Remington Financial Changes name to Remington Capital let me here your stories !

[Anthony Lewis]

I have lost 25k to them back in 2003. They make big promises but didn't deliver. I want to know if you have closed any loans with them and your experience.

[Matt Seppeler]

I too had the misfortune of doing business with RC. My broker turned me on to RC back in Feb of 2011 and we had a couple conference calls and email with Brad Sweet at RC. He confided that my deal to refinance 13 single family properties into a single loan looked real strong and that they had at least 5 lenders that would do the deal at 90% LTV and 1-2 that would go up to 92%LTV. With the interest rate misquoted in the LOI, that would have reduced my current interest payments by about $900 a month so was a no brainer to me. Having the confidence in the company as per my broker that his partner had closed a couple deals with them the year before, tended to have me overlook the bad publicity on them via BBB and blogs such as this.

Soon after they got my money, I was turned me over to Matt Semyck, the assigned analyst. He sent me a barrage of documents to fill out as well as gather supporting documentation. It took me about 3 weeks on my part to complete on my part. After submitting, the tune started to change. Matt had a glance and put together a Performa that told me quite a different story than what Brad pitched. Found out that the interest rate in the LOI was misquoted. It stated 325 basis points about the 10Year T-bill but also had an interest rate quoted as of the day the LOI was written to be a 2.65%. After further investigation that my broker failed to initially do I discovered that the last time the 10 year T-bill dipped below 3% was back in 2010. My fault too for putting my trust in team member and not verify myself.

After receiving the Performa from Matt Semrck, I had a conference call with him to discuss. In short, Matt felt that the deal did not have a good chance at all in getting funded. Interesting as the documentation I provided Matt showed the financials to be notably stronger than what I had put on the completed application I submitted to Brad Sweet for the LOI. In short RC had no internal review process whatsoever in prequalifying my deal as it would have been definitely rejected per Matt's analysis. This was without even taking my package to their internal committee.

While on the phone with Matt, he suddenly said to me "I've got to go" and hung up. I immediately reached out to my broker in expressing my concerns. Over the next 3+ weeks, both my broker and I left multiple voices mails with both Brad and Matt as well as emails as well as the company in general. We'll, then I found out that the FBI raided RC at the exact time that I was on the phone with Matt and took my files, their computers and other files. Eventually, someone by the name of Tyler Hufford contacted me. Found out that both Brad and Matt left the company and that Tyler would work with me. He requested that I send him my file again as RC needed to start over from the beginning. Being that RC had failed to correspond with me for more than 3 weeks, that their LOI misquoted the interest rate, that they lost my file, and that the sales person (pre deposited monies) and the analyst (post deposited monies) were not in synch concerning the soundness of the deal, I felt that it would be in the best interest for me to get my deposit back and move on.

Tyler Hufford turned me over to RC's attorney Jerome Allan Landau. After a couple weeks and no response from their attorney, I then proceeded to report them the BBB as well as FBI. Jerome reached out to me a couple weeks after that. Over the last couple of months, I have traded emails with Jerome disputing my case and requesting my monies back. Basically, the response stating a no go and that RC would be still be willing to move forward and work with me (take more money). Having requested that the LOI be honored to what was originally misquoted as well as be provided verifiable references from RC of recent closed transactions. Attorney's response was a no to both but still willing to have RC work with me on the loan package (spin my wheels and take more of my money). I am opting to not go down this path as I am seeking legal counsel regarding this matter.

Regarding the complaint filed with the BBB, they sided with me and closed out the case as unresolved and recommended that I seek legal counsel.

I am now concerned that the broker I went through might have been playing me as well. In building my case I have asked several times both via phone discussion and emails for my broker to provide me written notes of his correspondence with RC (Matt, Brad, and Tyler) as well as to have his associate provide me with the verifiable references for the RC deals that he had closed. Neither has been provided so now I am also contemplating going after my broker in small claims court for also playing a part in this SCAM. This perhaps would likely be the best chance of me getting at least a portion of my monies back.

Well, here I am now. I know that it will be a real tough battle in taking RC to court as they have their SCAM system down really well and an LOI as their legally binding SCAM document.

For those researching and contemplating whether or not to do business with Remington Capital, RUN AWAY AS FAST AS YOU CAN AND GET THE WORD OUT TO OTHERS TO DO AS WELL. Please don't follow the same mistake that myself and others have. The only real effective way to shut down this company is to get the real word out.

For those in the same boat as myself, please reach out to me as if we can get enough small fish to correspond together, perhaps we can indeed bring down Goliath.