If you have been screwed by B2R tell me your experience.
B2R is a subsidiary of Black Stone and these guys are the worst company I have ever dealt with in my life. I have had over 100 mortgages in my investing career do to having my own real estate investment fix and flip company. I have never had a lender pull a bate and switch on me like they did. They promised me one set of terms and unknowing to me switched the terms at the closing.
This is how they did it and I have proof. They said you will get this type of loan say a 5,4,3,2,1 that is a loan where in the first year you pay 5 points if it is paid off in year 1. 4 points if paid off in Year 2, 3 points if paid off in Year 3, you get the drift. I agreed to this because I intended to hold on to the propertys for a few years.
Then the day or so before the closing their title company called me up (which I should have know was suspicious for them to call me because they do everything via email and portal submission) saying the email with the final documents is too big a file to send to you so just sign the signature pages I'm going to send to you and send them back to me via mail and it will be just as good because we sent you the same docs to review earlier. Me not thinking anything of it did what she said. BIGGEST MISTAKE OF MY LIFE! I never thought in a million years that I would have a bank literally change the documents from what I agreed to the most disadvantages loan terms I have ever seen in my life. They took my signature pages and switch the original documents I reviewed earlier with terms that one attorney described as "worst than a loan shark."
My prepayment penalty went from a 5,4,3,2,1 to a straight 20% prepayment penalty that basically is for the next 10 years or more (depending on how you interpreter the wording of the note) and it's written in such a way that it is even more than 20% because they mortise it over the life of the loan so it comes out to much higher than the 20%.
Then they say on top of the 20% you have to pay 125% of the loan amount just for the privalage of paying them off.
My accountant plotted all the numbers on a spreadsheet and calculated the actual interest rate you would pay them and it came up to 58% simple interest if you need to get out from under these guys.
And if you ever have to deal with them in court they put the most aggressive attorneys to fight with you. They used these guys called Wilmington Trust who are so bad that if you google their names it show that are the only company whose officers went to jail because of fraud and schemes pulled in the housing crises of 2007. These are the worst of the worst.
I openly shared my story because if you also had a bad experience with B2R please share it here and place your contact info or reach out to me if possible. I'm looking to sue them for this and I'm looking for others who have similar stories with them. We may be able to have a class action suit against them. Also I reported them to the department of banking and I think I'll report them to the state attorney general also. So far the governement has reached out to me and I sent them my claim and evidence and they have reached out to the services now called Midland Mortgage and PNC for a response to my complaint! I'll follow up s this unfolds.
Long story shot do not use B2R period!