In 2016, I loaned a large sum on a 170 acre golf course and 16,000 sq. ft. country club in St Charles, IL. B & S presented a $5,000,000 appraisal, including comparables in the area. (There are 39 course within a 15 mile radius.) Approxiamtely 60 investors and myself comprised a loan of $2,700,000; a purported 54% LTV. | The borrower made one payment and bailed. (He has a history of these manuevers.) The property went to sale, with no bidders and reverted to the investors. | B&S then obtianed subsequent appraisals for $1,000,000 LESS THAN OUR LOAN! THE ORIGINAL VALUE WAS 3,000,000+ OVERINFLATED! | During the past 2 years we’ve owned this liability, we are all forced to pay “assesssments” or lose our original cpaital. No payments for 2 years, yet they still expect us to subsidize their loss, due to a FRAUDULENT APPRAISAL. This is a systematic pattern at B&S and has occurred DOZENS OF TIMES IN THE PAST! | Nearly all investors have 3 or 4 foreclosed loans B&S still manages, charging a fee, as properties sit dormant. Many failing to sell for even 30 cents on the dollar. Or they’re not marketed at all, as in this case. Some are sold to ‘private buyers’, (I wonder who) at greatly reduced prices, forcing investors to settle for pennies on the dollar. | Their current claim on this debacle is: “They’re trying to obtain new members”, yet no one answers the club phone or responds to email membership requests. They present seemingly “cooked books”, and there is no transparency. They refuse to allow a co manager, precluding investors from seeing the actual revenue. | With no mortgage and generating several hundred thousand a year, they still threaten investors for taxes, insurance, legal and mangement fees. This is based on the % of each individual loan amount. In my case, it’s significant. Adding insult to injury, not only we receive no income, they extort us for even more cash. With the threat we will never recover our orignal investment, even in the event of a sale. | I’ve inquired why they have never in their 30 year inception pursued the appraisers for the CHRONIC OVER EVALUATIONS! They claim they are finally going to this time! Many of these victims are elderly, disabled, who invested their life savings, based on the fraudualent values presented to them. The property did not decline in value according to the county tax assessor. It was simply not compared, obviously, to the other 39 surrounding courses. | How do they keep making these chronic over valuation “errors”? How do they acquire MANY current consistent broker opinions, yet original apparaisal was TRIPLE THE TRUE VALUE?! I can allow for a small descrepancy, but THIS DEFIES COINCIDENCE! AS B & S CONTINUES TO PROFIT FROM MANAGEMENT FEES. | They also have a share in this loan. Why wold they risk themselves with their “vast experience”? Someone is profiting and it isn’t the invesotrs! Never in my career have I lost on a loan, as I am strategic and never exceed the ‘safe’ loan to value ratio. But if deceived on that value, the only recourse is legally. Appraisers and B & S have a fiduciary repsonsibility to investors in presenting true market values. It is incumbant upon B & S to procure reputable appraiser(s) with accurate values to protect investor’s interest. No one will ever invest agaian with their horrific reputation! They are destroying lives for generations! | BEWARE! YOU ARE WARNED! | AVOID B & S OR LOSE YOUR ENTIRE FUTURE!!!
Name: Blackburne & Sons Realty
Country: United States
Address: 4811 Chippendale Dr # 101
Phone: 1 916-338-3232