San Diego Funding

I started an application back in Dec 2019 with a goal was to close early to mid-Feb. My credit score is Excellent. I generally don't carry a balance on my c/cards (primarily use one card for everything - it's a big balance during the month but paid in full at month end). I own another property that has almost $1m in untapped equity. My annual income is more than the amount of the loan I was seeking. My liquid asset reserves are at least 4X the amount of the loan I was seeking. My complicating factors are that I've been a consultant for only 1 year (now 1.5yrs) so I don't have the typical W-2. Also I'm formally contracted with a company owned by my brother.

I knew this was going to be a complicating factor (since it's my bro's company) and I disclosed this fact pattern from the start. The SD Funding (SDF) rep (name unimportant) that I was working with was very nice, professional and seemed to think we could figure a way to make it a go. I paid for the appraisal (~$500) & provided all documentation as requested. Well...closing date in February came and, what seemed a last minute scramble, was told they still needed to verify my income. I remember telling my real estate broker who recommend SDF to me that I was shocked they were asking to verify income that late in the process. Sure enough...they were not going to fund in time even tho the SDF rep told me/my real estate broker continually we should be on time for closing.

I had to scramble and figure out another way to fund the loan...luckily I did - we closed on the property in what was recorded as a "cash deal"...it was a loan from a relative. The SDF rep told me to file a note against the property so that we could then turn around and apply for a refinance loan. I filed with county clerk (~$130). We started the process on shopping for refi rates and got back to a position where we got a 60-day lock on a rate...then was told they couldn't use the same appraisal so they had me pay for another appraisal (~$500). During this time - they continued to ask for updated statements, proof of the income, etc. I kept providing. Feedback was always "looks good" and then they'd come back with a more pervasive request. Because I knew this was a complicated income setup, I kept telling the SDF rep "it's ok to give me bad news if you can't fund this" - the feedback kept coming back like it was just a matter of getting them over this income verification hurdle and every time I thought we were there - we apparently weren't.

I got fed up after ALL of the responses I met for proof of documentation of funds transferring from my brother's company to me...even grudgingly provided copies of invoices which named my clients and clearly had my name on them. But despite all of that, they kept coming back for more - the last request was asking if my brother's company could pay me by check not ACH. At this point, we had reached the 6-month mark of working with them and trying to get a loan. So I read the Yelp reviews and got the name of the President, Lianne. Her direct number was listed. I felt I had been more than patient working w/SDF til now so I felt it appropriate to call.

I was glad she was familiar with my case. This told me the rep wasn't just hanging me out there rogue and that he did escalate to legitimately try to get me funded (so the rep gets props for that). But, she informed me that the loan was rejected the week prior (which was shocking news to me as I thought they were still working it!) Ultimately she said she couldn't represent to Fanny/Freddie Mac that she could verify my income because of the consultant relationship w/my bro's company (despite all the docs they asked me to provide during the last 6 mos!).

Of course, I'm very disappointed that after investing 6 months working w/them, they weren't able to find financing for me (and I am SUPER THANKFUL that I wasn't depending on them to purchase the home else I would have definitely lost the property!).

The 2-star "I've experienced better" rating is because my income fact pattern has NOT changed from day 1 of my application for the loan. Lianne said they couldn't flag it sooner because the underwriters just barely saw the loan; despite being experienced pros she said they couldn't have flagged the issue sooner. I mentioned the request for check instead of ACH - she said she had no idea why I was asked for that because it still wouldn't provide sufficient verification...so another hoop I would have uselessly jumped thru without knowing they rejected my loan if I hadn't called Lianne.

RE: The rep I worked with, he's a really nice guy but ultimately, he and SD Funding didn't help me achieve my goals. I'm at least glad Lianne told me to go look elsewhere...just wish I got that tidbit _BEFORE_ I paid for a 2nd appraisal fee! So after ~$1,130 to date expenses for a rejection I had to chase down, I recommend you get a backup plan and definitely don't hold your breath (...I think another reviewer mentioned this too).

I am very sorry that someone found the actions of San Diego Funding inappropriate or unprofessionalSan Diego Funding has an excellent reputation with our clients and the last thing we ever want to do is offend anyone I am the President of San Diego Funding and the property that was listed for sale was owned by my trust I listed this home for sale with a Real Estate Company that is partly owned by my son so disclosure of this ownership was very important and to my knowledge was fully disclosed by the listing agent It was a property that had multiple offers on it and we also fully disclosed this Part of the decision on which offer to accept was based on the buyer’s financial qualifications and their willingness to work with San Diego Funding This was fully disclosed to all who wrote offers and some decided not to proceed for this reason which was fine Everything was fully disclosed and to our best knowledge met all Government requirements No fees were charged to the buyer for the up-front approval of their financesThe buyer is correct in that a hand written estimate of closing costs and payments was provided instead of a computer generated worksheet I did not provide a hand written one out of disrespect I personally pre-approve many buyers every week and always provide a hand written work sheet which is fully accepted in my industry and anyone who does not like the way I work is not required to work with me I provide hand written work sheets to my clients purchasing a $2,000,home the same as clients purchasing a $200,home and I can provide them if you would like me to I do not discriminate in how I perform my work Once again, I am sorry I offended this client, that was never my intent Sincerely, [redacted] [redacted] President San Diego Funding Historic Decatur Road, Suite San Diego, California ###-###-#### Ext Fax: ###-###-####

I am very sorry that someone found the actions of San Diego Funding inappropriate or unprofessional. San Diego Funding has an excellent reputation with our clients and the last...

thing we ever want to do is offend anyone. 
I am the President of San Diego Funding and the property that was listed for sale was owned by my trust.  I listed this home for sale with a Real Estate Company that is partly owned by my son so disclosure of this ownership was very important and to my knowledge was fully disclosed by the listing agent.
 
