Email this pageMortgage Grapevine
Remington Financial Group. The Good, Bad, & the Ugly!
I have a large loan in with Remington Financial Group and the client can't get past the due diligence fee because he has been burned before. I frankly see both sides of this issue. I know there are certain lenders to stay away from because they never fund a loan and make all ther money off of advanced fees. I was talking to another broker that lumped Kennedy Funding and Remington Financial together. Any input from the Vine on Remington Financial? The Good, the Bad, and the Ugly!
Thanks in Advance.
P.S: The search feature is done on the Vine at this time.
by HunterWarrior February 21, 2005 12:00 AM
Remington is notorious for taking large up front fees (although not as large as Kennedy) and not producing. Ask then to give you a list of recent closings and verify them. I doubt they´ll give give you any references at all.
Remington work s agre at deal with Kilpatrick & Hart who are also ntorious in the upfront fee loan world.
If it were my client, I would not waste the time or risk the money with Remington.
by bradley February 21, 2005 12:00 AM
Bradley,
Thanks for the heads up! Who would you recommend for a internationl deal that is 7 figures at only 25% LTV?
by HunterWarrior February 21, 2005 12:00 AM
Depends on the transaction. Need more details.
by bradley February 21, 2005 12:00 AM
Bradley,
The property being used as security for the loan is in Mexico. It is unencumbured and unimproved and is in a resort area and does have utilities and is adjacent to new development. The property has a 2 year old appraisal setting the value at about $ 16 million, the appraiser says that it is worth at least $ 20 million today. The client is a Mexican national that needs $ 4 million for a bridge loan to purchase a project in the states.
Hope to hear from you.
by HunterWarrior February 21, 2005 12:00 AM
Do not know of any land lenders who will secure property in Mexico. Check with the larger Mexican banks or perhaps Southern California banks. The So Cal banks may have some cross border connections. Also look into any insurance companies who do business in Mexico. Most have a commercial real estate lending division. (perhaps Pacific Life). Also becuase the land is undeveloped, you may want to look into contact owners of nearby resorts. They may be willing to float a loan on the property especially if they are operating successfully in the area and agree with the value. As resort owners they would not be as worried about a default since taking back the land would allow them to expand or develop it themselves.
by bradley February 21, 2005 12:00 AM
Do not use Remington what so ever!!!! They take the application fee and then they can not produce. They are not lenders, investment bankers, they are nothing more than brokers. I know (5) people so far that have sent in money and not one deal has closed.
by Miami Commercial Broker August 17, 2006 12:00 AM
Both REMINGTON FINANCIAL GROUP (RFG)& KILPATRICK & HART (K&H) have been fleecing guillible but genuine promoters for their projects seeking loans. Both RFG & K&H charge exorbitant upfront fees claiming for processing of documents sent by clients under impossible conditions issued on their Term Sheets with not intention to fund or follow up these loans but merely fleecing these promoters on such upfront fees.
We are taking action to bring them to justice & to make the public aware of these scams & unscrupulous actions & have alerted the relevant authorities on their diabolical practices.
Funds seekers beware
by alibaba88 April 24, 2007 12:00 AM
Both REMINGTON FINANCIAL GROUP (RFG)& KILPATRICK & HART (K&H) have been fleecing guillible but genuine promoters for their projects seeking loans. Both RFG & K&H charge exorbitant upfront fees claiming for processing of documents sent by clients under impossible conditions issued on their Term Sheets with not intention to fund or follow up these loans but merely fleecing these promoters on such upfront fees.
We are taking action to bring them to justice & to make the public aware of these scams & unscrupulous actions & have alerted the relevant authorities on their diabolical practices.
Funds seekers beware
by alibaba88 April 24, 2007 12:00 AM
This ad has been removed.
by backgroundgrrl April 10, 2008 12:00 AM
Remington Financial Group is a bunch of snake oil salesmen and con men that have NO INTENTION WHATSOEVER to fund any loan. They take "Due Dilligence Fees" and beat the **** out of the "borrrower" for MONTHS...tell you your loan is "almost done" for WEEKS. Their "Due Dilligence experts" make you pay for them to travel to the site; and when you get there, they are more interested in bar hopping and enjoying the local fare!
When they´ve run out of excuses, they stop returning calls or emails, which they weren´t good at even in the beginning of the process.
After assuring me that my loan would close by a certain date, i put hard money down only to have them fail to produce; costing me a fortune.
They simply keep asking more and more questions which the borrower keeps answering (often the same ones), then after six months of playing games and saying "We don´t take on loans that we can´t fund", they disappear!
Basically, its a strategy to "outlast" you.
You get so frustrated that you simply give up.
by dlfse May 3, 2007 12:00 AM
alibaba88,
Can you update us on what action have you taken regarding REMINGTON FINANCIAL GROUP?
NGAero
by NGAero May 6, 2007 12:00 AM
by upperhouse May 6, 2007 12:00 AM
Thank you all for the information on Remington Financial Group.
We too have received 4 offers from them to fund development projects for our clients, and have been doing our due diligence on them. Your comments have been helpful.
What´s confusing is that major news publications like Businees Wire magazine has Remington listed as funding many major deals in the industry, and seem to indicate that they are a major player. We intend to attempt to contact those companies who were funded by Remington, and will report back to this blog.
Can anyone give details on their transactions? As a broker, we have clients who sometime misrepresent, or over exagerate the merits of their deal, and once a lender does their due diligence, the deals don´t meet the lending requirements. In those cases the lender refuses to fund the loan, which is understandable.
However, some lender manufacture an excuse and try to say that the loan did not meet the requirements, when the loan actually did meet the requirements.
We are looking for reputable Joint Venture Equity Investors to fund several U.S. development projects. Any referrals that you have dealt with, who has actually funded your loans would be much appreciated.
Adonis
5/6/07
by upperhouse May 6, 2007 12:00 AM
We gave Remington $25k for an LOI already and we were issued a term sheet in about 12 days. They are asking now for additional money to proceed with further due diligence on our international deal. I am a bit concerned as I have read some negative things about them but I have also heard that they do close deals, they are just very slow. I will report back as our deal progresses as we are probably going to proceed with them.
by looking4alender May 6, 2007 12:00 AM
by lagrange1 May 9, 2007 12:00 AM
We too have a loan application in to Remington..we just passed Phase 1 and they want anothr 15,000 and will not give out recent deals and references. We have a timefrme and do not want to blow this in addition to more money is there anyone out in this world who has had positive outcomes with this company??? Please answer as we need to decide if we go forward would appreciate any help you have
by lagrange1 May 9, 2007 12:00 AM
Can anyone please send me any information about class action suits or legal proceedings against Remington?
Those of you that were taken by Remington can you please elaborate in detail what exacty happened?
Thanks
Hanz
by Hanzz May 15, 2007 12:00 AM
I closed a deal a few months ago with Remington Financial Group. Unfortunatly the deal structure changed after their due-diligence process, but I thought they were extremely responsive on fixing the problems to get us to the closing table.
by loanspecialiststan May 17, 2007 12:00 AM
I wish I´d have seen this long ago. I sent a client to them who already spent $10K. I can´t say the deal positively that the deal wouldn´t have closed since the client didn´t currently have the next $12K and the deal was on hold. (Supposedly, that was all that had to be paid.) So, I don´t know if he could join in on a class action suit since Remington wasn´t given the "opportunity," if you will, to complete. But, after all this, I dont want my client to risk it. ATTN to loanspecialiststan...what was the deal that closed? How much was paid upfront?
Thanks to all for the alert!
by monalisamisc May 24, 2007 12:00 AM
Hunter,
Would like to talk with you about the Mexico project.
Might have a source for you.
john bruno 815-469-4520
havecash@aol.com
by john bruno May 25, 2007 12:00 AM
Hey guys, one of my clients sent me this thread, I have been working with RFG for almost 2 years now and sent them lots of clients, I have only closed 2 loans with them though, so far. So I know they can get them done. I was pretty green in the business when I started sending stuff their way, and all the transactions that didnt get funded through them I wasn´t able to get funded anywhere else either (except for one) and I funded it through Cypress Funding. For myself I have just made an effort to really pre-screen anything that I send them. Cause I am not sure about any of you other brokers but I tend to come accross numerous borrowers that just aren´t pre-pared for the reality of commercial finanicing. And unless their vanilla deals RFG is gonna hammer them in the due diligence process.
by northeasternloans May 27, 2007 12:00 AM
We had a similar experience with Remington Financial Group. Upfront fees....no commitment to close. We were only taken for $7,500.
Anyone have a contact for $8M Real Estate Development?
by Reagan_Man May 30, 2007 12:00 AM
I am interested in financing in the Bahamas. I have a partner who has a few acres on a private Island including Beach front and a dilapitated marina and hotel with a few acres in south Bimini who is looking to develop with an investor, Partner or loan. Kilpatrick & Hart and a few others contacted me but the upfront costs are very high on their work sheet. We would like to attract a partner or start with seed money to develop the business plan and conduct the environmental impaact and start clearing the property. It is all debt free no liens at all.
by Arsmousike May 30, 2007 12:00 AM
by RFG rep May 31, 2007 12:00 AM
I am currently working with RFG and have just been issued terms. I am starting a real estate investing company. They want $15,000 for due diligence. I have already given them $10,000 between Starlite Funding and LOI retainer fees. I feel like they have me by the balls now because they got my $7500 retainer. I am trying to negotiate rolling the $15,000 into the closing. I am assuming this will be virtually impossible. They claimed when I sent my package in with business plan etc. that they have intentions of funding. An underwriter reviewed my package and says that the deal looks good and makes sense and recemended that they issue terms which is where I am at now. This is a startup seed deal. Any referrals for a good company out there that might fund a deal like this. Any advice would be much appreciated.
by fitchmesa May 31, 2007 12:00 AM
Fitchmesa...cut your loses. Don´t sent the money. If the deal was going to close..RFG would wait to collect fees at closing. Let me guess, the $15,000 DD fee was never discussed upfront? The $7,500 "application fee" should have been used for all of the DD work. Don´t take the bait..there are always other options.
I talked with three bankers this morning and all know about RFG.
by Reagan_Man May 31, 2007 12:00 AM
I would like to address the issue with RFG. I have been working with them for over 2 years now. I generate a Huge Volume of Business and have sent them quite a bit of business.
As a Hard Money / Joint Venture Company who place Both Domestic & International Loans. I have found, that RFG is the cheapest group out there, "Other than a Bank"
As much as we all would like "EVERY LOAN TO CLOSE" we know that it´s not possible. Every project has different circumstances that are not revealed until we are in the Due Diligence Phase.
The difference between RFG fee´s V´s Private money is:
Some Investors will review the project for free and then ask for a "Commitment Fee" ranging from $7,500 to $100´a of thousands. "NON REFUNDABLE"
RFG reviews each project to evaluate the "Possibilities" of it becoming a solid project. Which their fee is $7,500 *** No One Works for Free**
Once the group has evaluated and asses the project it is then when they request additional fee´s to conduct the field review. Which range pending their project and complexity of the project
In comparison to my other Financial Institutions who charges $10k Down( non-refundable), and $50 to $100 thousand.
This group does everything they can "in my opinion" to assist the client to make his project work during the Phase I process.
They do not charge for the second phase unless they feel they can place the project.
I understand the frustrations that most clients have, because every one of them have to close TOMORROW.
But you have to understand that this group is offering one of the best programs on the market. Now if you get it is another thing. Doesn´t mean they Cant give it to you, just means they are going to screen you really hard.
If your Project raised Red Flags, and you can not cooperate with the Lender, if you get aggrivated, and aggressive, and yet not provide the information or supporting documents that was asked.
Would you fund it?
A good Broker would tell the client that Private Funding could take anywhere from 1 to 6 months to close. This all depends on the cooperation of the Borrower(s) and how complexed the project is.
You have to ask yourself when you are dealing with a tremendous volume of Business ranging from $1 million to Hundreds of Million.
Do you want your money Back? Or
Are you just going to give it away?
I know without a resonable doubt, that if you come to me with a project, I will want to know anything and everything about you. And if you can not answer the questions and provide supporting documentation, I´m not giving anyone money with out it supporting documentation that I will get my money back.
Yes I have been frustrated with this Group! But I have Alway´s received a ligitamate reason on why the project was held up or denied. And I have been taken care of by this group.
My advice to the Brokers out there. Is to inform your clients that once the Loan is turned over to the Financial Institution, you are NO LONGER in Control.
UNLESS they want you to send it to another Group which may Cost them another $50k
Just for the Record Not all Financial Institutions charges Due Diligence.
If you have Good Credit go to the Bank with the Loan, most of them do not charge due diligence fee´s. & your client will have Prime Rates.
But for the most Part If you are looking for a High LTV (loan to value) & your credit is not as good as you would like it to be, or to get a conventional loan, You will be paying out of pocket expense.
Take care and Good Luck , I hope everyone is sucessfull in this group.
Sincerely,
by starlite3463 May 31, 2007 12:00 AM
Starlite3463...
I simply disagree.... RFG does not do everything they can for the customer....The group I represent sent many e-mails and made several phone calls....at first there was a quick response... after a while…no response!...why? Wear you down by attrition!
A competent lender/broker should know everything there is to know about the project after the application fee ($7,500 w/RFG) and the DD that follows. A competent lender would also disclose the fee process…..RFG does not!
No one is asking anyone to work for free...that´s why the investment groups agree to the fee terms upfront. Then everything changes...does that sound familiar?
Why is it….. that everyone in the business...knows RFG´s MO? I agree with the previous posting…...snake oil salesman...do not give them another dime – cut your loses and move on to someone who will make the loan. There are just too many reputable folks in the business – RFG makes them all look bad!
by Reagan_Man May 31, 2007 12:00 AM
Everyone has horror stories, but for most part some have had a good experience. This Group is registered with the BBB, and holds a Satisfactory Record. I was just wondering if anyone any this group has filed a complaint? and if so why hasn´t it been poasted?
As for the most part I will have to agree with you on ...."There are just too many reputable folks in the business."
But you need to remember, most of the clients that go to RFG, are looking for high LTV´s, or Have Problems with their credit.
My advice or suggestion is before you or anyone sends money to a Financial Institution, make sure you know who you are sending it to, research the company & its history of complaints.
I just want to know, why is it after a client pay´s the commitment fee, and is rejected, does he/she then decide to research the company? That doesn´t make sense.
Is it the clients fault? Or Does the liability fall in the Brokers/ Loan Originators lap for providing the LOI to the client?
Ultimately it´s the Broker who provides the offer to the client. If the Broker/ Loan Originator seen the fee´s, which I am can only assume they did, My question is;
1.) When the Broker seen the fee´s why did he turn it over to the client?
2.) Did the Broker offer other options?
and
3.)How persuasive was the Broker in convincing the client to go with RFG?
Personally, If I was an investor, and I seen this website, I would "DEFFINANTLY" have to reconsider sending any money to """ANYONE""" without checking them out first. This is just my opinion, I know everyone has had their own experience with this group, and if I felt for one moment that someone took me for a ride, I would definantly want Everyone to Know.
Since I haven´t had a bad experience with this group, I am curios to see how things work out. I am very interested in hearing other peoples opinion´s and their experiences w/RFG.
Also ...
1.I was wondering, did you have an Account Executive or .........were you dealing with the "Principles" themselves?
Also are you aware there are 2 Remington Financial Groups? Neither one has any affiliation with the other
Just Curious.........
