Profile picture for Corey1954

Lending Scam Targeting Real Estate Investors: Hard Equity Financing of FL

Watch out for this bogus hard money lender based in Miami, FL called, Hard Equity Financing. We had a client call us yesterday for a loan, a really nice guy. I talked to him for awhile and he told me about yet another lending scam, a company called, Hard Equity Financing. 
This group purports to lend Nationwide so be careful. For a loan of $70,000 they took an upfront fee of $2,100. Then they kept giving the client one excuse after another for why they couldn't fund the loan. Eventually they cut off all contact with him, and they never returned even a portion of the upfront fee. Unless it's a large size, commercial loan, any upfront fee charged by a lender over $1,000 is usually a scam. 
Watch out for this group out of Miami, Florida called Hard Equity Financing. You can read the experiences of other people who got scammed by this company at the link below. This client told us he posted a complaint on the Ripoffreport.com website about this company. Here's the link to the complaint he posted along with the other complaints: http://tinyurl.com/9vy7uk3. Watch out!

[Promotion and website removed by Zillow moderator. Please see our Good Neighbor Policy.]
  • October 02 2012 - US
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

Unfortunately I did not review the multiple websites containing complaints about this company before they stole my money as well.

I am a seasoned real estate flipper and a licensed real estate agent. I knew the comps and value before I put an offer on the house. David and his buddies at Hard Equity Financing took my money and 3 weeks later told me the value wasn't there.

Keep in mind, this was after they fell of the face of the earth for three weeks with no communication. I tried to get a response via phone and email, but nothing. Then, when they did send me the denial email I couldn't get a hold of anyone. I haven't heard from anyone since I gave them my upfront money for the application fee. I have only received a denial email, with no response to my emails or phone calls pertaining to that denial email.

This is the exact same thing that everyone posted all over the internet about them. I just had an appraisal completed by the original hard money lender I was going to use and it came back at the value I indicated.

No return communication from David and his fellow crooks.

  • September 20 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Oh, man.

So, what have you learned from this? How can you avoid having this happen to you - or anyone else - again?
  • September 20 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

just curious how much money you gave them upfront......if it was more than just a few hundred dollars for the "application" fee -  - I'd have to ask you WHY did you do that? Didn't it send up a red flag?

As a "seasoned" flipper and agent.........you didn't have any  reputable or recommended  lenders to turn to?
  • September 20 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.