Community Preservation Corporation E 42nd St, New York

Community Preservation Corporation Reviews

• J

  John Frustace
  1

  This is probably the worst lender you could consider for commercial real estate. They have the unique ability of overpromising and under delivering. Their reputation will actually hinder your ability to compete in a deal. I lost an exceptional deal as a result of not being aware of their horrible reputation. Real estate attorneys and brokers laugh at their documentation requirements. They are not only onerous, even ludicrous. Furthermore, after closing on another deal, they miss calculated my closing costs, and misappropriated funds in my escrow account for taxes and insurance. I need to contact my attorney who then received reimbursement through the title company for late fees and over payments. CPC also requires a capital reserves escrow account. In itself the reserve account is not a bad idea. I’m not sure how it is invested, and I know nothing about interest earned or how they use my money. From experience though, the real fun begins when you attempt to receive your funds for improvements made. They are not only insulting, but also intrusive and excessive when you submit to receive your money back for repairs or replacement. If that isn’t enough the turnover is unusually high and there is no communication from the company about who is managing the account when turnover occurs. And if you like being treated like a subject rather than a customer, this company is perfect for you.