Results 1 to 19 of 19
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08-24-2023, 11:12 AM #1
- Join Date
- Jun 2020
- Location
- Missouri
- Posts
- 59
Private Commercial Lending
Has anyone on here had any dealings with William Borman and Private Commercial Lending? Borman represents the company as a direct lender with the funds coming from a private family. Please let me know, as I suspect this company is not a lender and is very possibly nothing more than an upfront fee collection scam.
Tom Harrier
Integrity Commercial Loans, LLC
407-928-8542
broker@tomharrier.net
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08-24-2023, 11:16 AM #2
I have spoken with him but not funded anything with him. He is an older guy that seems kind of weird. (No older guy comments please). I did get one LOI from him but merchant got a better deal from their local bank. I cannot verify if he is a scam or not....doesn't sound smart enough to be a scammer. I have about 30 property lenders I use if you need help with scenario.
They did have some very specific underwriting information they requested.
Here's his doc request:
"All loans need a (proforma, and summary with use of funds), and
if refinance payoff information/including loan information, when due/rate/term, and a P&L statement.
To review ground up projects of interest we will need a cost breakdown for construction (proforma, and summary with use of funds)
If this is a purchase money loan, we will need a copy of the signed (PSA) Purchase Sale Agreement. (proforma, and summary with use of funds)
If there is a ground lease, we need a copy of the lease. If there is proposed Pace-Equity Funding, we need a copy of the proposal.
We depend upon brokers/referral sources for loan submissions, general parameters/with cost structure, and detailed process for closing is attached. We lend to 3MM-18MM, 80% LTC on new construction, 70%-75% LTV for purchase or refinance."
Not sure I'd send him anything again...just didn't sound right.
On the other hand, I have a terrific lender for flagged hospitality - 5.9% fixed for 10 years , AM 20 $6.4 loan amount cash out replacing SBA 7A plus working capital.Last edited by Olderguy; 08-24-2023 at 12:13 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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08-24-2023, 11:40 AM #3
- Join Date
- Feb 2017
- Posts
- 3,396
I was also very nervous about this guy as an upfront scam. Their website is from the 1990's easily.
https://privatecommercial.net/
However, nobody has ever flagged him online.
His partner is Alan Reichart
Their upfront fee is huge, and they claim to send someone down to the property.
They didn't want to "release" any trade references to me, only to the sponsor.
Their LOI for a hotel that was not active yet during COVID at 6.75% permanent financing was too good to be true.
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08-24-2023, 11:59 AM #4
- Join Date
- Jan 2022
- Posts
- 42
I have tried to run some deals through him and just got the run-around. He collected a small application fee from one of my clients and then stated he could not do the deal. I have tried multiple times to see if anyone in my world has used his group and came up empty.
In my opinion, I find him and his group to be very suspicious. His terms appear to be too good to be true. Caveat Emptor
And one more thing, when asked to provide references of either borrowers or lenders, he is extremely dodgy and tries to hide behind his NDA.Dan WallaceSVPEnterprise BankNational, direct SBA lenderFast and creative financing solutions970-390-6650dwallace@enterprisebank.com
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10-11-2023, 06:34 PM #5
- Join Date
- Sep 2023
- Posts
- 9
William Borman and privatecommercial.net are a fraudulent upfront fee scam that has been operating for over 10 years.
He operates under the names of numerous people who do not exist (In fact, William Borman may be an alias).
Names of people who do not exist include Jason Richards, David Pell, etc. etc. etc.
He is very strategic in making it appear legitimate by turning down loans on occasion and having very specific guidelines. That being said, they have never closed a single loan.
If you're reading this, you've been warned. I'm hopeful Tom will utilize all of the various government agencies capable of enforcing a wide scale investigation into privatecommercial.net since this scam has gone on for over a decade.
Many brokers have directed clients to th se scammers and subsequently lost hundreds and thousands of dollars worth of commissions had they sent their deal elsewhere.
Unacceptable and disgusting!
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10-11-2023, 06:46 PM #6
- Join Date
- Sep 2023
- Posts
- 9
People have been into this for years. He tries to erase all traces but has missed a few:
https://www.linkedin.com/feed/update...member_android
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12-11-2023, 10:25 AM #7
- Join Date
- Dec 2023
- Posts
- 3
Private Commerical does not collect fees, it uses 3rd Party due diligence and appraisals. However, they cannot fund loans that make no sense.
Wallace Anderson (a former borrower)
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12-11-2023, 10:27 AM #8
- Join Date
- Dec 2023
- Posts
- 3
The loans submitted were high risk, border town retail, campground (losing money)
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12-11-2023, 05:14 PM #9
- Join Date
- Dec 2023
- Posts
- 3
Private Commercial does not collect 3rd Party Fees
Private Commerical does not collect fees; all fees both appraisal and due diligence underwriting support are 3rd party fees. Additionally, we cannot fund loans that are risky, as deemed by loan committee. Please note that for commercial lenders the rates and fees are extremely modest.
David Pell
Underwriting
Private Commercial
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12-11-2023, 05:29 PM #10
FYI.