Have a Good Weekend.
by starlite3463 June 1, 2007 12:00 AM
by MASTER COMMERCIAL BROKER June 12, 2007 12:00 AM
Good afternoon, I own and operate two large brokerages house, one in the Midwest and a large equity share in one in AZ. We use the back door at RFG through our many relationships in this industry. I have found RFG to be overly helpful, cooperative, customer service orientated, and high professional. In this business we all know the “Daisy chain Brokers” that do not know a thin deal from a solid deal, and always complain it should have closed. Today’s commercial business is more conservative then ever, with the private guys looking over their shoulders at the residential market. If your deal is what it appears, and there is no fraud or misrepresentation on the borrowers’ part, they will most likely close your loan. However every deal is different, with different circumstances. They look at a high volume of deals and you only hear about the bad ones. I can tell you I have two deals (of many) that they combined the fees on and moved swiftly. They have always had reasonable requests, and never did they avoid my calls. We deal with some of the largest Hedge funds and Pension funds in the world, and they have fees in excess of 50K per deal. The one thing I know about this business is this; if you have a package to deliver to a lending source, you must summit that package per there preliminary underwriting criteria, and have a solid relationship with the VP or higher of that firm. If you do not have that, whether it is RFG or others, you will never get priority attention, and that is the hardest part of this business. Also, getting in close with the VP’s or higher before summiting deal is no easy task.
Just my thoughts, Bill
by MASTER COMMERCIAL BROKER June 12, 2007 12:00 AM
Hello Everyone
Remington Financial Group, Inc. is dedicated to delivering a world-class experience to each and every customer. We are a 14 year veteran company providing financing for a multitude of commercial purposes. RFG is also a member of the BBB. Our customer support, systems and communications throughout the deal process are designed to inform and quickly resolve any potential challenges that may arise, in order to provide the best chance for a positive outcome for all parties. If, for any reason, you believe your deal was mishandled, or that you did not receive proper communications through the process regarding challenges that would prevent your deal from closing, we invite you to submit your issues in writing to custconcerns@remingtonfg.com once received, a representative will get in touch with you to discuss the situation.
We are concerned with some of the statements being made about us on this forum. We have some questions for people posting and would appreciate legit responses with some details.
Regarding Class Action Lawsuit – I am confused why anyone is talking about this. In our contract it clearly states that “In the event of a dispute arising from the contemplated transaction between the parties that cannot be amicably resolved between the parties through reasonable diligent prior effort, parties hereby agree to binding arbitration...”
Has anyone who feels their deals were mishandled entered into arbitration with RFG?
bradley – What is your animosity towards RFG based on? Please email me. I am interested in discussing your experience with us.
custconcerns@remingtonfg.com
HunterWarrior – How is the deal in Mexico going? custconcerns@remingtonfg.com
Miami Commercial Broker – Please email me with what happened in your situation.
Have you made attempts to contact us concerning your issues? custconcerns@remingtonfg.com
alibaba88 – Have you made attempts to contact us concerning your issues? I would like to talk with you about what happened to make you feel the way you do about us. Please email me with details. custconcerns@remingtonfg.com
dlfse – Those are pretty harsh words. I would like to talk with you about your experience with us and why you think we have ‘no intention to fund’. Please email me with details. custconcerns@remingtonfg.com
NGAero – Do you have an issue that I could help you with? Please email me custconcerns@remingtonfg.com
Upperhouse – Our track record of completed transactions demonstrates our proven ability to execute and deliver competitive and innovative debt, mezzanine and equity capital. I would like to know how your deals are going. Please email me with some details. custconcerns@remingtonfg.com
looking4alender – Please email me about your deal. I have a few questions that I hope you will answer for me. custconcerns@remingtonfg.com
lagrange1 – Please email me about your deal. I have a few questions that I hope you will answer for me. custconcerns@remingtonfg.com
loanspecialiststan – Thank you for your comments. What changed with the deal structure once the Due Diligence was completed? Please email me with some details about your deals. custconcerns@remingtonfg.com
monalisamisc – Please email me. I would like to find out what is happening with your deal. custconcerns@remingtonfg.com
northeasternloans – Thank you for your comments. The fact that you Pre-screen everything before you send it to us is the best way to avoid situations where people feel disappointed when their project does not fund. Please email me with some details about your deals. custconcerns@remingtonfg.com
Arsmousike – Have you contacted RFG about your deal? custconcerns@remingtonfg.com
starlite3463 – It is nice to see someone who understands the business and our processes comment on this forum. I think that some of the people getting frustrated an running into these problems could be considered “xerox brokers” Meaning that, the broker gets a deal and just passes it along without completing their own due diligence on the project and/or dd on the client. You make excellent points about viewing the situations from the lenders position. Please email me with some details about your deals that you have done with us. custconcerns@remingtonfg.com
Reagan_Man – I don’t understand why you feel you were ‘taken’? You mention that you don’t expect anyone to work for free. Yet, when the Preliminary Review Analysis (in which our conclusion is based on info provided solely by the client) is completed on a project and the project raises Red Flags, you are upset about the fees because we won’t go to phase 2 due to the Red Flags. Please email me with your thoughts and details. custconcerns@remingtonfg.com
MASTER COMMERCIAL BROKER – Thank you for your input. You make several good points in your message. Please email me with some details about your transactions with us. custconcerns@remingtonfg.com
Remington Financial Group has successfully raised in excess of $2 billion of capital through hundreds of investment partnerships from institutions representing private and public pension funds, endowments, trusts, insurance companies, and high net-worth individuals.
I look forward to hearing from everyone. Thank you for your time.
custconcerns@remingtonfg.com
by RFG rep June 12, 2007 12:00 AM
To custconcerns@remingtonfg.com:
Would you please post all the CLOSED transactions that Remington Financial out of Pennsylvania has closed? This shouldnt be too hard..Im sure all of us who have put up our complaints would love to call and investigate.Unless of course there all just relatives Lol! I mean one lies in such a case and the other one swears to it right?
I would bet without a doubt there will be no way to contact any so called Recent Closings or you will put up more bull-loney and we can all sit here and read it and try and believe a f----- word your saying.
So custconcerns...? How concerned can you really be? huh?
Put up or sh up! Lets have it ..the list and phone numbers...We are all waiting .The phones will be ringing off the wall come Monday morning.but we will get voicemail or most likely No Response at all..Been there done that with this company .Remington cant close a deal..The whole world knows it and if they do not they will by the time we get done with it ..Every Broker out there ..here it is ..lets see if there are closings posted!
by sammee June 22, 2007 12:00 AM
fitchmesa!!!
Listen to me ! Here is my advice ..RUN FORREST RUN!!!
My borrower had the best credit ever!! in 23 years I have ever seen okay? I got an L.O.I with the same lame crap on it. Oh yea and Kilpatrick says they have an Investor Ready or they wont accept the deal ALL THE TIME!!!
Baby run for your life ..now ..Do NOT DO NOT DO NOT GIVE THEM ANY MONEY ..DONT DO IT
I lost one of the best deals because of Remingtons dragging their behinds for 4 and 1/2 months. This company was in business and still is ..for yrs and yrs. they had excellent credit ..positive cash flow...they needed capital to expand..simple right..all the documentations were presented WAY WAY faster than you could imagine..and emails and emails of supposidly talking to the so called Invesotors..then you will hear how they are making a PRESENTATION /S next week and on and on . I cant even begin to tell you how swell they are at passifing you to no end ..until your borrower finally reaches the deadline and that LETTER OF COMMITMENT IS STILL NOT THERE IN YOUR EMAIL..RUN NOW AND DONT LOOK BACK!!!!!!!
by sammee June 23, 2007 12:00 AM
I have been in Commercial Real Estate for over 10 years, and Remington has been there for me and my clients. Fees, yes fees... I have spoke to over 100 lenders in the past several months and all have fees, processing, admin, application, legal, due diligence... So all you self righteous brokers and borrowers do not go off half cocked and complain about them they are here to stay, and half the time with the exception of Kennedy these fees do not amount ton a hill of beans in the grand scheme of things until it closes.
If your client has a few bumps and bruises on their portfolio.. Remington will do the job. I do not fund every deal with them, but who does, but they work the heck out of their files and never give up on the borrower.
I recomend Remington Financial Group... Shawn in Arizona and Joe Banas were great on our last project he was a superstar,and also Dan the SVP was cordial and professional, do not feel like your clients are in danger... risks are a part of our business... and Remington is a smart one.
by EJ Capital Funding June 27, 2007 12:00 AM
Does anyone have information on a company out of San Francisco called either Global Finance Company or Universal lending Corporation? Their website is set up under the name of a defunct airline (www.universalairlinesinc.com). We have been dealing with someone representing to be the principle there for months and several of our clients have given them "Due Diligence" fees in excess of $20,000 and to date no meetings in person nor have any sucessful closures taken place.
When confronted about these mishaps they became evry confrontational and abusive. It was at this time we found that surprisingly they had other persons involved since the contact prior was only with one individual no matter what.
We now have several qualified clients with projects in excess of $200,000 requirying funding in the caribbean and are all weary of the "Due Diligence" touting companies.
We haev handed these matters over to the relevant authorities.
In view of the above we are seeking honest funders to move forward with what can nbe potentially lucrative rpojects.
Caribbean Investor
by Caribbean Investor June 29, 2007 12:00 AM
Does anyone have information on a company out of San Francisco called either Global Finance Company or Universal lending Corporation? Their website is set up under the name of a defunct airline (www.universalairlinesinc.com). We have been dealing with someone representing to be the principle there for months and several of our clients have given them "Due Diligence" fees in excess of $20,000 and to date no meetings in person nor have any successful closures taken place.
When confronted about these mishaps they became very confrontational and abusive. It was at this time we found that surprisingly they had other persons involved since the contact prior was only with one individual no matter what.
We now have several qualified clients with projects in excess of $200,000 requiring funding in the Caribbean and are all weary of the "Due Diligence" touting companies.
We have handed these matters over to the relevant authorities.
In view of the above we are seeking honest funders to move forward with what can be potentially lucrative projects.
Caribbean Investor
by Caribbean Investor June 29, 2007 12:00 AM
Please, I am looking for equity financing and Kilpatrick and Hart say they have investment bankers in my industry, apparel, this is not a start up, my previous campany had over a billion in sales. But my husband took it , his father was a state senator, so much for politics!!
Anyway, looking for information on Kilpatrick and Hart and knowledge of Investment Bankers in the apparel industry.
thank you
by Mrs.8888 July 2, 2007 12:00 AM
sammee
did you get a response to RF´s deals closed?
by Phili Jack July 5, 2007 12:00 AM
This ad has been removed.
by backgroundgrrl July 24, 2007 12:00 AM
This ad has been removed.
by backgroundgrrl July 24, 2007 12:00 AM
RFG and Kilpatrick and Hart are nothing but SCAMS - no one ever completes phase II of due diligence!!!
take it from a former employee - I quit a few years ago!!
by guest July 24, 2007 12:00 AM
Ok I am about to be working a deal with Remington Financial and I have read a bunch of negatives so out of all the bad things I have heard can anyone tell me where they sought out alternative financing?
by BROKERCOMMERCE July 30, 2007 12:00 AM
These threads started as inquiries of our company (Remington Financial Group). They have turned into people bashing us for the sole purpose of damaging our reputation. We take our company, clients, services and reputation very seriously. Some clients of ours have even posted because they are upset about all the misleading statements and lies about RFG on this thread.
We have no way of contacting the people posting besides on the threads. So, we:
-- posted a response to what was said on this thread
-- invited people who felt they’re deal was mishandled to contact us so we could talk about it and get to the bottom of it
-- reminded people that they have the right to arbitration if a dispute arises
Not a single person has contacted us to try to resolve any issues they may have with us. This leads us to believe that they are not interested in resolving anything. These posters just want to hurt us and our clients. We believe that since the posts are anonymous people feel that they can say anything, even if it is untrue or damaging to a reputation without any responsibility or consequence.
We ask that people not pay attention to this smear campaign, as it is grossly inaccurate and extremely unprofessional. Rather, we ask that you contact us and we will give you a list of our recent closings and discuss who and what we are. Then you can decide for yourself if RFG is right for you.
Please contact us at:
custconcerns@remingtonfg.com
Thank You.
by RFG rep July 30, 2007 12:00 AM
I have carefully read all the posts in this thread both negative and positive. I am a Broker, and this thread was brought to my attention by a potential customer with several large projects.
I have used RFG for many projects and have had prompt and courteous response to all questions and concerns of both mine and the customers.
With regard to the negative post on in thread I brought these concerns up with the Account Executive/Administrative Coordinator that I work with I had adequate satisfaction of my concerns the same day. I asked for a list of recent closing to forward to my customer and was given a response with same on that day 08-02-2007. My customer was satisfied enough with the response to send 4 deals my way last week to send to RFG, 68MM, 5MM, 10MM and 18MM.
To the Brokers that are reading this, you all have had the experience of customers overstating their project and wanting to get a deal with no skin in it. It costs money to do Due Diligence and underwriting period.
If you know of someone that does this for free let me know
by Curtis Mckay August 6, 2007 12:00 AM
Curtis Mckay-
Seems your response was coached by RFG. Even with that being said, "sending" RFG 4 deals and RFG "closing" your 4 deals are very different. I personally have not sent a deal to RFG. I submitted a few and received LOI´s on all of them, but decided not to send packages to RFG due to this thread.
The interesting thing is that their rep in AZ, Joel, stated that "we only issue LOI´s on 40% of the loan submissions we receive". Yet, all of my submission recieved LOI´s requesting $7500.00. Has anyone on the vine submitted a deal and NOT received an LOI???
The "site-visit" costs they mention on the LOI, but they don´t quote the costs unless you ask, is $15,000 plus air, hotel and meals! They are NOT even the lender! Why do they need to do "site-visits" when they are NOT the one making the decision on the loan.
I eagerly await the answer to that question on this thread by RFG or someone coached by RFG?
