Evergreen Properties of Michigan,Inc

Evergreen Properties of Michigan,Inc Review

Reviews: 2


Total views: 4013

Published: 11 October 2018

Posted by: Anonymously

My name is Sarah and my Father is Steven who is a commercial real estate developer and Entrepreneur and has been for the last over 35 years in the Midwest. We bought our first property in 1981 and now we have built it to over 30 properties that we bought, developed and manage. I have been working with Cantor Fitzgerald for the last 7 months. Cantor Fitzgerald started the process to refinance us in March 2014. At that time we still owned our properties and came to Cantor looking for help to finance the $19 Million Dollars as we told them we needed to close right away and Cantors director of real estate said he would get it done in 30 to 45 days in many emails which was in March 2014. We paid $40,000.00 to Cantor to do the appraisals and environmental studies which Cantor guys ordered and controlled the appraisal reports and it took almost 4 months to receive the appraisals and environmental studies completed. We had a negotiable drop deadline with our existing bank which Cantor Fitzgerald was aware of the deadline of August 8, 2014 of which Cantor Fitzgerald understood if we missed the deadline we would lose the properties and they missed the date to refinance the properties on August 8, 2014. Luckily my Dad got an extension to September 8, 2014 which Cantor Fitzgerald knew they needed to close by that final date and Cantor still didn’t get it funded since starting in March 2014. Cantor as of September 8, 2014 asked our bank for additional 30 to 40 days but our bank lost confidence in Cantor and us for not getting done and also did not like the ambiguous commitment letter. We put our family’s life in Cantors hands and now me and my Dad have suffered from tremendously. The 22 properties went into receivership on September 8, 2014 and we lost everything. Cantor Fitzgerald advertises they typically close loans within 30 days which Cantor stated it was no problem to get it done within that time frame. It took the director from Cantors we were working with 7 months and never funded the loan we agreed on we trusted with what we expected from Cantor Fitzgerald a top notch first class company we were in good hands to get the loan closed and they lost our 22 properties and over $35 million in assets which is my Dads future and my 4 brothers and sisters future my Dad worked so hard for. Ive tried to reach out to Cantor asking for there help, to try to get us our properties back which is my Dads life he has worked over 35 years building these properties and my brothers and sisters. When Cantor lost our property on September 8, 2014 Cantor issued a new commitment letter to get the properties back to get done. We had heard that my bank had called Cantors saying bad things against us which we heard because they are now trying to get more money for the properties than what our payoff number to the bank was. We asked to get our appraisals and environmental studies back that we paid for and $45,000.00 in deposits we made that was untouched and was agreed to return and later was changed to only send them to us if we release Cantor from losing our properties and when my Dad called several upper management all of them were extremely rude, unsympathetic, not costumer oriented which frosted my Dad tremendously which he spoke louder to one manager who only wanted my Dad to sign a release and not deal with the problem and my Dads voice spoke up as he was on a speaker phone and the manager used that against my Dad saying my Dad was screaming at him which was not true as I was in the room at the time of the call and my dad only asked to get us our properties back and finish the loan Cantor company set out to do and also give us our appraisals, environmental and $45,000.00 back which is ours and was agreed to without a release which is not fair to hold them. Further the broker in the deal with knowledge of Cantors staff made false acquisitions about my Dad against our Bank in a effort to put the real blame on someone other than themselves. .

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