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  1. #1
    Join Date
    Nov 2008

    Banking fraud or not...

    A loan consulting firms takes an application under the premise that as long as you have good credit (680 or above) that they could secure funding up to $500,000. Well, as a start up business, seeking to stay in business as a credit partner with a seasoned Real Estate investor, I wanted IN. Afterall, it looked promising seeing how there were so many great deals to be had. Long story short I was unable to meet the guidelines of traditional lenders due to the required assets and reserves that they were asking for. Then here comes this loan consulting firm that unbeknownst to me were going to place me as a managing partner of a company that I had nothing to do with and knew nothing about in order to meet those aforementioned guidelines. Their fee $2,500. I had enough sense to notice that this was some kind of scam. Unfortunately, it was already too late as we were several months into purchasing houses that were flipped on me. Now all I have is considerable debt in properties that I can't afford. No more funding, no more credit and no one at the Secretary of State office, AG or any law enfrocement that sees anything wrong with this activity. Is anyone out there able to shed some light on how to report this sort of activity?
    Last edited by TooBad; 11-24-2008 at 07:16 AM.

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