Bottom line, they may fund a few deals, but they make tons of $$$ on the upfront fees on loans for which they issue LOI´s knowing they can´t place the loan with any of their investors. Just my guess since I did not actually send a package with the LOI and site-visit fee into them.
by RJ2000 August 6, 2007 12:00 AM
my company has been doing business with RFG for over 4 years. we have created a lending umbrella with them and 2 other lending sources and I must tell you all that I have never had one problem with RFG. My company has also turned down projects when DD has comminced because the borrower and thier brokers have lied and where not cooperative in the process and I got tried of their crap and cut them loose and informed my contacts in the industry beware and not to deal with the broker and their clients. So if you have junk for projects and lie about it this will be your fate no matter where you go
by ROSWELL CAPITAL August 8, 2007 12:00 AM
This post has been removed at the request of the author.
by backgroundgrrl December 6, 2007 12:00 AM
WE ARE DOING A LOAN LIKE THIS NOW IN MEXICO AND WE CAN DO
THIS ONE WE HAVE BEEN DOING LOANS FOR OVER 20 YEARS FROM
OUR HOUSTON LOCATION,SEND A SUMMARY TO BRANTLEY & ASSOCIATES,MORTGAGE BANKERS,PH 7139815926 FAX 7132726716
OBRANTLEY@PEOPLEPC.COM
by WORK August 9, 2007 12:00 AM
Re Remington -- what regulatory agencies out in Az and or in Phil have been contacted to report the Remington defraud practices. What is the status of the investigations?
by Phili Jack August 15, 2007 12:00 AM
Unfortunately, in my experiences in this business ( our company has over 220 deals that we are "managing" as I type this comment) 98% of the time the deal dies because of referring brokers that don´t have a clue how to close a loan or clients that can´t prove the validity of documents they presented!!! We have numerous deals with RFG that equate to billions of dollars, THEY PERFORM for us, however, we play by the rules of the Lender, NOT the borrower! I not only have office numbers for the V.P.´s at RFG, we also have their cell phone numbers (and they answer when WE call). We will also meet RFG at the site visits and go over the deal with them. WE work the deal from start to finish UNTIL it closes. We don´t sit back and expect it to close! I am eager to find out the experience of the brokers involved in this chat and how many deals they have closed with other Lenders? I would also be interested in finding out how many of you have ever written a Site Inspection Report and/or a COMPLETED Due-Diligence Report?? Do any of you "package" the deal to the Lenders criteria or simply forward emails through a "Daisy Chain" of brokers and wonder why it doesn´t close? Do you except what the Lender is pledging for points, or do you put together 5-8 point fee agreements that will NEVER be accepted? The closing ratio on GOOD deals is maybe 1 out of 6 (at best). So if you are "working" 5 deals and wondering why they are not closing, the problem isn´t with the Lender, it is with you! Our company averages 2.6 "Private Equity" closings a month, and the only reason it is that high is because our NCND states that we have DIRECT to the client (and Lender) to alleviate the non-sense presented by inexperienced brokers that "say" they have closed deals!! Get a clue people, the market is tough and you better be on top of your game if you want to close deals! Not to mention, the preparation and presentation of the deal to the Lender is crucial! I would ask the same of you that you are asking of RFG and list YOUR recent closing (and I will bet it is a short list, if there is a list at all). In closing, I would say learn to play by the Lenders rules, not yours, or the clients and you will be amazed at how many deals you will close, and believe me, it took awhile for me to "get it" as well. They have the money and they will not be told how the will loan it out!! Good day and good luck in closing your deals!
by MASTER COMMERCIAL BROKER August 16, 2007 12:00 AM
To RJ2000,
If you did one bit of Due-diligence on RFG you would not make your unsubstantiated comments. RFG IS A LENDER! They do fund deals in house, as well as syndicating certain loans. They will put in the equity amount and subordinate the Senior debt to Investor pools. If you and the others had a clue how this business works (and don´t tell me you do, because I see all of your inexperience in EVERY word you type). I agree with Curtis McKay for he is right on the mark and is the only one that sounds educated in the process of closing loans. Let me ask you something, have you ever done a site inspection? Have you EVER closed a loan with a Private Equity Group? Do you charge upfront fees when taking deals from clients? How many deals are you currently engaged with? I would be interested in your closing ratios to deals that didn´t fund. I am eagerly awaiting your response. Mr. McKay I would also love to speak with you regarding deals, for you are the only one that knows how the game is played. We deal with the top 5 Hedge Funds and have several of the Largest Pensions funds that we deal with on a daily basis. We DO NOT deal with Associates or Junior Partners, we deal with the Presidents of all the firms! We also have 20 or so "Hard Money" international Lenders in our arsenal of over 300 lenders (which we are DIRECT with Executive V.P. or higher).We will do business anywhere in the world except for war stricken Countries. We have 5 GOOD no fee Lenders (down from 25 just 6-8 months ago, for they are getting VERY tight with DD these days as you know)I look forward to future correspondence with you, we just have to figure out a way to exchange information without all of my information being splattered on this blog, for I am too busy to deal with out of line RB´s and the time consuming problems they create!
by MASTER COMMERCIAL BROKER August 16, 2007 12:00 AM
Mr. McKay, I think it would be advantageous for both of us to speak.I think that the best way to do this is to forward me who you are most comfortable with at RFG. If it is Dan Gura, Andrew, Jose´ etc. I will contact them and let them know that you will be inquiring on our Firm. I will let them tell you the validity and strength of our company and perhaps we can do business together. I will then send you a NCND and would be happy to sign any type of Non-circumvent or confidentiality forms that your firm may require. I look forward to speaking to you soon.
by MASTER COMMERCIAL BROKER August 16, 2007 12:00 AM
Master Broker Please feel free to email me directly at
rmck7050@gmail.com, I will respond from my company email address
by Curtis Mckay August 16, 2007 12:00 AM
Master Commercial Broker-
You are extremely mistaken regarding my experience in the indusrty. I do not need to post my experience for your satisfaction. What part of my previous post do you feel was inaccurate???
YOU state the following in your post..."in my experiences in this business ( our company has over 220 deals that we are "managing" as I type this comment) 98% of the time the deal dies". With all of your EXPERIENCE and being the commercial financing genius that you claim to be, I would expect that you could weed out the loans that will not close a little better and increase your closing ratio?
Based on your closing ratio, RFG makes a fortune from the upfront fess by ONLY funding deals 2% of the time! Shouldn´t RFG have NOT issued LOI´s on some of those deals???
I see the genius in you from EVERY word written in your post!
Since you asked, I currently have slightly over $600MM in my personal pipeline of which I expect approximately $250MM-$300MM to fund.
Also, I sent deals to RFG that were "no chance-in-hell" deals to see if they would issue an LOI. They did issue an LOI on ALL.
As I stated, I have not packaged a deal to send to RFG at this point. So I am not sure why you have rushed to their defense and decided to attack me. Kinda makes me wonder???
My posting was NOT an attack on RFG, but an opinion from someone who CLEARLY stated I have NOT yet sent a package in for DD.
If they are a lender, then that is different than what THEY relayed to me. Again, I have not packaged a deal to send in to them yet, so I am basing my post on what THEY have told me. RFG states that they have an exclusive relations with a hedge fund called Northbridge Capital that has the ability to fund up to $15MM. They do NOT make the decisions for Northbridge Capital. They simply hold ONE seat on the board for the Northbridge Capital. Other than the hedge fund, Northbridge Capital, they shop the deals with various other lending sources.
I, too, like Curtis McKay, requested that RFG supply me with references for a few recent closings and the request was DENIED. You state you have have "billions" of dollars of loans with RFG currently? That is MORE than THEY claim to have funded in the last 3 years??? Since you are their biggest and best broker, perhaps you will be willing to post all closings you have had with Remington in the last 12 months. Lets see how long the list is???
You put up the talk, now put up the list! Lets see it!!!
Sounds like both of you have been coached by RFG.
by RJ2000 August 16, 2007 12:00 AM
RJ2000
THE CLOSING RATIO IS AN INDUSTRY AVERAGE. YOU DO HAVE PRINCIPALS THAT PUT TOGETHER GREAT BIG SHINNY PACKAGE, PRO-FORMAS AND AS WELL AS IMPUTED EQUITY THAT SHOWS ALL THIS MONEY THEY ARE BRINGING INTO THE DEAL OR ARE GOING TO MAKE WITH THE PROJECT. EXAMPLE: THEY TELL YOU THEY HAVE AN OPERATING PLANTS, BLAH, BLAH, BLAH. THEN IT COMES TIME TO PROVE THAT, WHICH THE INEXPERIENCED BORROWERS IS UNAWARE OF AND THEY FIND THE PLANT DOES NOT EXISTS, OR IT IS AN EMPTY BUILDING. OR THEIR GREAT PLAN OR ONE OF A KIND BUSINESS ENDEAVOR IS SATURATED IN THEIR MARKET, AND SO ON. WE CAN ONLY PRESENT TO OUR LENDERS WHAT THEY THE CLIENT PROVIDES, AND THEN CHECK IT DURING THE DUE-DILIGENCE PROCESS. THEN WHEN ALL THESE DISCREPANCIES ARISE IF THERE ARE ANY, THEY ARE MAD AT THE LENDER CAUSE THEY DID NOT FUND AND TOOK THEIR UP FRONT DUE-DILIGENCE MONEY. PLUS IT IS ALL OVER CNN, FOX NEWS, ETC TWO MAJOR REZ LENDERS FOLDED YESTERDAY AND COUNTRYWIDE BORROWED 12B TO STAY AFLOAT. THIS MARKET WE ARE IN THE INVESTORS ARE LOOKING OVER THEIR SHOULDERS ARE THE REZ MARKET AND TIGHTENING UP THEIR REINS. THIS BUSINESS TODAY IS HARDER THEN EVER, AND CERTAINLY HARDER THEN IT WAS ONLY 8-12 MONTHS AGO. THEY WILL ONLY LOOK AT THE STRONG DEALS, AND WEED OUT THE TIRE KICKERS BY CHARGING A FEE, FOR THERE ARE SO MANY DEAL COMING IN, MUCH MORE THEN ANY LENDER CAN FUND. THIS FEE ENSURES THE BORROWERS HAVE CONFIDENCES IN HIS OR HER PROJECT. IF THEY DO NOT WANT TO PAY THE FEE, THE FILE IS DELETED AND ANOTHER IS SLOTTED IN THAT SPOT. THE INDUSTRY HAS CHANGED, HOWEVER WE UNDERSTAND THAT GETTING IN LINE WITH THE LENDERS AND DOING IT THEIR WAY, WILL KEEP OUR DEALS PRIORITIZED. IF WE WOULD HAVE A DEAL THAT COULD GO EITHER WAY, WE CAN PUSH OUR WAY. EVERYBODY GOOGLE’S EVERYBODY AND EVERYTHING THEY WANT INFORMATION ON. AND WHEN PEOPLE "MUD SLING" A LENDER WITH FALSE ACCUSATIONS IT IS UPSETTING. BECAUSE WE ALL WORK WAY TOO HARD FOR OUR REPUTATIONS IN THIS SMALL SECTOR!! ALSO RFG CLOSED 800M IN HOUSE LAST YEAR AND THAT DOES NOT INCLUDE ANY DEALS THEY SYNDICATED, BROKERED, JV´d,etc. THE PROBLEM WITH THIS BUSINESS IS; THAT IS NOT AS EASY AS EVERYBODY THINKS IT IS. THEY THINK THEY ARE ENTITLED TO MILLIONS OF DOLLARS AS LONG AS THE BUSINESS PLAN OR EXECUTIVE SUMMARY IS NICELY PRESENTED, WHICH IS TRUE FOR THE INITIAL INTEREST. HOWEVER BROKERS THINK THIS BUSINESS IS EASY AND THEY ARE GOING TO BECOME RICH OVERNIGHT, NEVERTHELESS, IT JUST DOES NOT HAPPEN THAT WAY. WE DEVISED A WAY TO HAVE ALL THE PERTINENT INFORMATION ON ANY GIVEN PROJECT BY A FORM WE DEVISED. SO WITHIN A VERY SHORT PERIOD OF TIME I KNOW IF IT IS A JV, DEBT, BRIDGE, MEZZ, EQUITY, LOAN AMOUNT, PRINCIPAL INJECTION, LAND EQUITY ETC. THEN WE GO THROUGH THE REST OF THE DOCUMENTS AND POLISH THE PACKAGE. THEN IT IS PRESENTED TO THE BEST LENDER FOR THAT PARTICULAR PROJECT. WE NEVER JUST SPAM DEALS OUT AND HOPE IT STICKS SOMEWHERE. WE MANAGE THE DEAL THROUGHOUT THE ENTIRE PROCESS FORM A-Z. THE LENDER NOW CAN GET A CLEAR UNDERSTANDING OF THE PROJECT IN THAT SAME SHORT PERIOD OF TIME OPPOSED TO READING A 300 PAGE BUSINESS PLAN, PRO-FORMAS AND SO ON. THIS CAN TAKE DAYS. IT IS ALWAYS ABOUT PLEASING THE LENDERS AND BELIEVE ME ONCE YOU DO THAT, LOAN WILL CLOSE AND YOUR REFERRAL SOURCES BEGIN TO GET STRONGER AND THAT INCREASE DEAL FLOW AND SO ON. BUT IT IS A LONG PROCESS AND 1000’S OF MAN HOURS TO ASSEMBLE. I CAN NOT BE ANYMORE HONESTY, RFG DOES GREAT WORK FOR US, AND IF THE DEAL IS WHAT THEY SAY IT IS THEY FUND IT.
Closings in July 2007 "NOT ALL WITH RFG"
AG/FARMING DEAL 37.5M
Motion Picture 42M
Casino/hotel/condos 338M
Hotel in Dubai 132M
CLEAR TO CLOSE 8-07 "NOT ALL WITH RFG"
BLANKET MORTGAGES ON 100 PLUS INVESTMENT PROPERTIES, FIRST 15 TO CLOSE 8-21
HARD MONEY DEAL IN NEVADA 21M
HARD MONEY PROJECT IN CHICAGO 1.1M
RESORT IN COSTA RICA 173M
TOWN HOUSE DEVELOPMENT IN MOSCOW 19.5M. 80% CHANCE FOR THIS MONTH YET.
THANK YOU
by MASTER COMMERCIAL BROKER August 17, 2007 12:00 AM
Master Commercial Broker-
I agree with your last post. Yes, most deals are unclosable. We try to weed those out very early in the game to avoid the inevitable headaches they will bring about during dd. As I said, I have yet to package a deal and send it to RFG. I think you initially misinterpreted my first post on this thread.
All of your valid points are well taken and I wish you continued success in the commercial financing world.
We do have a deal that is headed in the direction of RFG in next couple weeks and will report back to this thread throughout the process.
Master Commercial Broker - I would like to speak briefly with you regarding RFG. If you will email your contact info to me at FirstRepublic@aol.com, I will give you a call.
Thank you.
by RJ2000 August 17, 2007 12:00 AM
by cb891 August 20, 2007 12:00 AM
Does RFG do loan outside of Real Estate.
by cb891 August 20, 2007 12:00 AM
Run from them...RUN FORREST!
I got my deal funded via anther funding source...
Response to RFG Rep…
No Red Flags "RFG Rep!"....you kids wanted to go to "Phase II".....my group was upset because you "cons" wanted more money to goto.....(the so called).....Phase II! The Phase II is for partying and drinking up our investor’s money. How are we going to explain that to our clients? RFG are not the lenders, yet they get a kick out of spending our Investors money to...”do the deal”.
Joel was my contact as well. He sells the snake oil as good as anyone. I´m thinking about hiring him to do my deals the honest way....
If you have a client, do not use RFG....not much else to say...they will take your $$$ and never produce. If you doubt me....send them your clients $7,500. Then tell me I’m right. Ask them for a client list – never happen. BECAUSE THEY DO NOT CLOSE!
Good Luck.
by Reagan_Man August 20, 2007 12:00 AM
Master Money Broker - I to would also like to speak with you. You can email me directly at shizah14@hotmail.com and I will send you my company info. or speak with Shayne Fowler and have him send me your contact info.