It was a property that had multiple offers on it and we also fully disclosed this.  Part of the decision on which offer to accept was based on the buyer’s financial qualifications and their willingness to work with San Diego Funding.  This was fully disclosed to all who wrote offers and some decided not to proceed for this reason which was fine.  Everything was fully disclosed and to our best knowledge met all Government requirements.  No fees were charged to the buyer for the up-front approval of their finances.
The buyer is correct in that a hand written estimate of closing costs and payments was provided instead of a computer generated worksheet.  I did not provide a hand written one out of disrespect.  I personally pre-approve many buyers every week and always provide a hand written work sheet which is fully accepted in my industry and anyone who does not like the way I work is not required to work with me.  I provide hand written work sheets to my clients purchasing a $2,000,000 home the same as clients purchasing a $200,000 home and I can provide them if you would like me to.  I do not discriminate in how I perform my work.
 
Once again, I am sorry I offended this client, that was never my intent. 
 
Sincerely,
 
[redacted]
 
 
[redacted]
President
San Diego Funding
2468 Historic Decatur Road, Suite 160
San Diego,  California 92106
###-###-#### Ext 250
Fax: ###-###-####

Review: I made an offer on a home, located at [redacted] ON 10/29/14 for the listed price of home $325,000. Shortly after I received a call from my realtor, [redacted] CALBRE #[redacted], stating that according to the listing agent, [redacted] of [redacted]'s, I must pre-Qualify through San Diego Funding even though I had already been pre-approved through [redacted]. I comply and send [redacted] of San Diego Funding all documents requested, which included recent pay stubs, bank statements, prior year taxes, and credit standing. On 03 NOV 14, I received an addendum listing [redacted] Trust as owner, then further stating I must use San Diego Funding and that Ms. [redacted] is a principal of San Diego Funding. The document further states what services must be used as a condition, listing [redacted] Escrow as Escrow Holder. On 4 NOV 14, I immediately ask if San Diego Funding will match [redacted]'s rate, [redacted] asked for a copy of [redacted]s Good Faith Estimate, I contact [redacted] and they email me a detailed breakdown that I then forward to [redacted], along with the signed addendum they requested. I've never purchased a home so I was not aware if this was all that was required or not to move forward with the purchase. I then receive the Counter Offer, that states there is an addendum. I sign immediately and forward via email within 10 minutes of receipt. An hour later I received a P[redacted]s International Realty Affiliated Business Disclosure, further stating that the controlling principal of broker has a partial ownership interest in [redacted] Escrow and is related too the owners of San Diego Funding, back dated on 11/2/14. I felt very uneasy and wondered why I hadn't received all at once. All the while I have yet to receive a copy of the Good Faith Estimate from San Diego Funding. I questioned everything at that point and asked why I still haven't receive the estimate. I then receive a hand written --Desired Settlement: *problem continued due to lack of space. ...estimate. This further escalated my concern and lack of faith in the establishment, their integrity, standards of professionalism. I too work in the accounting field and in this day in age and if standards are fair and equitable, I would imagine that they have a computer based program that could proved the breakdown based on loan amount and interest rate. This company has been in business since 1981, I highly doubt that if I were purchasing a million dollar home, I would be treated so unfairly and unprofessionally as I were in this instance. I am appalled by the treatment and unethical practices that I was subject to. I expect an apology and a change in their practices.

Business

Response:

I am very sorry that someone found the actions of San Diego Funding inappropriate or unprofessional. San Diego Funding has an excellent reputation with our clients and the last thing we ever want to do is offend anyone. I am the President of San Diego Funding and the property that was listed for sale was owned by my trust. I listed this home for sale with a Real Estate Company that is partly owned by my son so disclosure of this ownership was very important and to my knowledge was fully disclosed by the listing agent. It was a property that had multiple offers on it and we also fully disclosed this. Part of the decision on which offer to accept was based on the buyer’s financial qualifications and their willingness to work with San Diego Funding. This was fully disclosed to all who wrote offers and some decided not to proceed for this reason which was fine. Everything was fully disclosed and to our best knowledge met all Government requirements. No fees were charged to the buyer for the up-front approval of their finances.The buyer is correct in that a hand written estimate of closing costs and payments was provided instead of a computer generated worksheet. I did not provide a hand written one out of disrespect. I personally pre-approve many buyers every week and always provide a hand written work sheet which is fully accepted in my industry and anyone who does not like the way I work is not required to work with me. I provide hand written work sheets to my clients purchasing a $2,000,000 home the same as clients purchasing a $200,000 home and I can provide them if you would like me to. I do not discriminate in how I perform my work. Once again, I am sorry I offended this client, that was never my intent. Sincerely, [redacted]PresidentSan Diego Funding2468 Historic Decatur Road, Suite 160San Diego, California 92106###-###-#### Ext 250Fax: ###-###-####