Consumer complaint received 2025-04-24 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Closing on a mortgage — Fees or costs after closing
Company: JPMORGAN CHASE & CO.
State: MN

Complaint narrative:
Complaint against : 1. JPMorgan Chase Bank ( Chase ) 2. XXXX XXXX XXXX I am submitting this complaint to report serious financial misconduct and negligence in the handling of SBA 504 loan ( structured to finance the entire project ) facilitated by XXXX XXXX XXXX and by JPMorgan Chase Bank ( Chase ), the conventional lender, which has resulted in the loss of approximately {$29000.00} of my personal funds. This mishandling appears to involve mainly Chase but also other parties participating in the transaction, including XXXX XXXX XXXX, who handled the closing, and XXXX XXXX XXXX ; XXXX XXXX XXXX, who facilitated/processed the SBA loan XXXX 

In this instanceXXXX XXXX XXXX DID NOT act in my best interest to ensure that the conventional lender, Chase, prepare an accurate " Settlement Statement '' before the final closing was completed. Currently, my contributions far exceed the 10 % as is required based on this loan structure, and efforts to get reimbursed for the overpayment/contribution and to reconcile all my contributions are not been pursued timely. 

In XX/XX/XXXX, I was approved for a bridge loan from Chase in connection with the purchase of a commercial property and as it was described to me, additional funds would be secured through XXXX as a second loan ( SBA 504 loan ) to 1. Pay off the first loan for the initial building purchase ( completed on XX/XX/XXXX ) and to 2. complete the renovations/cover all eligible expenses of the said property including expenses previously incurred. 

That second Loan SBA 504 loan was closed on XX/XX/XXXX. The loan process was presented as straightforward ; however, from the outset, it was poorly managed, however, Chase failed to clearly communicate the flow of funds, coordinate properly with third parties, or ensure that the loan was structured and executed correctly and as a result, I have, to date, have exceeded my legally required 10 % cash injection for the project this far and it appears as if the entities are yet to reconcile the funds. What is worse, I am CURRENTLY paying interest on the FULL loan amount, and the three entities involved in the loan process are UNABLE to account for 100 % of the proceeds from the loan. 

Despite submitting all requested documentation in a timely manner and meeting every obligation on my end, critical financial missteps occurred : Funds were disbursed or redirected in ways that were not disclosed or authorized by me. As of right now, approximately {$29000.00} in " overpayment '' made by me is currently unaccounted for. ( That is factored in the total loan amount ). 
Closing statements and wire transfers contained discrepancies that have not been properly reconciled. 
I received conflicting information from Chase representatives and XXXX XXXX XXXX XXXX XXXX XXXX which has hindered my ability to get clarity or recoup my missing funds. As of now, I am not clear as to why that specific financial process was necessary or was applicable in my case. 
Attempts to follow up with Chase, the title company, and other involved parties have resulted in incomplete explanations and no resolution. 


To this day, roughly {$29000.00} of funds I already invested into this project/process remains unaccounted for, and is over and above my 10 % cash injection, and I have reason to believe that this constitutes financial misappropriation. XXXX XXXX XXXX stated that they have been in communication with Chase regarding what should have been refunded/credited to me. I have suffered not only financial loss but also severe stress and disruption to my financial planning due to this mishandled transaction. 


I respectfully request that the Consumer Financial Protection Bureau investigate this matter, including the roles of JPMorgan Chase Bank and all third parties involved in the bridge loan transaction. I am also seeking restitution for the financial loss and a full accounting of what occurred during this process. 

I am happy to provide supporting documentation, including correspondence, wire records, and closing statements, upon request. 

I may not be able to verbalize everything clearly because things are not clear in my mind as to why this specific financing path was proposed and chosen by Chase. 

Thank you for your time and assistance.

Company response to consumer: Closed with explanation