Whatever works for you!
by shizah14 August 30, 2007 12:00 AM
Reagan-man, I am a customer on their list!I also have another closing with them on Tuesday for a 42M project in NM.I also have 7 others engaged and in Phase two of their DD process, and at least another 8 being reviewed. They provide top notch service, because we have a RELATIONSHIP with them. You need to figure out that is the only way to close deals. You need to get on with lenders and build that relationship first, and then seek deals. Never, the other way around. all their questions are viable and need to be answered. Never have they ask for something not needed inorder to find a reason not to fund. Making 25k a deal instead of 3pts of millions, plus interest makes no sense. There are fees for a reason, and it is clear you are unaware of the work it take to close a deal, and thats OK you have to learn sometime. I can weed out the green peas just by the way they present themselves on these threads. Now there are so many loans coming to the Secondary market, that if you wont pay a fee, you wont get a loan. Period! We have done site visits, written site visits reports, done due-diligence, hired attorney´s and consultants, etc. Some one needs to pay these people for their services, and why should it be the lender? If you want a lender to trust you with millions, you should have 25k liquid, or access to it, just to prove you can make a payment. It proves character of the principal that he is successful enough that he has some type of liquid assets. Plus they return it at a rate of 100% at close. What would happen if they did all this work, open escrow and two days before closing the client states he not going to do it, or he/she saved a point somewhere else. Then the lender should take it in the moon on all the money spent to get this far? If you are flat broke, then you need and equity partner. I can assure you these fees are not for dinners and drinks!!! Wall street has big problems right now and we will be seeing a lot more deals coming into this market. And sooner or later 50-60% of the deals in this market will come to us, believe or not! So the sooner you get on board and figure out the way it is really done the sooner you will close deals. I will pass on a letter which explains why Wall Street is tightening up, and why the lenders are doing a deeper dd process on every deal. Also, the deal better be strong, and have a great exit strategy. Sorry your deal was weak and your clients wouldn´t pay to go to Phase two DD, because you probably would have closed. But this is a case where the client controlled the deal instead of the broker, and blew it, and that way always has a 100% failure rate.
by MASTER COMMERCIAL BROKER August 30, 2007 12:00 AM
Many of you get fooled by Companies that claim they are Direct Lenders. Never pay a large due dillgence fee unless it´s outside the USA. Than check with every contact you know before proceeding.
by Dallou Commercial Lending August 31, 2007 12:00 AM
I´m aware of a very large number of parties that have been mislead by the false term sheets issued by Remington Financial. I have a close friend who is currently working on a full investigation on the business practices of Remington Financial for both civil and possible criminal matters.
We would love to hear about your experiences with Remington Fianancial as to assertions they are lenders lending their own money, issueing term sheets and LOI´s only to not deliver or change conditions after all due diligence fees have been delivered and so on.
Their actions in the industry to information we have recieved thus far is misleading and down right fraud. Please contact us with a detailed account of your experiences and someone from the legal staff will contact you promptly I´m sure.
Please email to:
harlancmuehler@yahoo.com
by SJM September 5, 2007 12:00 AM
Master Commercial Broker (aka Bill)-
You are simply not being truthful regarding your business with Remington. I know who you are and I am truly disturbed that you are misleading people on this thread.
by frogger September 6, 2007 12:00 AM
Master Commercial Broker
I am interested in discussing Remington with you-I am 50% owner of a large parcel of land located just off Sanibel, Florida-thanks-stonnerlawflil@aol.com
shell point yacht club
by shell point yacht club September 7, 2007 12:00 AM
Frogger; do not know who you are and I do not really care. but I deal with (1) one team from RFG, I come in through the International side, and work with their Executive Vice president of their world headquarter in Philly. So unless you are my accountant, you have no idea what I have done with RFG. Plus when I use RFG I present the deal in the real fashion. I do not spam it out to 16 brokers with ZERO relationships and experience in this business, and misrepresent myself to my clients. My lenders are strong. let me give you an example. I have had the largest Pension fund in the World to do a home development. The Principal and wannabee broker lied about their corp office that does not exist, said they were the only ones in this market place with this great idea, again a lie, they lied about their operating plant in the Mid-west that does not produce what they stated it did, there was NO money into the deal, so that was also a lie, yet my fund was still willing to fund and got them an order for 600 homes in Mexico. These nit-wits with NO money wanted to make the rules and stopped speaking to the fund after several attempts by the President of that firm, AFTER they paid 50k in DD fees! So our fund close the files. YET on the clients web page (get this) they have the Commitment letter pasted along with a picture of the Site visit inspector from the union like they are ready to close, looking to mislead other investor(s)in investing in this strong (yet weak as circus lemonade)so called deal!! Completely misrepresenting themselves again, probably an idea from the Broker we will call B.C!! They were sent a cease and desist order from the pension fund and are looking at getting sued! SOON! So when you have to deal with these kinds of unprofessional broker daisy chains and lying clients you will have some fall off, but it is not always the lenders fault!! In this case they do not deserve their money back, and furthermore wont get it back. I do not know who you people deal with over at RFG, and why you cant get deals closed, but I do!! Frogger you want to compare Financials, call me if you know me so well. you sound like a Curtis to me!!! Everybody wants to point fingers, yet never want to take responsibility for their actions, of being a liar and misrepresenting themselves with the lender and client like 98% of the brokers or so called brokers in this arena. we had a group of these guys we stopped working with. Yesterday I received a new deal from them, although it went to broker A, who sent it to broker B, and broker B sent it to me. so all these guys did was get further downstream, 3 away from the lender now. So my strength in this arena is just that, Strength. that comes from relationships. Now with Wall Street closing there doors to any type of development deals, and the Large Banks such as BoA sending their international deals to me, this market is flooded with deals. Because NO ONE will take them except the secondary market, i.e. US!! Firms like Prudential are charging 25K per parcel for DD fees, so you had better have what you say you have when you present a deal, or you will be in a long career of money losing transactions for both you and your clients! Frogger is another one of these guys, who does not do business with me, unless he sent me one or two of his weak deals or pipe dreams he was betting on to buy a new Lexus! or Mercedes in BC case!!
by MASTER COMMERCIAL BROKER September 8, 2007 12:00 AM
also, in the last 6 weeks I went from 20 "NO FEE" lenders down to two! why are clients paying in advance for due-diligence, and not getting those free rides any longer?? Because our market is saturated and there are 10 times more deals out there then can be funded! This is why you better have your deals in order, before you deliver it, and know your stuff before you ok your client to pay a fee. An underwriter looks at a deal with this in mind. That everything in the bible is going to come true tomorrow, 911 is going to happen again tomorrow, if you have a water front project the next Katrina is going to hit tomorrow, etc... When they look at a deal, you need to prove to them, why your deal is strong enough to withstand everything and anything that can go wrong. That is plain and simple underwriters mentality! Ask one they will tell you! In other words, you better have everything in line to prove to them you can pay their millions back. And if you don´t, you will lose your clients money everytime! Take a look at what has happened in the last few weeks. The past few weeks have wreaked havoc on wholesale lenders in residential AND in Commercial. Wall Street has panicked - plain, pure and simple. The rating companies (Moody´s along with S.& P. especially) have downgraded all Wall Street purchased bond debt secured by mortgages of any kind. For residential, some of it was truly junk ("Liar Loans" - Stated Everything; 100% LTV with FICO´s in the 500´s; Non-owner-occupied with high LTV´s; Neg. Am. loans; Big-Bump ARM´s; Prime-Plus HELOC´s; etc.), but, Commercial Lenders are getting "killed" through guilt-by-association"!!
Just this month we´ve lost several top-notch Commercial Lenders including but not limited to Impac Commercial Credit, Velocity, and the residential people at Greenpoint. It seems almost senseless - for all of these companies their Commercial Loans were financed by bonds purchased by Wall Street investors. For all of them (and many more still trying to "hang-on") their Commercial Loans were virtually impeccable - strongly underwritten, well secured and very, very minimal "troubled" loans (even lower than originally budgeted or promised)! BUT - if Wall Street decides, virtually unanimously, that a particular investment "vehicle" is "too risky" or "under-performing", then all funding stops immediately and suddenly. All of the lenders listed above (and several still trying to "muddle-through" this mess) were "smeared" by the same brush that collapsed some of the Largest Residential lenders such as National City, Greenpoint, First Magnus and many, many more that You know of!! In this market, Yes our LTV´s are lower than some of our "Missing-in-Action" compatriots, our interest rates are no more competitive than most other banks, BUT, we do not depend upon the "Fickle Winds of Wall Street" in order to best serve our broker associates and YOUR Borrowers!!
by MASTER COMMERCIAL BROKER September 8, 2007 12:00 AM
MASTER COMMERCIAL BROKER
I´m interested in speaking with you about possibly becoming a broker associate. I also have couple projects that I would like to work with you on. Please email me at:
shizah14@hotmail.com
by shizah14 September 8, 2007 12:00 AM
shizah14, I have notified my I.T. guy and he is installing a new email address account for brokers on this thread. We are picking with whom we take on, and want to make sure they understand that we play by the lenders rules, not ours! 50% of the brokers we speak with GET IT! The rest are still under this complete misapprehension that all you have to do is get a deal, charge 4pts, spam it to a lender(s) from the Scotsmen guide and your rich!! We all know that is not true, well 50% of us do! Our lenders (roughly 300 in total, 100 of which we use regularly over the past 20 years for International and Stateside Lending)They have the money, we need to show them why we are worthy of it!! I will email you and would enjoy speaking to see if we can get deals done togehter. I WILL tell you now, we do not close 100% of every deal that comes in, that being said, we need to asertain the do-able deals early on, and reject the weak ones before we even send it to a lender. This way you will never have clients losing money on weak deals, thus ruining YOUR reputation in this business. PLUS, your validity with the Lenders is greater, because you are not sending them junk deals. Example; a guy want 25M and has 25k in the deal. It is a start up company and he refuses to pay REASONABLE fees to the lender. That deal never leaves our office, unless the idea is good enough to send to 1 of our 3 financial partners that will bring in all the money, no fees to the client, but take 35-50% of the equity in the company. Along with bringing in their own team, to ensure success of the said project. However. it has to make sense to these boys before we present it. We will do a call with them first to see if this particular deal sounds interesting enough to send them a full packet. I am looking forward to speaking with you Monday or Tuesday at the lastest.
by MASTER COMMERCIAL BROKER September 9, 2007 12:00 AM
This is why the secondary market is getting flooded with loans. Thus proving my earlier thread that Wall Street is cutting back on any type of investing in development and otherwise, unless they can sell the paper off to the SECONDARY MARKET, again i.e. US!! in other words sub-prime and un-bankable deals will need to go to the secondary market if they need funding! Below is a piece I cut from the Article below. So if you have clients that wont pay fees, they wont get loans, plain and simple. This is the only market place they have left, and all these Secondary Funding Sources charge fees.
"Product guideline revisions have been made to ensure that all loans which the Company produces can be sold into the secondary market or are high quality prime loans to be held in CFC Bank´s investment portfolio. This includes the Co´s recent decision to no longer originate any subprime loans other than those eligible for sale or securitization under programs supported by Fannie Mae (FNM), Freddie Mac (FRE) or the FHA."
Countrywide announces a total workforce reduction of 10,000 to 12,000 over the next three months representing up to 20% of its current workforce (CFC) 18.21 -0.27 : Co announced a plan of action to address changing market conditions that positions the Co for continued growth and success including: Reductions in workforce which will occur in areas most impacted by lower mortgage market origination volumes. The Co presently estimates a total workforce reduction of 10,000-12,000 over the next three months representing up to 20% of its current workforce. Actual reductions could be lower should the interest rate environment and related market volume outlook improve. Based on current interest rate levels, CFC presently expects that total market origination volumes will decline ~25% in 2008 compared to 2007 levels. Migration of the Co´s residential lending business into its federally chartered thrift entity, CFC Bank, FSB, will continue. Product guideline revisions have been made to ensure that all loans which the Co produces can be sold into the secondary market or are high quality prime loans to be held in CFC Bank´s investment portfolio. This includes the Co´s recent decision to no longer originate any subprime loans other than those eligible for sale or securitization under programs supported by Fannie Mae (FNM), Freddie Mac (FRE) or the FHA. In spite of these changes, it is important to emphasize that CFC continues to offer among the broadest and most competitive product menus in the industry. Growth plans will continue in areas of opportunity. CFC´s retail and wholesale lending divisions plan to continue aggressively pursuing the increased opportunities presenting themselves in the current environment for profitable market share growth. CFC Bank, in addition to housing the Co´s mortgage banking activities, will also focus on growing its residential and commercial loan investment portfolio and expanding its financial centers and deposit franchise. CFC´s insurance segment will continue to grow both its institutional and personal lines insurance businesses.
by MASTER COMMERCIAL BROKER September 9, 2007 12:00 AM
UPDATE ON RFG LATEST CLOSINGS, DIRECT FROM THE VP OF THEIR CORPORATE HEADQUARTERS IN PHILLY TO ME VIA EMAIL. I RECEIVED THIS LATE FRIDAY SEPTEMBER 7TH 2007;
1) $5,600,000 - Manayunk Retail Property - Tower Investments, RFG secured a 10 year term, 30 year am, treasury plus 103 spread, ltv was 80%, appraiser used a 6.75% cap rate. Including 3rd party reports and legal, loan took 45 days to close.
2) $5,100,000 - 90% occupied Retail Property - 87% LTV acquisition loan, fixed rate financing at 125 over the 10yr. treasury.
3) $60,000,000 –Multi-family Deal / $2MM Co-Sponsor equity investment to complete the purchase of 1100 apartment units in central Florida . $2M equity was arranged and invested alongside Affirmative Equities, the sponsor and operator and Lasalle Investments, AEC´s institutional equity partner.
by MASTER COMMERCIAL BROKER September 9, 2007 12:00 AM
Master Commercial Broker-
I would like to discuss a couple large deals with you as a potential associate broker. Let me know the email address to contact you by emailing me at firstrepublic@aol.com if you have interest.
by RJ2000 September 10, 2007 12:00 AM
CAN ANYONE PROVIDE SOME INSIGHT AS TO THE NAME CHANGE FOR REMINGTON?
I JUST CALLED THE PHILA NUMBER 215-717-2227 AND IT WAS ANSWERED BY A DIFFERENT NAME AND I WAS TOLD NO ONE COULD GIVE ME ANY GENERAL INFO ABOUT THEIR PROGRAMS RIGHT NOW BECAUSE THEY WERE ALL GOING INTO A CONFERENCE.
SHOULD I TRY THE ARIZONA OFFICE OR DONT TRY THEM AT ALL?
by BNMCD September 10, 2007 12:00 AM
You will not get into their World Headquarter via phone, their secretaries are trained to shut you down. so until you built a relationship, you will have to use one of their intake offices. Or send me an your email address and we can work together and get them closed.
