Harbor Private Equity Peachtree St, Atlanta

Harbor Private Equity Reviews

• L

  Linda Whitmore-ash
  1

  With Regard to the post from Jonathan Anderson-Ingebrigsten and the response from Chris Polk. This company is a complete scam. Their response is that if a property is going to be of value, it cannot be demolished. On this property in question, there were 13 buildings on the property. Each one of those building were less than 1000 square feet. The main building, which was 15,000 square feet was to remain. Therefore, the value would have hold based upon a previous appraisals for 3.6million in October. The appraisal this company "supposedly" completed has never been presented to us after 4 requests for a copy. In addition, the owner of this company formed a new one right after taking our money, called Commercial Private Equity." The borrower was originally told that the appraisal would cost 6500 and then after paying the 6500, the borrower was told that they were wrong about the cost of the appraisal and it was an additional 6500. Regarding Chris Polk's statement about the 25 year lease. Again, this statement does not hold any type of truth, as the "commitment letter" was for a 12 month bridge loan. Why would the lender even care if they are getting their monthly payment for the duration of the loan off of a lease. This makes absolutely no sense at all and is just more tactics and excuses as to why they took the customers money and didn't perform.

• D

  David Kesler
  1

  Be very careful in conducting business with this company. We provided $37,000 in good faith deposits for a very good client and despite numerous attempts to proceed with a closing, we were unable to come to a resolution. Our client offered to wire funds directly to the attorney trust account for Harbor Private Equity for the appraisal fees (after $37,000 had already been sent directly to Harbor Equity), but despite repeated attempts they refused to provide that information or accept numerous other ways of handling this additional ~$7,800 in fees (such as having it paid at closing). Despite repeated attempts, they are unwilling to refund any of the fees paid in good faith which were stated as refundable in various emails and correspondence. This loan ruptured due to a lack of transparency, communication and misrepresentation on behalf of the lender. Proceed at your own risk. Our direct dealings were with Chris who said he was the company owner.

  Response from the owner

  David, Thank you so much for posting this. We are equity lenders and that means of course we need to know what one's equity is in a commercial property offered for collateral. The way our firm finds that out is through an independent, local to the property, MAI appraiser. Our contracts PLAINLY state this and just like when you closed on your home loan, the borrower is responsible for this cost. That is commonplace in the mortgage business as anyone reading this knows. In this case, the borrower refused to pay for the appraisal even after agreeing to in writing. Allow us to be very clear, there is nothing we can do for anyone that is unwilling to provide an appraisal for an equity loan. So we disagree with David in his warning of "be very careful". We adamantly state that when you provide us an application stating a value of your property, then you sign a mutually binding contract stating you are going to pay for the appraisal and then change your mind and breach our contract, we are telling you do not "be very careful" as David says. We say do not do it as we actually pay for our credit facility to secure our borrower's funds. However, if you need an equity loan and do want to come to closing, please call us.

• P

  Pete Kici
  3

  Working on a deal right now its not a traditional deal we have a commitment letter and we paid for an appraisal but based on the current process it is not a normal transaction so I will update but it does not feel right which is not a bad thing just a really strange way to get things done in the end funding is all that matters, and process is what it is. I will update but again its very unusual process .I promise if this does not happen I will broadcast to the world and our team of lawyers will be on it as we have been at this for years not our first rodeo, so for the moment it is yet to be determined, but we are confident it will fund we have provided all the documents and paid for the requested appraisal which they also ordered. Stay tuned 5 star if they deliver 1 star and our lawyers are coming .TBD

• J

  Jonathan Ingebrigtsen
  1

  SCAM SCAM SCAM!! These people will steal your money!! Do not use them!

  Response from the owner

  Jonathan, Thank you for posting this as it will be beneficial for borrowers moving forward. As asset based lenders, we loan money on real commercial assets. We do not loan money on things that "MIGHT" happen or "PROBABLY" will happen. We loan money on current assets. If you come to us with documentation stating a building is scheduled for demolition, it cannot be valued as an asset. It is going to be demolished and has $-0- value. Additionally, we do not fund loans at 300% Loan to Value. No one we know of does. So we highly suggest that one does not represent an asset is worth $3,500,000 when it is actually only worth $700,000. Things normally do not end well when they begin in this manner. Additionally if one signs a 25 year lease on ones property, that lease is going to dictate the value of your property because as a lender, if we are forced to foreclose, we are bound by the terms of that 25 year lease so remember this before one signs a lease!

• C

  Christopher Daniels
  1

  Never do business with this Firm, they are crooks who take your fees and never fund - WARNING

• C

  Chrisri Polk
  1

  BIG SCAM DO NOT I REPEAT DO NOT DO BUSINESS WITH THIS COMAPNY AT ALL. CHRIS IS UNETHICAL AND THE OWNER NO LONGER IS WITH THE COMPANY. DO NOT DO BUSINESS WITH THIS COMAPNY