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Commercial Appraiser-Appraisal 310.337.1973 - SPECIALIZED COMMERCIAL LENDING INC v. MURPHY BLOSSMAN APPRAISAL SERVICES III ABC | FindLaw
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September 13, 2019

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Commercial Appraiser CRE BLOG, 310.337.1973
1.

FACTS AND PROCEDURAL HISTORY

Between 1998 and 1999, Brian B. Brown and companies he controlled, Brian B. Brown Construction, Inc. and Bacmar Enterprises, Inc. (hereinafter collectively as “Brown”), began borrowing money from Specialized Commercial Lending, L.L.C. (“Specialized”) for the purchase of lots and construction of residences thereon, as a business venture for sale of the homes after construction.   Specialized financed the construction of some fifty homes by Brown.   Between October and December of 2000, Specialized advanced funds, secured by mortgage on the immovable properties at issue, to Brown for the construction of ten houses that were never built.   During this time, the firm of Murphy-Blossman Appraisal Services, L.L.C. (“Murphy-Blossman”) was hired to complete verifications and/or certifications that relevant phases of construction of the houses had been completed, which were prerequisite to payment of four separate construction “draws” or loan disbursements on each of the ten houses.   As part of the verification/certification process, Murphy-Blossman was required to visually inspect construction in progress and then submit written verification in conjunction with Brown's draw requests that certain construction phases had been completed.   Upon receipt of a verification/certification from Murphy-Blossman, Specialized disbursed loan funds to Brown.   Murphy-Blossman submitted written verification and  certification to Specialized that construction phases for each of the ten homes at issue had been completed, when in fact no work had been done.   The only explanation offered by Murphy-Blossman for the incorrect documentation was that Murphy-Blossman office manager Lisa Torres failed to properly locate the subject properties during her visual inspections and was misled to view other homes under construction rather than the ten lots that were vacant.

Commercial Appraiser CRE BLOG, 310.337.1973
2.

SPECIALIZED COMMERCIAL LENDING, INC. v. MURPHY-BLOSSMAN APPRAISAL (MAI, APPRAISAL INSTITUTE, AI ) SERVICES, L.L.C., Rick Murphy, A.R. Blossman, III, and ABC

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