Do you honestly think if you called Lloyd´s of London´s World Head Quarters and asked to speak to their upper brass they would patch you through? Think about it!!
by MASTER COMMERCIAL BROKER September 11, 2007 12:00 AM
IMROBBY2. it is the job of the broker to pick the deal apart and locate the strength and weakness of the project. At that point you should be working with your client to lower the negatives and prove the positives. I will bet that did not happen. It was probably just sent to them, charged a fee and was not worthy of lending . That should have been caught long before it was submitted and/or your clients sending out any fees. Why wasn´t it????
by MASTER COMMERCIAL BROKER September 12, 2007 12:00 AM
As far as RFG changing their names, that is again 100% false information! I have just contacted the VP and nothing is changing. They have a new Equity division named Bluestone, but we already new that!
by MASTER COMMERCIAL BROKER September 12, 2007 12:00 AM
by JROC676 September 13, 2007 12:00 AM
Looking for a lender- $160 Million in New orleans area. All governmental hurrdles completed, GO Funding approved for $200 Million, condo/senior living development. Looking into Remington as we speak. Please contact me at abellard@thestraymond.com.
by JROC676 September 13, 2007 12:00 AM
My lawyer and I as well as another Broker in this thread spent hours searching for these so called law suites. It is a bunch of broker non-sense with no validity. The fact is RFG has grown considerably over the past three years as far as investor dollars and new investors coming on board. I have been doing this for a long time and can sniff out you green peas instantly. How many of these law suites are currently in litigations? How many have been settled? There is a bunch of class action talk in here with brokers, which have little to now truth. furthermore, if they did have law suites, name a company that as not! McDonald´s, Wal-mart, Microsoft, Disneyland, Pepsi, Coke a Cola, Target, etc,etc,etc!!!!!
by MASTER COMMERCIAL BROKER September 13, 2007 12:00 AM
ANY BORROWERS READING THIS THREAD AND HAVE DEAL PENDING WITH RFG PLEASE SEND ME YOUR EMAIL ADDRESS. I WILL PROVIDE YOU WITH REFERENCES ON BOTH MY COMPANY AND BORROWERS THAT ARE VERY SATISFIED AND HAVE BEEN FUNDED BY RFG. THESE ARE ALL REFERRING BROKERS ON THIS TREAD AND THEIR COMMENTS SHOULD NOT EFFECT YOUR DECISION. FOR YOU ARE PLACING YOUR PROJECTS FUTURE IN THE HANDS OF INEXPERIENCED REFERRING BROKERS NON-SENSE. IF RFG WONT FUND, NOR WILL ANYBODY ELSE. YOU AS BORROWERS NEED TO REMEMBER, THAT REFERRING BROKERS LIKE IMROBBY2, DO MORE DAMAGE TO A DEAL THEN THE LENDER. I WILL GIVE YOU SEVERAL EXAMPLES AND REFERENCE TO THE VALIDITY OF THAT COMMENT AS WELL!
by MASTER COMMERCIAL BROKER September 14, 2007 12:00 AM
by Lancelot September 16, 2007 12:00 AM
About RFG, I just want to say some truth without any personal opinion.
My 2 clients put in their applications to RFG in the end of 2005 and early of 2006. They paid totally $100k due diligence fee. RFG´s VP went to visit my clients till the early of 2007. RFG said it was the last phase. My clients would receive their money soon, if Lends had no questions.
After that, RFG asked some questions to my clients in April. And my clients answered all questions and sent it back to RFG in June. But till now, RFG doesn´t ask any more question, and of course, no any reply for the loan.
My another client, it puts its application and $200k due diligence fee to RFG in the middle of 2006. After 3 months negotiation, the Term Sheet was accepted by both sides in the middle of 2007. But after that, RFG becomes very very quiet. Don´t answer email and phone. And the due diligence isn´t be set up. But my client has paid due diligence fee for 14 months!
I don´t know if other people in here find this problem in RFG´s documents. But I have found my times. In RFG´s formal documents, I found some low-level mistakes in the key term many times. Even after I informed RFG there was key mistake in the documents, I still can find the same mistakes from the documents that RFG sent to me again.
So far, RFG looks like disappeared from the world. It has no any more question to my clients, and doesn´t tell them if their projects can be closed. The worst thing is RFG doesn´t answer phone and email.
I really wish I´d read articles in here before my clients put in their applications and due diligence fee.
by Lancelot September 16, 2007 12:00 AM
Question to imrobby2, Where did you find the lawsuite info. I searched without success.
by pothio September 17, 2007 12:00 AM
It is obvious, by the same incorrect spelling of "suit", that Pothio and Master Commercial Broker are the same person. They both spelled it "suite".
by frogger September 18, 2007 12:00 AM
THAT CORRECT FROGGER WE HAVE A PLOT TO COME IN HERE WITH ALL DIFFERENT AKA´S TO TRICK PEOPLE. YOU ARE A REAL PIECE OF WORK. ANY BROKERS THAT ARE INTERESTED IN DOING THIS THE CORRECT WAY, SEND YOUR EMAIL ADDRESS TO INQUIRINGBROKERS@YAHOO.COM. I WILL NOT BE VISITING THIS SITE ANY LONGER, FOR PEOPLE LIKE FROGGER JUST DO NOT GET IT, AND WANT TO CRY BECAUSE THEY DO NOT KNOW ANYTHING OR ANYONE IN THIS BUSINESS TO GET PROJECTS FUNDED. . I LOSE 20 IQ POINTS EVERY TIME I READ ONE OF HIS THREADS. GOOD LUCK TO ALL ON YOUR FUTURE SUCCESS. FROGGER I WOULD WISH YOU SUCCESS IF I COULD, BUT IT IS CLEAR YOU ARE AN IDIOT THAT HAS NEVER CLOSED ANYTHING BUT YOUR EYELIDS!!!!! AND THAT IS AN INVOLUNTARY ACTION! GUYS, FOLLOW FROGGERS ADVICE AND YOU WILL END UP BROKE. UNLESS YOUR DADDY IS A POLITICIAN THAT PAYS YOUR WAY AND STILL WIPES YOUR TAIL.
by MASTER COMMERCIAL BROKER September 20, 2007 12:00 AM
Master Commercial Broker-
I have not given any advice on this thread and there certainly was no crying, you idiot! That is too bad about your IQ, because as we can all tell, your IQ does not have room to go down. You do need to put the bottle down, or pull it out of your behind, and go back to school to learn how to spell. Then you can move up to doing some math and will realize that your numbers mentioned on this thread do not match reality. Your propaganda on this site is simply that!
You are on this thread simply to try to have people daisy chain their deals through you instead of sending to them to a true funding source. I highly recommend that people on this thread NOT send any deals to this idiot as he is just trying to make money from your deals since he does not have ANY of his own! We can ALL type a bunch of BS on this thread like Master Commercial Broker has chosen to do, but that would bring all of us down to his level.
Yes, I know who you are and I would like to say that fat, bald, stupid, and drunk is no way to go through life. YOU ARE A LOSER and ALWAYS WILL BE!
by frogger September 20, 2007 12:00 AM
YOU HIT IT RIGHT ON THE HEAD FROGGER. I, TOO, HAVE DISCOVERED THAT MASTER COMMERCIAL BROKER IS A CON ARTIST LOOKING TO MAKE MONEY ON OTHER BROKERS DEALS AND TAKE UPFRONT MONEY FROM CUSTOMERS FOR LOANS HE CANNOT PLACE. HE IS ANOTHER DAISY CHAIN AND WANTS BROKERS TO SIGN AN AGREEMENT WITH HIM THAT REFERS TO YOU AS AN "ASSOCIATE BROKER" AND GIVES HIM RIGHTS TO YOUR FEE. THEN HE SEND IT TO YET ANOTHER BROKER WHO WANTS A FEE AS WELL....AND SO ON...
THE COMMERCIAL LENDING WORLD HAS MANY SHARKS AND MASTER COMMERCIAL BROKER IS ONE OF THEM. STAY AWAY FROM HIM AND HIS FRIENDS WHO STARTED RFG. WHY DO YOU THINK HE IS GOING THROUGH ALL THIS EFFORT TO STICK UP FOR THEM???
IF YOU LOVE BANK OF AMERICA AND YOU HEAR SOMEONE ELSE BASH THEM, WOULD YOU GO TO HIS EXTENT TO DEFEND THEM? I DON´T THINK SO! THINK ABOUT IT???
WHY IS HE THE ONLY ONE ON THIS THREAD DEFENDING RFG??? DON´T BE FOOLED BY THE CON ARTIST! HAS ANYONE ELSE IN THIS WORLD HAD A POSITIVE EXPERIENCE WITH RFG??? IF SO, PLEASE STEP FORWARD. OH, I FORGOT. MASTER COMMERCIAL COMMERCIAL BROKER IS THE ONLY PERSON IN THE WORLD WHO KNOWS HOW TO GET A DEAL FUNDED AND THEREFORE IS THE ONLY PERSON WHO COULD HAVE FUNDED A DEAL WITH RFG. HE IS ALSO THE ONLY PERSON IN THE WORLD WITH ANY CONTACTS IN THIS INDUSTRY. THE REST OF US SHOULD SIT BACK AND WAIT ON HIM TO WRITE A BOOK AND HOPE HE WILL ALLOW US TO BUY A COPY. HOW DID HE ACQUIRE THIS MONOPLOLY ON COMMERCIAL LOAN RESORCES???
FROGGER....YOU ARE ALSO CORRECT IN THE FACT THAT HIS NUMBERS MENTIONED THROUGHOUT THIS THREAD DON´T MESH WITH WHAT EVEN RFG CLAIMS THEIR FUNDINGS TO BE THEMSELVES.
PEOPLE LIKE MASTER COMMERCIAL BROKER ARE WHY OUR INDUSTRY HAS SUCH A BAD REPUTATION. I ADVISE ANYONE READING THIS THREAD TO RUN AS FAST AS YOU CAN AWAY FROM ANT FURTHER CONATCT WITH HIM. HE IS MISREPRESENTING HIS CAPABILITIES, TO SAY THE LEAST.
by cbroker07 September 20, 2007 12:00 AM
Wanted to add my comments about Remmington Financal Group. I also found them to be unhelpful. Delay and obfuscation are the key bywords for this company. Unfortunately one of our clients lost a significant sum. We will certainly not recommend this company to anyone in the future.
by GoneSouth September 21, 2007 12:00 AM
CLUELESS cbroker07, IT IS REALLY HARD TO SCAM PEOPLE ON UP FRONT FEE WHEN MY FIRM DOES DO NOT CHARGE ANY!! WE GET PAID WHEN OUR DEALS CLOSE! I FIND THIS COMICAL, FOR I SIT IN MY TRAINING MEETINGS AND BRING UP THIS THREAD. WE TEACH OUR NEW EMPLOYEES THE DO´S AND DONT´S OF THIS BUSINESS BY READING YOUR RIDICULES STATEMENTS. YOU GUYS ARE HILARIOUS, AND BROKE!! THAT IS WHY YOU ALL HAVE THE ATTITUDES YOU DO, BECAUSE YOU CAN NOT CLOSE DEALS, AND ARE PISSED AT EVERYONE ELSE. KEEP PUTTING YOUR FAITH IN OTHER INEXPERIENCED BROKERS ON THIS THREAD INSTEAD OF WORKING ON LENDERS, AND YOU WILL HAVE SHORT LIVED CAREER IN THIS INDUSTRY. 98% OF YOU WILL BE BACK IN THE WORKFORCE BY JANUARY 2,2008. THIS IS FACTUAL STATISTICS!!
WE SIGN NDA´S THAT CLEARLY STATE WE BRING ONLY LENDERS NOT BROKERS, AND GIVE 50% OF THE LENDER APPROVED POINTS TO THE REFERRING BROKERS. SO AGAIN YOU ARE WRONG, AND CLUELESS ON THIS PROCESS.
I AM THE ONLY ONE DEFENDING THEM, BECAUSE I AM THE ONLY ONE WITH A CLUE ON WHAT IT TAKES TO CLOSE A DEAL, AND MAKE A LIVING DOING SO. I STARTED RFG, THAT IS EVEN FUNNIER. RFG HAS A BOARD OF DIRECTORS, NOT A BUNCH OF FRIENDS. AGAIN WRONG.
ALSO GO OVER YOUR LIST OF LENDERS AND TELL HOW MANY ARE FUNDING IN FL RIGHT NOW? AND YOU WILL FIND, WELL YOU DO NOT HAVE LENDERS. BUT IF YOU DID, YOU WOULD FIND THAT 99% WILL NOT FUND A DEVELOPMENT DEAL OR OTHERWISE IN FL. HOWEVER RFG DID TWO MONTH AGO. WHICH IS IMPRESSIVE IN ITS OWN RIGHT. HOWEVER YOU MUST KNOW THIS BUSINESS, AND IT IS CLEAR YOU DON´T. YOU WILL BE THE STAR OF MY TRAINING SEMINAR NEXT TUESDAY, AND WE WILL ALL GET A LAUGH OUT OF YOUR OUTLANDISH STATEMENTS. YOU MUST BE A RESIDENTIAL BROKER TRYING TO GO COMMERCIAL AFTER YOUR RE-FI BOOM CRASHED. THAT IS THE ONLY WAY YOU WOULD BE THIS CLUELESS.
THANK YOU FOR THE MATERIAL.
LET SEE YOU GET THIS ONE DONE IN CENTRAL FL.
$60,000,000 –Multi-family Deal / $2MM Co-Sponsor equity investment to complete the purchase of 1100 apartment units in central Florida . $2M equity was arranged and invested alongside Affirmative Equities, the sponsor and operator and Lasalle Investments, AEC´s institutional equity partner.
by MASTER COMMERCIAL BROKER September 22, 2007 12:00 AM
I have been following this thread for some time now and I laugh every time I read it! Master Broker, you are the only one that has a clue as to how this business works! I was amused to see that you use this as a training website for your employees, and having 27 employees myself I will take your lead. I do conference calls every week with referring brokers (I schedule them all on Thursdays because it takes me 3 days to restore the I.Q. points I lose from communicating with these people) My advice to you would be to use this as a training tool ONLY and don´t bother with these clueless, unprofessional,inexperienced bottom feeders. When New York Stock Market was started in the 1800´s there were 24 brokers that had the inside scoop and the rest were locked out and NEVER given any SOLID leads, these people are the modern day outsiders that we DON´T want in our circle. These people will fade out as the market continues to worsen (The cleaning out period as we call it). Unfortunately, when the market picks up again we will have a whole new set of inexperienced brokers to try and train. Don´t let them get to you and I think you are wasting your time trying to teach them the ropes because they don´t get it and NEVER will. Lets keep this upper sanctum small and keep the deals coming, because eventually they will come to firms like ours anyways. Good luck to you! I wish I could say the same to the rest of you!
by Tired of Green Brokers September 22, 2007 12:00 AM
Commercial Broker, I would like to contact your firm and perhaps do business together. Lets figure out a way to connect without idiots like frogger finding out who we are. His family must come from world of politics or even worse, southern *******
by Tired of Green Brokers September 22, 2007 12:00 AM
TIRED OF GREEN BROKERS; I HAVE INSTRUCTED MY I.T. GUY TO SET UP A EMAIL ADDRESS AND I HAVE MY INTAKE GENTLEMEN SCREENING OR WEEDING OUT THE STUBBORN, DO IT THEIR WAY BROKERS WITHOUT A CLUE. PLEASE EMAIL ME AT INQUIRINGBROKERS@YAHOO.COM. BECAUSE I HAVE GOTTEN A FEW BROKERS OUT OF HERE THAT ARE DOING A GREAT JOB. WE HELP THEM SET UP THEIR PIPELINE AND DEAL FLOW, AT NO EXPENSES TO THEM, UNLIKE cbroker07 WOULD LIKE EVERYONE TO BELIEVE. WE WORK HARD TO GET THE "GO GETTERS", WITHOUT EGO´S WHICH UNDERSTAND IT IS PLAYED BY THE LENDERS RULE. PLEASE EMAIL THAT ACCOUNT AND I OR ONE OF THE OTHER TWO PRINCIPALS OF MY FIRM WILL CONTACT YOU. WE TRAIN THEM TO LOOK AT A DEAL, AND LOOK FOR PRINCIPAL INJECTION, HOW MUCH THEY NEED, LOCATION OF PROJECT, AND THE CLTV. ONCE WE HAVE THOSE NUMBERS, THEN WE CAN ASCERTAIN WHICH LENDERS WILL TAKE IT PER THEIR CRITERIA. ALTHOUGH THESE BROKERS GET 100% DEAL, OR 110% AFTER FEES, POINTS AND INTEREST RESERVE AND SENT IT TO A LENDER WHICH WILL NOT DO BOTH EQUITY AND DEBT, WHICH A DEAL LIKE THIS EXAMPLE ABOVE WOULD NEED. WE TEACH OUR NEW BROKER ASSOCIATES HOW TO PICK APART A DEAL BEFORE WASTING TIME ON IT. I UNDERSTAND YOUR FIRM GETS IT, FOR YOU HAVE 27 EMPLOYEES. I LOOK FORWARD TO MEETING YOU SOON!ALSO I LIKE YOUR HISTORY ON THE STOCK MARKET FOR YOU ARE 100% CORRECT, AND EVEN AS FAR BACK AS THE 1800 WE HAD BROKERS THAT SAID THEY WERE IN THE CIRCLE AND CLEARING WERE NOT. THESE WERE THE BROKERS THAT WOULD BE ON THIS THREAD IF IT WAS AVAILABLE BACK THEM.
by MASTER COMMERCIAL BROKER September 23, 2007 12:00 AM
I can´t believe that amount of attention you people are giving this thread? You are all a bunch of clowns that have very little knowledge of the commercial finance industry.
