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2009-06-25 — azcentral.com
"State regulators have taken over one of the state's biggest hard-money lenders, Scottsdale-based Landmarc Capital & Investment Co., after declaring it insolvent.
Arizona Department of Financial Institution's Superintendent Felecia Rotellini was appointed receiver for the lender by the state Superior Court on Wednesday.
The regulator alleges Landmarc violated several state lending laws by having a negative net worth, concealing or misrepresenting information about its business, and paying millions of dollars to off-shore companies owned by David Crantz, the firm's president and chief executive officer."
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Comments:
FHABob at 01:08 2009-06-26 said:
That's right...a 27% loan originaiton fee. On a $70,000 loan secured by a $225,000 airplane hanger, Landmarc quoted $18500 in origination fees. Landmarc will not quote a rate or fees upfront. They make the client jump through lots of hoops (i think just to guage their level of desperation) and then endure a property inspection. Then, they make a big deal about getting the client in thier office for a face to face with the 'underwriter' (who is just a glorified loan officer). They refused to ball park me on rate or terms up front and when I found out that they had quoted 27pts, I was livid. I had vowed last Fall when this occured to never refer anyone to this company again. I guess that won't be a hard promise to keep based on this news. Permalinkadd a comment | go to forum thread
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