This is basically a fundign deal gone bad due to the lenders fraudulent inducement.
We are looking for a semi-contingent basis attorney who can handle this for us.
Monies and Summary:
a. Wired 45k Due Diligence As per the Term Sheet
b. They did not meet their deadlines to close due to speed of their internal processes.
c. Sales Contract Expired- was going to cost another 50k to extend.
d. No monies were to be spent until after appraisal was complete- which was never completed to date.
e. They provided an inaccurate breakdown of funds used.
Additional Monies Spent on Project:
[url removed, login to view] In Extension Fees
[url removed, login to view] 125 @ 150/ hour in Documented Hours in Document Preparation for Them
c. 5K Broker Fees
This does not include future loss of revenue- basically a project delay of 6 months valued at Net 175K Revenue.
318 K Realizable Losses.
Documents to be provided on interest.