Tired of Green Brokers-
You are the biggest broker joker of anyone on this thread. Your comments have no substance? Why are you even here? You could have sent an email to MCB w/o posting your childish comments.
imrobby2-
You obviously lack experience in this business and have chosen to bad mouth RFG because they were not able to close your ONE loan. FYI...only about 1 out of 15 deals ever close in this business. You need to find 14 more.
Frogger-
Funny guy, you made me laugh out loud from your last response. Nice comeback, but what did you accomplish? Anyone with half a brain will notice that MCB is full of it.
Master Commercial Broker (MCB)-
You are wrong many more times than you are right. Also, I have many lenders still performing on development loans in FL. I will be happy to help you get your deals closed in FL and pay you a referral in the amount of 40%.
cbroker07-
I can see where you are coming from, but what is the point of wasting your time here?
This is all I can take of this non-sense. I´m outta here!
by Commercial Loan God September 26, 2007 12:00 AM
I am a inventor with a unique project in the world and I am looking for eqity sharholder.But I see here that they charge fee. The question is: why when they are professional to evaluated your project ,they should know if your project is strong or not at the start.Easy to know!
For me if they charge you fee in advance it prouve that it´s not serious.But I understand that nobody is working for free.
The solution would be paying them at the closing deal.
Why not?
If any one as some investors interested in a major project ,have a look and I will give 10% of the investment at the person that bring me a investors.
http://www.windowwashingsystem.com
Cordially Stephane inventor!
by stephane September 27, 2007 12:00 AM
This ad has been removed.
by backgroundgrrl April 9, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 9, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 9, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 9, 2008 12:00 AM
I BELIEVE EACH AND EVERYONE OF YOU LOST MONEY, AND NEVER DISPUTED THAT. MY DISPUTE IS OVER HOW THE DEAL WAS PRESENTED, THE STRENGTH OF THE DEAL, MONEY INJECTED BY THE CLIENT, OR WAS IT A RESIDENTAL DEVELOPMENT DEAL IN FL WITH A 110%LTV, WITH FEES, INTEREST RESERVE AND POINTS. WHAT WAS THE EXIT PLAN, AND DID THE CLIENT PROVE THE VALIDITY OF THE DEAL. I GET DEALS EVERYDAY THAT ARE WEAK AS EVER. HOWEVER THE CLIENT THINKS THEY ARE THE GREATEST BECAUSE WALMART IS MOVING IN DOWN THE STREET, THEREFORE MY DEAL IS STRONG. I USE THIS THREAD AS TRAINING, AND TO SHOW OUR STAFF HOW IMPORTANT IT IS TO PRESENT A DEAL IN THE CORRECT FASHION, AND KNOW YOUR JOB!! IF EVERYTHING IS IN LINE, AND YOU GET ALL OF THE QUESTIONS ANSWERED THAT YOU KNOW THE LENDER IS LOOKING FOR BEFORE SUBMITTING IT, YOU WONT HAVE THESE PROBLEMS.I HAVE GOTTEN SEVERAL BROKERS OFF THIS THREAD AND HAVE READ THE BP THEY SUBMITTED TO RFG. AND IT IS NO WONDER THEY DID NOT FUND. ALL WERE INEXPERIENCED BROKERS WITH ONE-FIVE DEALS IN THEIR PIPELINE THAT THEY WERE BETTING ON. THE DEALS THAT COME TO THE NEWER PEOPLE IN THE BUSINESS ARE THE WEAKER ONES THAT HAVE BEEN FLOATING AROUND AWHILE IN MOST CASES. ONCE YOU BUILD YOUR CLIENT BASE AND REPUTATION YOU GET STRONGER, FUND-ABLE DEALS. I WENT THROUGH THE SAME THING WHEN I STARTED, LOOKING AT THE SCOTSMANS GUIDE AND SPAMMING THEM OUT. YOU NEED TO MANAGE YOUR DEALS, AND KNOW THIS GAME LONG BEFORE YOU GET INVOLVED. PEOPLE THINK THIS IS A SIMPLE CAREER. JUST GET A DEAL, SEND IT TO A LENDER, AND WAA-LAA I AM RICH. THIS IS NOT THE CASE. THIS THREAD PROVES THAT. THE CLIENT WILL ALWAYS TELL YOU HOW GREAT THERE DEAL IS, ONE OF A KIND, AN INVESTORS DREAM!! UNTIL YOU BREAK IT DOWN AND FIND OUT IT IS WEAK AS EVER. I NEVER HAVE PROBLEMS AND THE ONES I DO HAVE PROBLEMS WITH ARE THE ONES THAT CAN NOT PROVE WHAT THEY PRESENTED EARLIER IN THE GAME. I WILL BE WILLING TO BET THAT EVERYONE ON THIS THREAD ARE SELF EMPLOYED BROKERS WITH LESS THEN 1 TO 2 YEAR IN THE BUSINESS. THERE MAY BE A FEW THAT HAVE BEEN AROUND LONGER, HOWEVER I WILL SAY THERE ARE NO LARGE, EXPERIENCED FIRMS ON HERE THAT WERE TAKEN BY RFG, AND IF SO IT IS LESS THEN 2%. RFG DID 35% BUSINESS LOANS LAST YEAR AND 65% REAL ESTATE. FUNDING OVER 800M IN HOUSE. FUNDING, NOT FEES. THAT IS ALSO PUBLIC RECORD CHECK IT OUT. ONE OF MY CLIENTS TURNED ME ONE TO THIS THREAD, AND THIS CLIENT WAS FUNDED IN THE AMOUNT OF 37.5M FROM RFG. HE STATED HE WAS GLAD HE DID NOT TAKE THE ADVICE OF THIS THREAD, OR HE WOULD STILL BE SEEKING CAPITAL. IF THE DEAL IS WORTHY IT WILL FUND. NO LENDER WILL FUND A PIPE DREAM FROM A GOOD SALESMEN PRINCIPAL! WE HAVE ALL HAD THOSE CLIENTS AS WELL.
by MASTER COMMERCIAL BROKER October 3, 2007 12:00 AM
FOR FROGGER THE COWARD;;I RECEIVED THIS FROM FROGGER UP THE THREAD AND DID NOT SEE IT EARLIER. WE FOUND IT YESTERDAY DURING TRAINING AND GOT QUITE THE LAUGH. HOWEVER, I AM NOT FAT AT 6 FT AND 185LBS, I DO NOT DRINK AND HAVE NOT SINCE MY KIDS WERE BORN OVER 3 YEARS AGO. BECAUSE THEY COME FIRST, LONG BEFORE HANGOVERS. PLUS I NEVER WAS A DRINKER TO BEGIN WITH! I AM AWAKE AND WORKING 16-18 HOURS A DAY, AND I TRAIN 6 DAYS A WEEK,SO YOU HAVE THE WRONG GUY. I WOULD LIKE FROGGER TO CALL ME DIRECT. YOU HAVE MY NUMBER SO YOU SAY. I WILL BE MORE THEN HAPPY TO GET ON AN AIRPLANE I COME AND SEE YOU. I DO NOT HAVE A PROBLEM WITH THAT AT ALL. YOU HOWEVER WILL NOT PROVIDE THIS INFORMATION, FOR YOU ARE COMPLETELY WRONG ON WHO I AM. SO EMAIL ME AT INQUIRINGBROKERS@YAHOO.COM IF YOU HAVE THE STONES, BUT YOU WONT. YOU ARE JUST ANOTHER CLUELESS WANNA-BEE WITH NO STONES. ONCE I RECEIVE YOUR INFORMATION I WILL TAKE THE NEXT FLIGHT OUT. PUT UP OR SHUT UP!! LET SEE FOLKS HOW STRONG AND VIABLE MR FROGGER IS, BET HE WILL NEVER EMAIL! ANYONE TAKING BETS? HE LIKES TO HIDE BEHIND HIS COMPUTER SCREEN AND BLAME EVERYONE ELSE WHICH IS INDICATIVE OF HIS KIND, WITH NO BRAIN AT ALL. PLUS I SEE YOU LIKE THE MOVIE ANIMAL HOUSE, FOR YOU ARE PARAPHRASING LINES FROM THE MOVIE. PUT DOWN THE REMOTE AND LEARN THE BUSINESS. PLEASE, AND I SAY PLEASE CALL OR EMAIL ME, BUT AGAIN YOU NEVER WILL. FOR IF YOU TRULY KNOW ME, YOU KNOW MY BACKGROUND, AND KNOW I WILL COME AND SEE YOU. THUS, CAUSING YOU TO HIDE LIKE A LITTLE PUSS BEHIND YOUR COMPUTER SCREEN. I HAVE BEEN A FIGHTER BY SPORT FOR OVER 18 YEARS, AND WOULD BE MORE THEN HAPPY TO KEEP UP MY TRAINING WITH YOU. AGAIN LETS SEE IF YOUR STONES ARE AS BIG AS YOUR MOUTH. AGAIN IT IS INQUIRINGBROKERS@YAHOO.COM. EVERYONE READING THIS, I WILL KEEP YOU INFORMED ON THE COURAGE OF FROGGER. THIS WILL PROVE HE IS NO ONE TO LISTEN TOO, HE IS JUST FULL OF HOT AIR, NO COURAGE AND A COMPLETE JAG OFF. HERE IS YOUR CHANCE, IT IS YOUR MOVE NEIDIMEYER! ALSO ANYONE ELSE THAT WOULD LIKE TO CONTACT ME, I WILL PROVE MY PIPELINE HAS OVER 250 DEALS IN IT, AND I WILL PROVE THAT TO WHOM EVER EMAILS ME. IT JUST GOES TO SHOW YOU HOW WRONG THESE GUYS ARE ON THIS THREAD, SO BELIEVING THEM IS LIKE BELIEVING IN THE EASTER BUNNY. FROGGER ONE THING I DO NOT NEED IS OVER SHOPPED DEALS, AND WEAK CLIENTS WHICH FILL YOUR DEAL FLOW. YOU CAN HAVE THEM. I USE THIS FOR TRAINING MY EMPLOYEES, YOU USE IT TO COMPLAIN THAT YOUR 1 DEAL DID NOT CLOSE AND YOU NEED TO GO BACK ON STATE ASSISTANCES!! INQUIRINGBROKERS@YAHOO.COM, I AM WAITING FROGGER!!! ALSO AS FAR AS MY NUMBERS PLEASE CLARIFY, WOULD LOVE TO SEE WHAT YOURS ARE, THEN WE WILL KNOW FOR SURE YOU ARE A CLUELESS RESIDENTIAL BROKER TRY TO GO COMMERCIAL. I AM BEGGING YOU TO EMAIL ME, MY STAFF HAS $600.00 POOLED TOGETHER THAT HE WILL NEVER CALL OR EMAIL, WAIT, DAVE JUST MADE IT $650 AT MY ROUND TABLE HERE. DO YOU HAVE 650 DOLLARS FROGGER OR DO YOU NEED TO BORROWER IT FROM ME. I HAVE ONE PERSON HERE THAT THINKS YOU WILL EMAIL, I WOULD LOVE TO PAY HER THE 650, BUT THERE ARE NO WORRIES!
I have not given any advice on this thread and there certainly was no crying, you idiot! That is too bad about your IQ, because as we can all tell, your IQ does not have room to go down. You do need to put the bottle down, or pull it out of your behind, and go back to school to learn how to spell. Then you can move up to doing some math and will realize that your numbers mentioned on this thread do not match reality. Your propaganda on this site is simply that!
You are on this thread simply to try to have people daisy chain their deals through you instead of sending to them to a true funding source. I highly recommend that people on this thread NOT send any deals to this idiot as he is just trying to make money from your deals since he does not have ANY of his own! We can ALL type a bunch of BS on this thread like Master Commercial Broker has chosen to do, but that would bring all of us down to his level.
Yes, I know who you are and I would like to say that fat, bald, stupid, and drunk is no way to go through life. YOU ARE A LOSER and ALWAYS WILL BE!
by frogger September 20, 2007
by MASTER COMMERCIAL BROKER October 3, 2007 12:00 AM
I have been viewing this blog sporadically for a couple of months, and now feel compelled to write. I am a mortgage broker and co-own my company. I have been doing commercial loans for about 6-7 years. I have only sent one loan to RFG and it closed. It is currently posted on their website. I have one loan in with them currently that is in underwriting (west).
I usually try to investigate lenders, particularly if I have no history with them, or if I just want more info on how they do business. It is disturbing to read some of the experiences mentioned above, however, my experience is that there are way more crappy deals out there than do-able deals.
Unfortunately, the commercial loan "intake system" is arcane and difficult. Additionally, the system of taking a large upfront fee by a "lender", and the difficulty of knowing and/or proving how "bankable" a deal is-- or should be--is not easy,and IMO, lends itself to potential misuse by the entity receiving the fee. Sorta like the webpage cited above by Idcali07; the case seems to be about some folks purporting to be lender/broker types that took some upfront fees, but no loan was forthcoming. Probably is happening a lot-could even happen at your local bank. Doesn´t mean it´s ok--hard to prove-- but if that´s the best you got on RFG, it´s kinda thin, it´s over 10 years old.
I have nothing negative to report at this time about RFG. I did have a rep from their east coast office come down to my office about two years ago while he was in the area to pitch financing to my client for a $160MM development. I chose not to use RFG for that transaction, due to the terms offered.
