Gopal Patel owner of the Indian Market has filed a lawsuit against Quantified Investments seeking over $240,000 in punitive and other damages.  

Earlier in 2019, Gopal got interested in acquiring real estate with a hard money loan and started looking for an out of state properties.  During his search, Gopal found a commercial property in Ohio and hired Quantified Investments to act as a broker on the deal along with finding a lender to finance the purchase.  Ajay Dayal, President of Quantified Investments informed Gopal of a lender named First Home Capital wherein Gopal signed a letter of intent for a loan  the amount of $1.2 million with a stipulation to deposit 1% of the loan amount upon execution of terms.  The amount, $12,000 was deposited in an escrow by Gopal.

After entering into an agreement to buy the said property, the due diligence period followed.  As per the lawsuit, Gopal, during the due diligence period, decided to back off from purchasing the said property and canceled the transaction in a timely manner.  It is alleged that the deposit amount of $12,000 was not returned to Gopal, however, the parties involved – Gopal, Quantified Investments and First Home, agreed to apply the deposit to another property.

The multi-state property search led Gopal from Ohio to Michigan.  Gopal agreed to buy a property in Michigan and signed a purchase agreement drafted by Quantified Investments.  The Seller refused to sign the agreement as drafted by Quantified.  The seller’s broker prepared a new agreement with a request to deposit $100,000 in earnest money upon execution of the agreement and an additional deposit of $50,000 at the end of the due diligence period, with a closing deadline of June 12, 2019, which was further extended to June 19, 2019. Gopal executed the agreement and deposited $100,000 in escrow.  At the same time, Gopal became concerned that Quantified would not be able to obtain financing from First Home Capital in time to close on the purchase.  

By the end of May 2019, Quantified stated to Gopal “we are moving forward with the purchase.”  At the end of the extended due diligence period Gopal, as per the agreement, deposited another $50,000 into escrow. Later Gopal became concerned that First Home may not be able to fund the transaction on time.  The search for yet another lender began to fund the transaction before the deadline of June 12, 2019.  Further, First Home Capital and Quantified notified Gopal their lender declined the loan.  At that time, Gopal demanded the return of $12,000 escrow deposit from the First Home Capital.  First Home Capital informed Gopal that the said deposit amount was returned to Quantified. However, Gopal didn’t get back that money from Quantified.

The transaction got more convoluted when Ajay Dayal of Quantified informed Gopal of another hard money lender ready to finance the said purchase with a request to bring a check for $115,000 made out to Quantified for closing on the loan.  Gopal executed the loan agreement and gave $115,000 check to Quantified.  However, Gopal found out that there was no loan application had ever been processed for the said transaction in question. On multiple occasions, Gopal demanded that Quantified returns the money.  Quantified informed Gopal another unidentified lender.  By now, the seller’s attorney informed Quantified that Gopal was in default of the purchase agreement due to the missed deadline to close the property,

On July 1, 2019, Seller terminated the Purchase Agreement which resulted in Gopal losing $150,000 in earnest money deposits.

Due to all the missed deadlines and complications, Gopal hired Ashok Mirchandani of M Business Consultants and Vegas Valley Law LLC to assist in the litigation.

By the time the lawsuit was filed, the Quantified has returned $33,700 leaving a balance owed of $81,300.  It is alleged that First Home Capital has wrongfully withheld funds it is not entitled to.  In addition to returning the balance of $81,300 from Quantified, Gopal is seeking $243,900 in punitive damages plus court costs and attorney’s fees.