The development lenders I work do require a fee for due diligence. If the deals falls through, fees are refunded except for third party costs.Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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01-08-2024, 05:10 PM #11
- Join Date
- Sep 2023
- Posts
- 9
The problem is that David Pell doesn't exist. Further, you've never closed a loan and can't even provide one single address of a property you've closed a loan on. The underwriting report you provide looks like it was written by a 5th grader and you claim to conduct site visits which we all know never actually occur and you can provide zero proof they've been conducted (not even a photo).
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01-08-2024, 05:14 PM #12
- Join Date
- Sep 2023
- Posts
- 9
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01-08-2024, 05:22 PM #13
Here's another contact....broker sent me a file that was declined by them.
Take it for what it's worth....
Gary Collins
Underwriting
Managing Director
213-550-4128 x220 Los Angeles
914-266-7965 x220 New York
lender@privatecommercial.net
www.privatecommercial.net
https://lnkd.in/em_b_Zc profile
Private Underwriting
LA, Dallas, Chicago, Miami, Ny
We underwrite pursuant to our process outlined in the general submission parameters that allows family investors to review/underwrite, using 3rd party data from various sources, including an appraisal. However, there will need to be a loan decision, and it is the family loan committee that makes that determination.
Accordingly, the family group must determine, the merit of the project and narrative consistency , through intake data, appraisal, additional third-party data, vis a vis other investments, given the current inflationary economic climate. A recent 85% freeze in CBMS originations , regional bank swoon, with recent bank failures (Silvergate/Signature/Silicon Valley/First Republic) and Credit Suisse were considered. Also considered was recent weakness in the bond market that signals higher rates, likely caused by the perceived inability of the Fed to control interest rates. It was noted that on Aug 7, Moody's downgraded 10 banks and put several others on a negative credit watch.
It is also apparent the many regional banks are also in trouble, with increasing defaults. It was noted that one month T-Bills were trading at 5.6% and prime at 8.5%. This last week, the dollar dropped, suggesting the Fed may need to cut, despite evidence that they cannot control inflation. Given the current economic projections, a recession is predicted in 2024, with a potential inflation rebound, partly due to higher oil prices. It was noted that the federal debt standoff, was eliminated to allow for unchecked spending. In this case, the comments of the appraiser , local contacts, and additional provided documentation (including the P&L of the management company), were considered, as forwarded with the underwriting file shipped to the family group for final review.Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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01-08-2024, 08:01 PM #14
- Join Date
- Sep 2023
- Posts
- 9
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02-09-2024, 06:26 PM #15
- Join Date
- Mar 2023
- Posts
- 5
New ones to stay away from - our PI found scam after scan:
We started seeing red flags and decided to get our PI involved and it was a good thing too.
The F-Tranzact Group LLC.
https://www.linkedin.com/company/ftranzacts/
https://www.linkedin.com/company/the...tsgroup/about/
Website noted on LinkedIn doesn't work but through another search I found this: https://www.ftranzacts-grp.com/
Their SOS and and website show address of 100 Bayview Cir, Newport Beach, Ca 92660 but they are not currently at that location.
Robert Marshall is Nathaniel (below).
Both business's where linked together as a pass though - which is not something we like to do.
Website shows he is CEO and gives his contact info as pasted:
ROBERT MARSHALL, JR. CEO.
Robert@FTranzacts-Grp.com
(949) 229-00220022
Nathaniel Jones of Integrity Financial
https://www.linkedin.com/in/nathanie...-mba-731b3546/
https://www.integrityfinancialgroupltd.biz/contact
303.579.8082 mobile
nmjones@23@gmail.com
nathaniel.jones@integrityfinancialgroupltd.biz
Karen Davis
Finance Consultant
Office 206.330.0600
lendioSeattle.com
DavisCommercialFinance.com
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04-16-2024, 02:20 PM #16
- Join Date
- Apr 2024
- Posts
- 1
Yes, recently dealt with Private Commercial Capital and received the run around for a few weeks. William Borman (Managing Director) & David Pell (Underwriting Managing Director) are the two points of contact through two different email addresses: lender@privatecommercial.net and underwriting@privatecommercial.net. William Borman is constantly referencing his general parameters when requesting status of file, and when it came time for the underwriting decision by family loan committee...it was based on economic factors that were already known prior to issuing Letter of Intent (LOI), which should have never been issued. This private funding resource (which may not really fund deals) advertises incredible loan terms, which I've now realized are too good to be true. Myself and client are now upset that underwriting / due diligence fee of $3,400 is non-refundable, especially since due diligence in underwriting was not provided in its entirety. I do NOT recommend sending any files or wiring funds to this outfit portraying themselves as a private lender, since their reason for denial was very generic boilerplate feedback that can be provided on any file, and not specific to our project. We've learned a hard lesson from this experience, and hope this post helps to prevent others from going through a similar experience.
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04-16-2024, 03:00 PM #17
Reach out if you need help with this...I have a lenders who can do these types of loans.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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05-07-2024, 09:10 PM #18
- Join Date
- Sep 2023
- Posts
- 9
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05-07-2024, 09:14 PM #19
- Join Date
- Sep 2023
- Posts
- 9
David Pell is a figment of a crazy old man's fantasy and doesn't exist. Scam.
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