I have recently seen two transactions (not RFG) where an upfront fee was paid to two different lenders and no loan closing occured. In one case it was a "lender" that probably was not completely ethical, and in the other, the lender just didn´t understand what my client was trying to accomplish and a really low appraisal did not help. I hope that Remington is on a higher road than perceived through some of the postings here.
by VMCBroker October 3, 2007 12:00 AM
This ad has been removed.
by backgroundgrrl April 9, 2008 12:00 AM
Workingworld: Appreciate the recommendation but in the case of the lender that appeared to operate unethically, the client is utilizing their own attorney to seek satisfaction; in the second case, the lender did appear to process/underwrite the loan. There is little chance that any money would be forthcoming from them. Just because a loan doesn´t close doesn´t mean retribution or litigation is required. The only one that wins in that case is the attorneys. I have given my recommendation to my clients. It is up to them on how they want to proceed.
by VMCBroker October 4, 2007 12:00 AM
VCM BROKER; YOU ARE 100% CORRECT AND CLEARLY KNOW THE BUSINESS. WORKINGWORLD, YOU HAVE TO PROOF IN A COURT OF LAW THAT THEIR INTENTIONS WERE TO NEVER FUND, AND THAT IS HARDER THEN YOU THINK. WHAT SOME OF YOU PEOPLE DO NOT UNDERSTAND WITH ALL YOUR CLAIMS OF FRAUD. THEY CHARGE YOU THIS FEE AND ISSUE A LOI WITH THE UNDERSTANDING THAT EVERYTHING YOU HAVE PRESENTED IS CORRECT. ONCE YOU ENGAGE THEM WITH A FEE, THEY THEN BEGIN TEARING YOUR BUSINESS PLAN APART TO CHECK THE VALIDITY OF EVERYTHING YOU WROTE. THAT IS NOT DONE BEFORE THE LOI IS ISSUED. IT IS A LETTER OF INTEREST, SAYING WE ARE INTERESTED IF THIS DEAL IS THE WAY IT IS PRESENTED HERE ON PAPER. NOW PROVE IT!! AND IF THEY CAN NOT, LIKE MANY CAN´T THEY LOSE THERE MONEY. RFG´S DOWN FALL IS ADVERTISING IN THE SCOTSMAN GUIDE, BECAUSE THEY GET ALL THESE DEALS FROM BROKERS THAT ARE NOT GOOD (THE DEALS THAT IS) FROM AN INVESTORS STAND POINT, BUT THE COMMISSIONS TO THE BROKERS LOOK GREAT,SO THEY SHIP TO WHO EVER WILL LOOK AT IT. MOST TIME NEVER ASKING THE PERTINENT QUESTIONS TO ENSURE THIS DEAL IS DECENT ENOUGH TO EVEN MOVE TO LENDER. IF THE INVESTMENT IS SOLID, WITH A SOLID EXIT PLAN, AND CAN BE PROVEN BY THE BORROWER RFG WILL FUND IT. IF IT IS WEAK AS THEY PROCEED THROUGH THE UNDERWRITING AND FIND MISREPRESENTATIONS IT WONT FUND. PLAIN AND SIMPLE. NEITHER WILL A BANK, PENSION FUND, INSURANCE FUND, REGULAR DEBT LENDERS, EQUITY PARTNERS, ETC. PROVE THE DEAL IS WORTHY AND IT WILL FUND. I HAVE HAD PEOPLE PAY THEIR FEES TO RFG AND THEY DID NOT GET FUNDED, ABSOLUTELY I HAVE. BUT I KNOW WHY THEY DID NOT FUND, AND IT WAS BECAUSE THEY COULD NOT PROVE 100% THAT THEY CAN REPAY THE LOAN. AND A GOOD IDEA AND "WE THINK WE CAN DO IT" IS NOT A VIABLE EXIT PLAN.
AS FAR AS MY THREAD WITH FROGGER IT IS ANOTHER TRAINING TOOL WE ARE USING, FOR THIS IS ALL THIS THREAD IS GOOD FOR. MY CLASS OF 7 IS EAGERLY AWAITING FROGGER RETURN COMMENTS, THEN WE WILL SHOW PEOPLE IN THIS THREAD OUR MOTIVE. IF YOU NOTICED I WENT BACK OVER A WEEK LOOKING FOR A COMBATIVE THREAD TO USE FOR OUR TRAINING. NOT TO MENTION YOU SHOULD HAVE NOTICED WITH WALL STREET CLOSING DOWN, AND THE LARGER BANKS NOT DOING MUCH DEVELOPMENT ANYMORE, THE RATE OF GOOD DEALS FLOATING AROUND ARE 1 IN 100. WE TURNED DOWN 6 THIS WEEK. I CAN TELL YOU, LISTEN TO VCMBROKER IF YOU DO NOT WANT TO LISTEN TO ME, BECAUSE HE IS A REAL PLAYER IN THIS MARKET. YOU CAN TELL BY HIS EDUCATED COMMENTS! WELL DONE VCM!
by MASTER COMMERCIAL BROKER October 5, 2007 12:00 AM
Master Commercial Idiot/Liar/Moron/Big Mouth/Punk-
My apologies to all for being delayed as I have been in Texas visiting a developer client closing on an $84MM waterfront A&D loan. 59% LTC, it was an easy one.
I would like to point out that YOU initiated an attack on brokers on this thread. It is one thing to try to support the "upfront fee hungry" RFG, but you have chosen to degrade brokers on this thread, including myself, as part of your support of RFG. Why go through such measures? What do you gain from trying to make others feel less experienced than you? Unless you are trying to have them buy your BS and send their commericial deals to you so you can get 50% of their fee as you have indicated? If they send their deals to you, is that not a daisy chain??? You are a BROKER, not a lender. Sure, you will type some reply BS on this thread about how you are the ONLY one that will get their deal closed, because you are the ONLY one that knows how to package a loan, because you are the only one that knows how to establish a relationship with a lending source, because you know how to get in the back door ("get it" in the back door is more likely)because, because, because....oh yeah, I almost forgot, because you are the midle weight champion of the world! If you have sooooo much business of your own, why then are you soliciting business on this thread from green residential brokers whose deals would ONLY slow down your deal flow?
Note, I used the term "upfront fee hungry" in relation to RFG above. Prior to the above paragraph, I did NOT say one negative thing about RFG. However, Master Commercial Loser states in his blog to me that I am "using this thread to complain that my one deal did not close"??? Someone please point out where in this thread where have I indicated that I sent a deal to RFG? Or where I spoke negatively about RFG? This proves the idiocy of Master Commercial Moron! By the way, I thought you were not visiting this thread any longer due to loss if IQ points? Another example of your words being meaningless.
You state, "send me an email and I will prove that I have 250 deals in my pipe". Why do you need an email? Prove it on this thread! Borrower names, phone numbers, addresses and funding sources. You will not mind giving us all that info since you don´t have to worry about us stealing your deals, because you are the ONLY one that knows how to get them funded. Post them here on this thread if you have them! Anyone can list loan amounts, loan types, cities, etc. That is all BS! Put up on this thread or shut up! Yes, I will call them. And we will see how many you lose. Sound like fun? Post them big mouth!
Now, I will get on your level....
You CAN email me and I WILL look forward to you getting on the airplane. I have instructed MY I.T. guy to set up an email account just for YOU. It is EmailFromPunks@aol.com. Again EmailFromPunks@aol.com.
I LOOK FORWARD TO HEARING FROM YOU!. EMAILFROMPUNKS@AOL.COM.
I WILL UPDATE THIS THREAD IF YOU HAVE THE KAHUNAS TO EMAIL. THIS PUNK IS BEING CALLED OUT! DO NOT SEND YOUR DEALS TO HIM! HE IS GETTING A SPLIT OF THE UPFRONT FEES FROM RFG!!! NO LOANS OF HIS OWN, SO HE WANTS TO MAKE MONEY ON YOURS.
ANY BROKERS ON THIS THREAD THAT HAS SENT A DEAL TO MASTER COMMERCIAL LIAR AND HAD IT FUND, PLEASE LET THIS THREAD KNOW. POST THE DEAL HERE IF IT HAS FUNDED. HE STATES HE HAS FUNDED DEALS FOR BROKERS ON THIS THREAD? LETS SEE THEM. LETS US HEAR FROM YOU, THE BROKERS. ANYONE WANT TO BET ON HOW MANY WE HEAR FROM??? NO ONE IN MY OFFICE WILL BET!
I AM WAITING MR DYNAMITE!!! OR, WOULD BUNKY BE MORE APPROPRIATE??? EMAILFROMPUNKS@AOL.COM. PLEASE COME SEE ME!!! I WILL REIMBURSE YOU FOR THE PLANE TICKET!!!
HIDING BEHIND A KEYBOARD WITH THE MOUSE UP YOUR _SS! COME ON OUT. EMAIL ME AT EMAILFROMPUNKS@AOL.COM!!! I AM HERE AND WAITING!!!
EMAILFROMPUNKS@AOL.COM!!!!
SHOW ME I AM WRONG ABOUT WHO YOU ARE!
by frogger October 5, 2007 12:00 AM
Master broker is full of it. Why don´t you list the last 5 specific projects you closed with RFG? ANY COMPANY THAT TAKES LARGE DUE DILIGENCE FEES ON EVERY DEAL SENT THEIR WAY ARE NOT ETHICAL!
by ARTOFTHEDEAL October 7, 2007 12:00 AM
Below is an email a collegue of mine recieved today from Remington Financial Group regard their closings "this week" and their expected closings "this year". They claim to have funded a total of $138.6MM in the last "week". They also state they are "expecting" to close $1.2 billion this year. fyi...$138.6MM divided by $1.2 billion = 11.6%. So that would mean that they funded 11.6% of their yearly volume in the last week! Goes to show once again how they will lie!!!
Then if you add the fundings Master Commercial Commercial Broker "claimed" to have with them, the lies stick out even more!
Think about it? RFG is claiming to have funded $138,600,000 in the last week. Multiply that times 52 weeks and that would be $7.2 billion +. I realize that every week will not be equal Master Commercial Broker, but you get the point. You and RFG are full of it!
I truly suspect Master Commercial Broker is being compensated in some way by RFG in return for supporting them on this thread. I would not recommend anyone doing business with either of them. Remember, they have each other, they don´t need you.
Here is the email sent out by RFG.....
Weekly Closing Update
Volume 14 Issue 10 Week 1
Remington Financial Group, Inc. is having its most successful year ever. By years end RFG is expecting to close in excess of $1.2B in transactions. RFG is an investment banking firm that has the knowledge and experience to navigate through the challenging markets. At this point we are seeking transaction from $500k and up with generous broker compensation plans.
$90,000,000 Luxury Apartment Financing
Florida
$13,600,000 Luxury Apartment Refinancing
Pennsylvania
$22,500,000 Office Complex Acquisition
Pennsylvania
$12,500,000 Pre-development Land Loan
North Dakota
It is easy to recognize that the numbers are made up!
by cbroker07 October 8, 2007 12:00 AM
See posting above on August 16th, 2007. Master Commercial Broker states.....
"We have numerous deals with RFG that equate to billions of dollars, THEY PERFORM for us, however, we play by the rules of the Lender, NOT the borrower!"
What happened to his "billions" of dollars woth of deals that he had with RFG? If "THEY PERFORM" for him as he states, surely those deals closed? Which of course means RFG was wrong in their email (my previous post) about expecting to fund $1.2 billion this year, because they must have forgotten about Master Commercial Brokers business that "equates to BILLIONS of dollars".
Master Commercial Brokers postings on this thread clearly proves that he is not honest as there are many, and I mean MANY, contradictory points. He can´t even keep up with his lies himself.
by cbroker07 October 9, 2007 12:00 AM
I received the Weekly Closing update too, it is “not” RFG saying they closed those this week (cbroker07) learn how to read!!!!. It’s simply a weekly update, outlining some recent closings, “recent” that could some mean select deals in the last few months they decided to market. How many of you get other lender news letters??? They all say the same thing too, and that also doesn’t mean that is ALL they closed either, just what they decided to market, no lender issues every closed deal in their news letter, article brochures etc... This Thread proves how idiotic you all are at intentionally twisting and turning facts into BS to intentionally attack a company the same way this whole website does, this isn’t broker universe its “talk crap dot com”. RFG isn’t the only one bad mouthed on here either do some additional research there are tons companies that are slammed by people like you daily. All you do is sit here and monitor these threads. This also shows why none of your deals close, you guys are losers. Maybe if you were WORKING rather than spending time on here you would be getting closings too! “Imrobby2” as far as you thinking RFG split why don’t you do your homework go visit their PA office? Call them, they aren’t split, the only office I have and will ever deal with is the PA office, (mainly because I am located in the NE) so get your facts straight before spreading rumors. But then again your one of the losers that sits on here all day long instead of working so you wouldn’t know. You’re probably a loser with shitty deals, and your BLOG sharking shows why your deals don’t close you just sit on here, how many postings do you have on this thread? Is this your new full time job sitting on here? Someone paying you now that you suck at being a broker? Or maybe you’re a competitor with no business….. And “ldcali07” you’re supposedly such a genius for posting that 1 case like 10 years ago, (but did you actually read it?) all charges were dismissed “RFG won” shows how smart you all are.
Thank goodness My Company never worked with moron brokers as this thread has uncovered, trust me I won’t be posting any of my info in hopes I never talk to anyone on this thread.
P.S. – Your replies to me will only be to your amusement along the rest of the clowns on here, “you will not receive a response” I am done with this website, there is no reason to be here, this site is trashy and provides the lowest quality business in our profession. If you are truly tying to close loans and be successful or even call your self a mortgage/lender/broker professional then you’re in the wrong place. Start going to real businesses and reliable sources
by northeasternloans October 9, 2007 12:00 AM
This ad has been removed.
by backgroundgrrl April 9, 2008 12:00 AM
northeasternloans-
You dumb-ass!!! Learn to read your damn self! WTF do you possibly think Weekly "CLOSING" Update could mean??? Can someone really be as dumb as you sound on your post?
Why are you on this thread? Probably because you are an employee of RFG! How else could you post so many words with so little substance. GO BACK TO THE 7TH GRADE AND FINISH SCHOOL THIS TIME!
by cbroker07 October 9, 2007 12:00 AM
This ad has been removed.
by backgroundgrrl April 9, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 9, 2008 12:00 AM
I also worked with Remington about a year ago and they told me my deal wasn´t strong enough to make it to Phase 2. I want my money back. ImRobby2 please post some of these links to the court cases you keep mentioning. You say there are lots of these cases but the only one posted is from 10 years ago without a clear outcome. ImRobby you seem to be the most active poster on here, we need your help! Show us proof of all these cases and I´m sure we will make a solid case against RFG.
-John Foley
by JohnFoley October 11, 2007 12:00 AM
imrobby2 and workingworld:
Yes, echoing JohnFoley, please give specifics: links, webpage, source documents, etc. I want to make an informed decision on continuing with RFG or not. It needs to be based on more than the fact that a loan did not close. What can you provide here? Thanks.
by VMCBroker October 11, 2007 12:00 AM
This ad has been removed.
by backgroundgrrl April 9, 2008 12:00 AM
workingworld:
The "Desist and Refrain" that you refer to is really just an opinion of the court that the RFG was being considered to be selling securities by taking a fee and then placing the loan, and just need approval to do so, which apparently they didn´t have. It "technically" may be illegal, but so would it be for you to try to help a friend get a mortgage loan by taking his name and info, calling brokers, banks, and lenders for a fee, if you were not licensed yet, for example (at least in my state). This is not, IMHO, a gross violation of the law. This with the other old case stated earlier, are not very substantive.
In trying to research this, I did contact the law firm; they have yet to respond to my inquiry, other than to refer what appears to be a disgruntled borrower/broker to contact me, who also gave me a list of "contacts" who conceiveably would validate the claims of "unfairness" or "illegal activity" by RFG. I contacted all 4 listed, and only one of these persons/entities (SEC, Dept. of Corporations, BBB (Better Business Bureau), law firm) responded directly with me. That was the BBB, and they stood by their report, which rates RFG,Inc. as "SATISFACTORY".
