Finance of America Commercial, a division of Finance of America Mortgage LLC - NMLS ID# 1071, Lisle, IL

I worked with Brian Sanchez with Finance of America Commercial for a couple months before agreeing to allow his company to finance the construction of a project for me. This is their business and what they do. We went through an initial vetting process of me and I was initially approved. They then requested a $750 fee from me, up front, to get the loan through underwriting. I understood this was non-refundable and was ok, because both sides felt confident I would be approved. We then went through the final approval process and had that completed. Now we just need to close. One week before closing Brian S. says he can no longer fund the construction of my home due to Covid 19 and their bank halting all funding. Then he tells me he won't refund me my $750. Since Finance of America Commercial backed out and decided not to fund a deal, which was approved, they still kept the up front fee. I was willing to move forward and build the property per our commitment. Luckily I had a backup bank working along side who was able to close the deal for me so I wouldn't lose the house. But I am out the $750 to FOAC and believe they took advantage of the situation and avoided doing the right thing.