August 2019 by Jacob B.
PLEASE Avoid this savings and loan association like the bubonic plague!!!! After receiving a letter of interest from Luther Burbank savings and Loan telling me that they would lend me a certain amount of money on the refi of my five unit apartment building. Out of my hard-earned money I paid Luther Burbank savings over $3000.00 to do an appraisal on my five unit apartment. The amount of money I was looking for was less than $1 million and the property was worth over 2 1/2 million. After the appraisal came back higher than we thought Luther Burbank Comerical Loans sent me a closing statement contract for me to sign agreeing to lend me $200,000 less than we agreed-upon with the letter of interest one month prior. When I called Luther Burbank and asked them why they took $200,000 off the loan they gave me some mathematical formula which I did not understand. I asked them why did they not tell me this before I gave them the $3000 and they ordered an appraisal. They did not give me a straight answer. Luther Burbank said to me I should take the money and sign or go to another bank and try to get a lone elsewhere. They said that this was the only amount of money that they would lone me and NOT ONE PENNY MORE. Normally I would've just walked away and went to another institution. I did walk away but I walked away really hurt, depressed, heart broken and so sad since they took my $3000. I walked out of their branch with $3000 less on my portfolio and I had to start all over again. I felt as if I was raped by a Savings and Loan Association ))-: It turns out that I went to a credit union and they close the loan/refi for me in less than two months and gave me $1 million without any problems 350,000,00 more money than what Luther Burbank was going to lone me with less points fees and closing cost. SHANE ON YOU LUTHER BURBANK SAVINGS!!!!! My only recourse at this time seems to be to take Luther Burbank to small claims court. I think I am almost positive that I could get a judgment against them. Who has time to go to Small Claims Court. My wife and I are truly blessed by G-d with seven healthy children. I feel so bad that money could've went to feed them and to buy them clothes instead Luther Burbank ended up with my $3000 in their portfolio. Luther Burbank did nothing for me but give me headaches and heart aches. I was so depressed I even went to see a psychologist. Do not walk into Luther Burbank savings and loan run away as FAST AS YOU CAN and PLEASE avoid them I like the measles or the mumps! When I went into one of their branches it felt like I was in a museum after the museum was closed down for the day. Their biking was a beautiful building with lots of nice art on the walls everything was re-done new but they were missing customers it was sooooooo empty. Now I see why, because in my opinion this institution is so dishonest, immoral and corrupt. If I went to the mafia to try and barrow money they would lend me money but this savings and loan decided not to and on top of that they took 3 K from me. The Yiddish word for this is "Ganiff" (THEAF)! Do yourself a BIG favor and never, ever do business with Luther Burbank Savings and Loan. I think after Luther Burbank soul reads my Yelp review he will probably turn over in his grave. From what I read about Luther Burbank he was an honest righteous man. I feel that he is the opposite of what Luther Burbank Savings stands for.
