Complaints

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• Initial Complaint

  Date:01/16/2025

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am writing to formally express my grievance concerning the lending practices I experienced under ******** **** direction at Triton Business Group (****************************). I began discussions with him on August 19, 2024, regarding a potential cash-out refinance for my rental property located at ***************************************During our initial discussions, I clarified that my intention was to pursue a cash-out refinance, which I confirmed in writing while completing the necessary application forms on the same day. However, on August 22, 2024, he informed me that he could not offer a loan for the refinance on ***** Ave. Subsequently, I provided information about my other rental property at *************************************, and we commenced the refinance process, including the appraisal and closing procedures, which concluded on October 2, ******* closing, I submitted my business account wiring information, anticipating funds to be transferred. Despite following up with him at the end of that week, he assured me that the wire would process within 5-7 days post-closing. On October 11, 2024, during a lunch meeting, I once again inquired about the status of the wire, but to my surprise, he informed me that no funds would be issued.The changes to my mortgage following this process have been extremely detrimental: an $1000 increase in my monthly mortgage payment and an interest rate hike of 3%. I would have unequivocally refused such terms had I known no cash-out would be provided. As a result, the equity remains trapped within my property, contrary to the entire purpose of the refinance.I wish to formally report these practices as predatory and misleading. On December 6, 2024, I communicated my decision not to proceed with the business loan due to these unsatisfactory terms, expressing that the most viable option remaining is to sell my property.

  Business Response

  Date: 01/17/2025

  Ms. ****** of **************************** approached our firm to refinance an investment property located at ********************. Attached is the *** settlement statement documenting the successful closing of the loan for her company. Prior to closing, our team informed Ms. ******* as reflected on the attached ***, that she would need to bring funds to the closing to finalize the refinancing. Additionally, we clearly explained that, due to a higher-than-anticipated payoff amount to her previous mortgage holder, no cash back would be provided to her. This information is fully outlined in the *** settlement statement.
  Ms. ****** acknowledged this understanding at the time and proceeded to close the refinancing by signing all loan documents. The transaction was completed, and Ms. ****** executed the necessary documents in the presence of a State of Georgia-approved Notary. At the closing, she was provided ample opportunity to review the loan terms, including her repayment obligations, and agreed to them by signing the documents. She also wired the required funds to the title company to fulfill her obligations, as detailed in the attached *** settlement statement.
  To clarify, Ms. ****** has never wired any funds to Triton Business Group or any of its members. We request proof of any such wire transfer to Triton, as all settlement funds were handled exclusively through the title company during the closing process.
  We are uncertain about the source of any misunderstanding on Ms. ******* part. She was provided the *** settlement statement in advance, had adequate time to review all closing documents, and signed the loan documents without raising any questions. All details, including the payoff of her existing mortgage, were transparently presented. Funds were disbursed directly to her prior lender to settle the outstanding mortgage on the property.

  Customer Answer

  Date: 01/22/2025

   
  I am rejecting this response because:
  See attached statement

   

  Business Response

  Date: 01/22/2025

  The investor has affirmed that she is a seasoned investor who fully understood the terms of the loan agreement she signed. All details were clearly outlined in writing in the loan agreement, including on the *** Settlement Statement. Nowhere on the *** statement does it indicate that Triton agreed to pay any amount to the investor. Instead, the *** statement explicitly shows the amount the investor was required to bring to closing, not receive at closing. This obligation is clearly stated on the ***, which the investor reviewed, signed, and acknowledged understanding as an experienced investor.
  At no point during the loan closing, document review, or signing process did the investor raise any questions or concerns. She had every opportunity to decline and walk away before finalizing the refinancing of the loan but chose to proceed. With full understanding, she executed the loan, acknowledging her financial obligation to the title company as specified in the *** statement. 
  After all proceeds were finalized, the title company, using funds provided by Triton partners, disbursed payments for the existing mortgage, legal fees, county fees, and other obligations in accordance with the *** statement. All fees and payments to any parties or entities are fully listed on the *** for the investor to review again. Our team has no further input on this matter, this loan is closed and has been fully legally executed by the investor per the *** and loan agreement.