contract law question please read need help!!!!!!!!!!!!!!!!!!!?
Sep 09, 2009
in
Commercial Mortgage FAQ
I signed a commercial loan contract with a lender/broker, i gave 2900.00 to the lender/broker after signing it
I signed a commercial loan contract with a lender/broker, i gave 2900.00 to the lender/broker after signing the contract. The contract was for the company to find me financaning but they could not find me financing. Thus they said in the contract it clearly states that there is no guarantee for the 2900.00 packaging and due dilligence fee to be refunded at all, do i have any case?
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2 comments
Cila on September 9, 2009 at 2:53 pm
2900 is a lot of money for any kind of processing ! i would DEFINETLY not take their word for it of course they’ll say this, did you know about this when you signed? I mean if this was written in small letters or was not clear to you before signing you have a case. I didn’t study law besides 1 b. law course in college! but one thing I know for sure, do not give up on your rights until you are 100% sure there is no way out.
Corporate Suit on September 9, 2009 at 2:53 pm
Most states have a pari passu ( on equal footing ) provision in their lending laws. Basically they provide a service (they find you financing) and you provide a service to them ( give them money ). If either party fails to provide the service to each other then the contract could be found to be void. The trick here is did they attempt to find you financing and were unable to find it because of your bad credit ? If that is the case then they performed a service and can make a case for being paid. If however, they did not even attempt, or did not perform a service then you have a leg to stand on and you could persue a refund. I would add that proving that they did not attempt to find you financing is going to be difficult and most likely cost you more than the $2,900. I know it is after the fact but in the future never pay in advance for a service of this kind. Instead, let them collect the $2,900 out of the loan that they secure for you after the fact.