Federal Trust Bank Complaint - Ludicrous organization
MALABAR, FLORIDA -- While working through an associate in order to obtain funds from a vacant expensive piece of land in Malabar, FL, I was duped by this organization. Three weeks ago I was sent final settlement papers to sign and waited for an appraisal. The property was then appraised at over $125,000, which more than met the criteria of the loan value.
In the meantime I entered into an agreement with associates in Maryland to become involved in a business venture using much of the purported loan proceeds. This was done on account of my being informed by my intermediate agent that the loan was complete and ready for closure.
Out of nowhere, this financial institution reportedly then stated that the land in question was agricultural only and non-residential and not viable for the loan! Even after obtaining from the county the fact that the land was agricultural/residential and that a home could be built without question and also that the Brevard County Appraiser site listed the lot as "residential under 5 acres", these fools concluded that their determination is that the land is being used agriculturally and therefore could not be considered residential. Whay agricultural land cannot be used for residential purposes is beyond all common sense and is like comparing apples to oranges.
In essence what this "institution" has done was reject a perfectly viable piece of property and caused a possible lawsuit upon me for reneging my word to my associates up north.
My question above all others is how can an organiztion be so STUPID to have all paperwork signed and virtual closure made before determining whether the property is a certain code. Would not one conclude that would be done initially before wasting everyone's time. Even then, their determination is completely unfounded and ludicrous.
I am pleased to note that their third quarter 2006 financial reports were well downfrom prior reports and from this experience, I can assure you that I understand completely why they would be.
The WORST financial institution I have ever dealt with!
By the way, the credit union I belong to immediately made the loan to me in a matter of days and saved me from total embarassment. They had absolutely no problem and could not comprehend the reasoning used by Federal Trust as the land is CLEARLY agricultural/residential. This assessment was also unanimously agreed upon by various clients of my company---real estate agents, real estate mortgage bankers and real estate appraisers.
These people should apparently stay out of situations that they have no business acumen in and little if any knowledge of zoning codes.