In today’s business marketplace, success is the culmination of vision, opportunity, and hard work. After many years of planning, my family and I took the first step towards putting our entrepreneurial vision into effect when we moved 1,200 miles across the country to Nashville, Tennessee in order to further our existing music career(s). We began actively searching for the ideal property, and a business plan was in place that included the purchase of real estate to be utilized as both our residence and business. After a lengthy search, I discovered “Wall Spring”, a historic property located northeast of Nashville.
Being new to the area, a local realtor led me to Legend’s Bank, a financial institution specializing in unique in-house residential/business loans such as the one I was seeking. After meeting with a business banker at Legend’s Bank, qualification for a loan well above the sale price of the property was obtained and an application for the business loan was submitted. This business loan was to cover the purchase of the property and provide the necessary funding for renovations to existing historic buildings that were the primary component of the business (source of income), the sole reason this property was selected.
Shortly thereafter, Legend’s Bank decided a residential loan would first be necessary, and stated the business loan would follow. After complying with this request, Legend’s Bank processed the permanent residential loan and quoted a specific amount of money for the down payment due at closing. One week prior to the scheduled closing however, Legend’s Bank advised that the permanent residential loan was changing to a one-year, interest only bridge loan requiring five times the original down payment amount. Although the bank’s last-minute change did not make sense, the closing was held based on the bank’s assurance that an in-house permanent mortgage loan from Legend’s Bank would directly follow.
The bank held the short-term, interest only bridge loan for the next 18 months, stating a permanent residential loan was now contingent upon repairs to the home. Between the increased down payment and the bank “required” repairs, all financial resources were exhausted with the hope of converting the interest only bridge loan to a permanent loan. Instead, the bank repeatedly denied the permanent residential/business loans, and even prevented other mortgage companies from processing any loans on my behalf.
After all attempts to secure the promised financing through Legend’s Bank failed, the federal regulatory agency governing the bank was contacted and made aware of the bank’s actions. Legend’s Bank responded to the federal government by fabricating stories and providing mechanically altered and forged documents in order to avoid an investigation of their questionable business practices. While the federal investigation was pending, the bank secretly and unlawfully foreclosed and is currently attempting to evict me and my family from our home. As a result, two attorneys have filed a legal action against Legend’s Bank in an attempt to seek justice and help us retain our home/business.
While I wish I could say my stand against Legend’s Bank is the only trial my family and I have endured over the past three years, unfortunately that is not the case. In the midst of the chaos with the bank, we were faced with yet another major crisis when my youngest daughter became seriously ill. After being seen by a neurologist for complications due to migraines, an MRI revealed dozens of lesions in her brain and we found out at Christmas time she likely had a progressive neurological disease. A few months later, a CT scan revealed she also had numerous nodules in her lungs which led to an eventual diagnosis of a severe fungal infection. Several months were spent aggressively treating this infectious disease while my daughter continued to undergo extensive testing and multiple appointments with various medical specialists to conclusively diagnose the remaining condition. An invasive procedure later confirmed the diagnosis of a rare chronic neurological disease for which there is no known cure. While a diagnosis finally gave us some answers, it also brought a new set of challenges in the form of ongoing radiological testing, follow-up care with numerous specialists, daily injections of medication that costs $7,000.00 per month, home health visits, ongoing medical bills, and the agony of never knowing what potential debilitating symptoms might show up at any given time.
This diagnosis was especially heartbreaking given the fact that my oldest daughter was born with a lifelong developmental disability. In spite of her ever present challenges in life, she has flourished as a daughter, sister, and member of our family business. Through persistence and dedication, she earned various college and professional certificates which she utilized to develop a unique business venture that is incorporated as an integral part of Wall Spring Collective. The home my family and I are struggling to keep would allow for the execution of this business vision and afford her the opportunity to pursue her lifelong passion while experiencing a sense of accomplishment in reaping the rewards of her hard work and realizing the personal satisfaction of earning her own income. Unless Legend’s Bank is held accountable for its actions, this dream will not become a reality.
Given my family’s current circumstances, my need to work from home is even more important than it was when I originally became entangled with Legend’s Bank. I am now over 60 years old and the sole parent/provider of two medically disabled adult children. I do not have retirement funds or social security benefits, as my working years were spent taking care of my family and raising/home educating my children. Due to the actions of Legend’s Bank, all of my financial resources have been exhausted. Legend’s Bank has also taken the last years in which I can qualify for a mortgage loan, while simultaneously ruining my credit, making it impossible for me to own a home and operate the business that would provide financially for me and my daughters. Because of this, it is imperative that the funding needed to litigate the lawsuit against Legend’s Bank be obtained in order to save Wall Spring Collective. In so doing, my family and I will be able to put the nightmare of the past three years behind us and move forward positively with our lives, while hopefully preventing Legend’s Bank from continuing the practice of predatory lending against vulnerable, at-risk victims for the bank’s financial gain.
My family and I have always been on the giving end of situations like the one described above, making this one of the most difficult things we have ever had to do. That being said, we thank you in advance if you are able to support our fundraising campaign and ask that you please share our story with anyone you think might be compelled to join our battle against a dishonest corporation.