan was for $633,750.00 To qualify for the loan, Velocity informed me to: 1. Place the properties under an LLC 2. Have my father on the LLC 3. Have the persons living at the properties (My Dad, My Mother in law, and my wife) sign leases on the property. The loan servicing was transferred to Mr. Cooper on 11/08/2019. In March of 2020 COVID hit and I reached out to Mr. Cooper for options. They stated at the time I couldn't really do anything. In April they stated that I needed to go back to Velocity that they would let me know what options they had. They NEVER told me there were no options because it was a commercial loan. They stated they were looking at my options. In July of 2020 they send me a 10-day Demand Letter When I called they stated I could bring the account current I would then qualify for a Modification of terms. I paid it on 08/04/2020 65,184.39 Gloria Jane-Myer stated the funds went to Mr. Cooper and they needed to release it to them. We sent proof of the wire. I then got a notice of Foreclosure in November of 2020r. They have been going back and fourth with Velocity and Mr. Cooper waiting sometime weeks for payoff requests. I was trying to get a loan but the lis-pendent and the delay in receipt of the payoffs from Mr. Cooper has made it impossible to receive this information. Velocity also requested Payoff requests from Mr. Cooper and they waited weeks before responding. engaged Loan Lawyers to assist with the matter but I recently was told that I have a final Judgment Scheduled for 07/07/2022. And Velocity STILL hasn't given me options from when I asked in March of 2020 for any Loss-Mitigation efforts. I am unable to secure a loan because of the lis-pendant which would fix this issue. I'm now having to do a Bankruptcy to keep my home, my mother in laws home and my fathers home. I just keep being told because they advised me to put the properties in an LLC to protect it, I now am in a position to loose it ALL. It isn't FAIR! I work in the mortgage industry and I train on Loss-Mitigation efforts. None of which were done by Velocity Mortgage, Mr. Cooper, or the NEW Servicer as of 04/01/2022 PHH Mortgage AKA Ocwen.

The problem with this lender is that there is always some surprise that pops up and the loan get busted. We worked so hard for one month and cleared all condition. As broker, tough to work with your client like this. You can not get repeat client like that.This happened to me twice.This time, they come come to us with appraisal value of half of what our borrower was expecting. Very outrageous. Even county Tax value appraised it $1.2M. Velocity's appraiser came up with $840K. And everybody knows that market value is much higher than county tax value. My borrower was expecting $1.4M or $1.6MM. So, my borrower was so upset and called appraiser since he paid $2,000 and found out information that did not please him. Borrower threatened to sue and file complaints etc. So much drama. Cherrywood Mortgage and Silverhill Funding are better when it comes to this. I may have to use the these two lenders from now on and find others, I have no choice.Velocity has no problem of dropping you quick. For example, I am doing $2.6M loan with Cherrywood Mortgage. Appraiser put too much expense for repair of the apartment. The underwriter called the appraiser and presented our protest and agreed to change it and loan was approved.This is what I expect from lender. Not just drop me last minute about to close.

Got me approved conditional on appraisal. I paid for appraisals on my 7 properties. They wouldn't accept the values, and wanted to adjust much lower - why would even need appraisals then and why I wasted my money on them???? Then after wasting about 2 months of my time, decided they did not want to do my loans without providing anything in writing or giving proper reasoning. These guys are a scam. Don't waste your time and money.

After 2 long months, thousands of appraisal fee later, they decided they did not want to accept the appraisal that they hired. Time is the most valuable currency and we wasted it with this company. I wish I read the reviews FIRST before attempting to refinance my commercial property!

Worst mortgage company, hands down. Managed to kill deals for 3 different qualified buyers. Jason Haye and Al Johnson can't close a door, let alone a loan. As a licensed mortgage professional I have never seen such lack of professionalism or worse customer service.

This is a great company! They were able to do many deals for my clients that other lenders couldn't, I am extremely satisfied with their professionalism and knowledge and will definitely continue to do business with them in the future.

Great company to work with. John Davies makes the loan process easy. My #1 go to for Commercial Mortgage Loans.

Commercial Lending, Commercial Lender, Commercial Mortgage Lender Velocity Commercial Capital was formed in 2004 as a specialty finance company focused exclusively on nationwide real estate lending through our network of mortgage brokers.

By far the worst loan you can get in the market!!! Crazy fees!!! Stay away!!!! This business deserves negative stars!!!

Applied for refinance owed nothing on house had an appraisal of $118,500 they did not like appraisal.Did a BPO by their people.BPO came in at $134,000.They wanted to do another appraisal was going to cost me $850.All I wanted to borrow was 75% LTV.The ARV on the property is $198,500.Don't waste your time with these people