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Fifth Third Bank are a bunch of fools. Once we found out that Fifth Third Bank was the one financing Finke’s operations we closed our accounts and sold all our stock holdings in Fifth Third Bank. We encourage everyone to do the take the same action. Make a run on the bank. I wouldn’t what my money in an institution that gives it out to business enterprises with ethical standards (or lack of) like Finke Homes, Inc.

 

Finke Homes, Inc. Open End Mortgage with Fifth Third Bank.

 

Finke Homes, Inc. Mortgage with Fifth Third Bank. How does this add up? Fifth Third Bank gives Finke Homes, Inc. a ONE MILLION AND SEVEN HUNDRED AND FIFTY THOUSAND ($1,750,000) mortgage and the only collateral Finke put up was seven (7) lots. A recent transfer of a lot between Finke Homes, Inc. and The Next Generation of Finke Homes was stated to have a fair market value of twenty eight thousand dollars ($28,000). Now I’m assuming that is accurate because on the deed it states: “We, the undersigned, do hereby certify pursuant to KRS Chapter 382, that the consideration reflected in this deed is the full consideration paid for the property. We further certify our understanding that falsification of the stated consideration of the property is a Class D Felony, subject to one to five year’s imprisonment and fines up to $10,000.” Of course, my position is since when did Finke Homes, Inc. give a crap about the law?

 

Now, assuming the value of the lots are approximately twenty eight thousand dollars ($28,000) each, how does Fifth Third Bank grant a $1,750,000 dollar mortgage with the estimated value of the collateral at $196,000. Let’s even assume that the lots are really valued at $50,000 and Finke Homes, Inc. lied regarding consideration (I can subscribe to this theory), that collateral Fair Markey Value is still only $350,000. How does, Finke Homes, Inc. get a mortgage for $1,750,000 with only a fraction of the loan being secured. Do you think you could go down to Fifth Third Bank and borrow $200,000 so you could build a $40,000 home? The Bank would laugh at you and bounce you out the bank door.

 

Another example could be illustrated by looking at the deed that transferred 21 lots in Pebble Creek subdivision from Finke Homes, Inc. to Ryland Homes. Twenty one lots had a F.M.V. of six hundred ninety-four thousand five hundred and seventy-five dollars ($694,575.00). If you divide this figure three (representing 7 lots) then the F.M.V. of these lots is $231,525. Again, I ask, how does Fifth Third Bank justify the mortgage of $1,750,000 for collateral valued at $231,525?

 

Peoples Bank failed because of its lending practices to the Erpenbecks. I think the Kentucky Department of Financial Institutions would like to look into this banking activity.

 

More documentation will follow. Please check back in a couple of days.