Xpress Loans 911
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Xpress 911 Con Artists
I signed an agreement with Xpress Loans about a month ago (and can e-mail you the original agreement in which they stated that I was approved). They provided terms that we found acceptable and they asked for a commitment fee of $4995 that would be applied towards the closing costs. We sent it but then they later said that all consideration had ceased because they had not received the commitment fee. When we pressed to ask if they had received the commitment fee that we wired, they initially denied having received it. When I told them that I could prove that we sent it as it was wired directly from our bank and then asked them when closing was to occur once all required construction documents were provided to them then they had to admit that they had the fee and then came back to me with a different agreement that they demanded that I sign. I refused and asked for my money back as they had breached the original agreement. I have a copy of that as well that I can e-mail to you. Their new offer had a different, higher interest rate than the original and a different loan amount. The original agreement had the closing cost at $18,495.00 for points minus the $4995 already wired and a rate range of 6.99% to a maximum of 8.99% and a loan amount of $550,000 (100%) to be made available for construction use, as shown in the original attachment agreement. This was a reasonable offer and so the offer was agreed upon. The new term sheet sent by them this week in NO way resembles the original term sheet as it asks for $137,780 and a rate of 9.5% for a loan amount of $461,600. As a result, I have already made a singular request to them for the return of my $4995 as this is a breach of the original agreement and conditions as originally agreed by me. I will pursue this or the money can be refunded and we can all agree to disagree and we will go away-- no harm, no foul. I won't even ask for interest for them holding my money for that timeframe. We don't have to get into the reasons stated by Xpress that they have concerns over COVID or that they were concerned about our experience level as there was no requirements ever discussed about their concern over COVID-19 (which had been in full swing for more than 6 months from the initial paperwork) or our experience level with building new houses (as we provided detailed information on the project and our CV of experience up front via uploads to their website or via e-mails). To state these as the reasons for changing the terms would thus be inconsistent with the records that we can prove that they have been provided. To summarize, we need XPress Loans to return the $4995 they received and we will allow the issue to drop without further action on our part.