Do you have anything else that concretely demonstrates that they are taking money and not closing loans deliberately? If you are just dissatisfied, then say so, but don´t imply that there is a ton of punitive action against them if there is not.
by VMCBroker October 12, 2007 12:00 AM
ANYONE LOOKING TO SEEK INFORMATION ON RFG AS FAR AS THEIR CAPABILITY TO CLOSE DEALS, PLEASE DO NOT GET IT FROM THIS THREAD. THESE ARE ALL INEXPERIENCED BROKERS AND BORROWERS WHO DO NOT KNOW THE BUSINESS NOR DO THEY HAVE A CLUE ON WHAT IT TAKES TO CLOSE AN UN-BANKABLE LOAN IN THE SECONDARY MARKET. PLEASE VIEW THIS WEB SITE ON RECENT RFG CLOSINGS, AND UNDERSTAND THESE ARE DEALS THAT WERE PRESENTED IN A PROFESSIONAL MANNER AND THEY COULD PROVE EVERYTHING IN THEIR BUSINESS PLAN. THIS INFORMATION SPEAKS FOR ITSELF!!
RATHER THEN LEAVING YOUR PROJECT HANGING IN THE BALANCE DUE TO THE NON-SENSE FROM THESE PEOPLE ON THIS THREAD. LOOK FOR YOURSELF AND MAKE YOUR OWN DECISION ON THEIR ABILITIES.
http://remingtonfg.com/closedTransactions.htm
by MASTER COMMERCIAL BROKER October 15, 2007 12:00 AM
The reason it is generic, is so nit-wits like you are not calling their clients, get a clue. read this below and maybe you will understand. This came from Wall Street, but you probably know more then them as well. and I do get paid handsomely from RFG, every time I close a loan with them! I am the "weakest link on this thread", and I´ll take that title. However I close loans, raising a family of 7 very comfortably, my bills are paid every month, have an office staff of 26 employees nation wide, and I travel all over the world. So insults do not bother me, not being successful does, and I do not have that problem! Plus I have many lenders that want to work with my firm world wide. Reason being; is I listen to the underwriters and know what to look for on any given deal before it is presented to see if it is worthy of anybody´s money. I do not spam deals out like you do. You are the fool that lost your clients money, so if you want to blame somebody, look in the mirror! You on the other hand, have nothing, want to be a broker, and are pissed because you blew the only deal you had any access too, and it did not close. Furthermore if you received the deal, it has probably been shopped for 2 years and declined several times, and then you received it. Because the junk always rolls down hill for you wanna-bees to grab after the real players turned them down. I can tell by reading these threads that you have no relationships with any lenders, just other brokers that state they can fund deals, and then they know a guy, who knows a guy, and so on... the daisy chain syndrome! We have worked with your type before and your kind will never get it. read below and learn how it works, then and only then you might close (1)! Even a blind squirrel finds a nut every now and again! This guy thinks the lenders should put the names and numbers of their clients online for inexperienced morons like RFGistoast4sure to contact. I would love to see the deal that did not fund and really know why, and I can assure you 99% of the time it was the borrowers and brokers fault. Lender only make money by funding deals! The old phrase/fact that "you" are probably not familiar with goes like this; "there are only two things that make money; Men at work and money at work!" So if there money is not loaned out, it is making them 4-8%, on the other hand when it is invested in a project their return is 18-23%, plus any equity position they may have! So again, learn the business!! The cost of due-diligence is 50-75K per deal, check that out during your research. So if the client lost 10-15k, suck it up and get the deal in line so it does not happen again. Solid deals fund, plain and simple. Mitigate the risk and prove the worthiness of the project and any investor will fund. Present a garbage deal, and lose money. And it is not only RFG, every lender in the world will keep fees on a loan that was fabricated and poorly presented. If you had any money to fund deals with, you probably would have not funded your deal either. Like I stated several times, real business owners out there, need to use this thread as a training tool. Teach your employees or L.O´s to do the exact opposite as these people and they will do well in this business. It is Tuesday, so please respond, for our training class starts at 10:00PST and I would love more material for my group. We get a real kick out of you guys, and you prove every theory on what not to do, so it is a perfect training tool as well!
"RFGISTOAST4sure" the funniest thing I have ever witnessed is this name, reeks of inexperience, although funny none the less! Wait until the group sees this, this will be at least a 15 minute gut buster before I can get the meeting underway, that I know for sure. I am Literally sitting in my chair laughing out loud, anticipating our groups reaction when they see this name! How are they toast4sure, because your suing them???? or everybody in this thread is suing them, come on!! You really don´t know this business!
UNDERSTANDING THE LOAN PROCESS
LENDERS’ REQUIREMENTS -
Borrowers must recognize that the lenders’ primary concern in any transaction is that they will be repaid. The mere process of responding to that concern, however, can
be complicated.
All lenders have loan-to-value (LTV) ratios that are used in determining value.
They establish this through appraisals, site visits, comparables, market studies and
other real estate market tools. The ratios vary per lender.
The risk a lender faces will directly affect the LTV and the rate. Borrowers should
be able to demonstrate that they have the wherewithal to repay the loan if the exit
(i.e., refinance or sale) does not occur at loan maturity.
The ‘five C’s of credit” (credit, capacity, capital, collateral and conditions) still apply
in obtaining a loan. Many lenders also require criminal-background and asset checks, in
addition to the standard credit check (in some markets). They will perform due diligence on the borrower as well as on the collateral.
Lenders also want borrowers to sign the loan individually or to provide a guarantee. The
reason is that if borrowers have their personal net worth on the line, they will have more of an incentive to complete the project and to repay the lender.
The checklists that borrowers must complete involve everything from the letter of interest
to all the documents needed for the particular project -- surveys, appraisals, plat maps and approvals, insurance, construction documents and other pertinent paperwork. Although collecting all these documents can be frustrating for borrowers, it’s necessary to fund the deal. Most lenders require an application or due diligence fee to offset the expense of proving the provided materials.
Upfront fees provide the lender with another value by minimizing the ongoing shopping of the loan to other sources offering the LOI as something to be matched or exceeded in the loan terms offered. This kind of shopping wastes the time of the initial and all subsequent lenders, a condition that must be avoided. Once engaged a borrowers cooperation is much more assured if they participate in the underwriting expenses as well as the process.
THE SITE VISIT -
Loans can be greatly affected by the information obtained during the site visit, so the borrowers should make this process as smooth as possible by gathering all the materials the lender requests and explaining the project in detail to the representatives.
If the borrowers understand the importance of this site visit, the loan will have a better
chance of closing. Lenders seek to determine and confirm values as rapidly as possible. Any information and assistance from the borrowers will move this process along more smoothly.
Borrowers often must fund the lender’s trip to the property as part of the underwriting process. The trip can be expensive, but it allows the lender to see the property, visit comparables in the area, meet with city officials regarding the zoning and permit status, discuss the project with the borrower face to face, and meet with local real estate brokers. It also helps the lender understand the economics of the area. All these factors are essential to understanding the loan’s viability.
PRE-CLOSING AND CLOSING -
Many of the deal’s negotiating points are resolved at or just before closing, such as the
name of the borrowing entity; who will sign the documents; whether there will be individual signers on the note; and whether they will guarantee the loan.
Oftentimes a single-asset entity is formed for a project. If the property was originally purchased or owned by an individual, the insurance must be changed to the corporate entity.
POST CLOSING ITEMS -
Items not satisfied by the closing become post-closing items. Along with post-closing items are milestones. Milestones, which may include post-closing sales requirements, updated surveys and other revised materials, usually must be provided by a certain date or accomplished in order to obtain additional disbursements.
Post-closing items and milestones can be items can be items that the lender knows exist but has not received at the time of closing.
THE BROKERS ROLE -
Successful brokers know how to resolve issues between borrowers and lenders. Brokers
who know and understand both parties’ issues will likely see more closings and maintain
better relationships with clients. By explaining lenders’ needs to borrowers, you can make the process smoother for everyone.
by MASTER COMMERCIAL BROKER October 16, 2007 12:00 AM
Who needs an I.T. guy to make a Yahoo Account?
I´ve been broker commercial loans for about 15 months now. I´m clearly not a pro or will claim to be. I have successfully closed over $19M in A&D and most likely $2M next month. I have never had any success with any lender who has asked for DD Fees, nor have I ever had a client feel comfortable with it. I have one pipedream deal which the developer is looking for $120M. It is a seamless package from what the equity lender has told me(approvals, permits....etc). Not one penny has been asked for in DD Fees and we´ve been working together with the client for several months now.
I did put one deal into RFG, no DD was paid and nothing ever happened with it. I know one person who worked and was transferred over to their new company Bluestone. I receive an email from him reporting what he has closed on. He doesn´t seem like a crook but who knows???
I´d be happy to help anyone if they would like my assistance. No DD Fees from anyone I work with or from me. All I ask is to receive 66% of fee upon closing for using my lenders, if the deal even closes. email me at philly2233@gmail.com
by greenbutluckybroker October 17, 2007 12:00 AM
I work for a real estate holding company/developer that owns a 35 acre parcel in Phoenix, AZ. Our development company has completed the re-zoning and entitlements process which has been approved through the City. The project is a mixed-use development which consists of 1.59 million GSF with a FAR of 1.01, it is a sustainable, environmental-friendly development consisting of residential, office, retail & restaurant uses. The most recent appraisal was for US $60,000,000. It is a prime location with freeway visibility. At this time we are looking for a JV development partner and or additional Equity Partners to prepare for vertical construction. As an indication of scale, the project construction estimates are showing this to be a $450,000,000 construction project, all three phases inclusive. Looking into Remington at this time. Open to other suggestions, and/or contacts. Please email me at melada74@gmail.com.
Regards,
Melissa
by UrbanAZ October 19, 2007 12:00 AM
Many of you talk about many reputable firms and lenders but in all my research and background checks I found nothing but hairdressers who work out of their homes, people with 3 foreclosures and 18 judgments and so on,
Remingto and Kennedy were the only ones who came out with a proven track record of previous deals, 14 years of experience, clean D&B record and satisfactory BBB record.
It was the only firm I took a chance with ( Kennedy were extremely professional but too expensive and their commitment fee killed the deal between us ). I sent my $7,500 for due diligence and am waiting for a reply. I hope not to be another one of the complainers in a week or two but I would appreciate it if someone can give me specifics and actual reasons why they think he was cheated. Is anyone disputing the list of previous deals RFG are advertising? Is it a fraud?
Even more important, can anyone suggest a short list of REPUTABLE FIRMS?
thx
Sean
by Sean2214 October 22, 2007 12:00 AM
by markman228 October 23, 2007 12:00 AM
Amazing information about Remington. Thanks gang, to bad my broker didn´t read the same information. I almost was hooked by them, but because of this web site I kepted at Remington to provide me a commitment letter before I sent them any money. They have nothing to offer and my only advice is to stay away from them. The market should remove Remington fast.
I have a government contract worth 8 million dollars and they threw that out window because they wanted $5000. That should be a warning to all and it was an indicated to me they had no intention to fund my project. Be confident enough in your dream to walk away from people like Remington.
Take Care,
by markman228 October 23, 2007 12:00 AM
I am looking at RFG to finance a project for me. When I first got their LOI...I thought to myself...no way am I going to deal with them. I have been hounded by the company that referred my application to them to make a call to them....haven´t done it yet...maybe I shouldn´t
by paintinghorseman October 25, 2007 12:00 AM
Thank you for your comments....In order to find great investors what do you recommend? Looking for all the help I can find
Thanks again
by paintinghorseman October 25, 2007 12:00 AM
I too have been a victim of RFG to the tune of $17,000, I was trying to buy a small hotel in georgia $1.5M. I got issued LOI and the whole nine yards, then 16 weeks after the deal was supposedly in underwriting, they stopped taking calls and returning messages and finally they told me I didn´t have enough experience in hotel management to make the deal, my reply was that I´ve got the same experience now that I had when you took my money. Yah, we´re sorry, but can´t help you. I had a professional management company in place to take over but that had no bearing with them. My credit was good and I had $60K in my attorney´s escrow to close the deal. I was looking for a 75% LTV, but what I got was ripped off. All told I lost almost 40K (feasibility studies, MAI appraisals experts that had to be flown in per RFG´s instructions) and my good credit trying to make that deal.
They took my money told me if I wanted the deal I had to send more money to these feasibility experts and MAI appraisers and then told me I didn´t have enough experience in the hotel industry to get funded. RFG helped destroy my life and my family and didn´t give a damn that they were blatantly ripping me off.
I´d love to know what kind of answer the RFG rep has for this one.
If anyone out there is taking action against these fraudsters, please let me know.
by georgia07 October 28, 2007 12:00 AM
Bank Instrument Funding, contact tass@atlantislans.com.au we can close within 72 hours of submission.
by atlantis64 October 31, 2007 12:00 AM
I have several loan requests in the works with Remington right now. I expect to sign up another client this week or next. I’ve had my lawyer check them out and so have a couple of my clients and I’ve personally called many of their prior clients. I also deal on an institutional level between Remington and several other mortgage bankers and you can believe their in-house attorneys have done their research as well.
I’ve been in this business for more than 20 years and have been involved in every aspect of it from origination, servicing, portfolio sales and securitization. One thing I know for sure, many, many “commercial mortgage brokers” should be painting houses, not monkeying around in this industry. Very few actually read a borrower’s property package or even know what to ask for. Fewer understand the numbers of this business. Many have come from the residential mortgage industry and should have stayed there.
Remington makes their underwriting criteria very clear. There are no surprise charges, it’s all detailed in their preliminary LOI. If your borrower doesn’t have the capital to get through underwriting, your deal stinks, so does your borrower.
If you go to Remington’s website, click on their tombstone page and call some of these people, you’ll get your references. If you’re so lazy you won’t even do this, please quit complaining here! Do your research first!
If anyone has a real issue with Remington and has some real experience in this business, please call me!
Bill Gow (928) 714-1004
And, yes, I expect you to be able to demonstrate your background in this business before I believe a word you have to say. Be prepared to provide documentation.
I promise, if Remington does not perform as expected, I’ll be back here to take my lumps.
Actually, I almost prefer you all believe this garbage. Maybe I can generate all their production for 2008 and retire in Mexico in 2009! ;)
by B4 November 5, 2007 12:00 AM
To all of you that have had the priveledge to read the sensationalism represented in the derrogatory statements and not so derrogatory statements that have been presented in this thread, please ask yourselves the following questions.
How many business´s, regardless of type, industry or profession represent perfection?
The answer is obvious none.
Some One is always going to be un happy.
Everyone has the right and priveledge in this great country of ours to express freely their oppinions.
I have been a loan analyst for only 25 years and that I am humbley aware of the existence of three sides to every story.
There are facts and their is Fiction.
There are good and bad intentions.
There is never a bad deal when good people are involved.
There is never a good deal when bad people are involved.
There are people whom are very successful and skilful at twisting truth and manipulating facts (converting them into Fiction) and thus they make a very good living at the expense and mercy of the ignorant hard working innocent people in all aspects of society. I have had people sitting in front of my desk that had social security numbers that were issued to deceased persons. I have seen fake titles, fake bank statements, fake tax returns, altered third party reports, altered financials and the list goes on. You really can´t blame Lenders and their representatives for being cautious
The Truth is like a piece of cork or a balloon full of air.
What happens when you submerge a cork or a balloon full of air underneath the water?
The answer is the cork floats right back up and if the balloon is submerged deep enough it will actually explode as it travels up.
If you truly are not happy with RFG or any other firm and you have tried numerous times to address your concerns prospectively seeking clarity and reasonable answers to your questions ,fears and concerns with no avail you need to communicate them with a higher authority ( Better Business Bureau, Departments of State, Governmental worse case scenario) or perhaps a more knowledgeable authority (some one with extensive years of the Commercial Lending Idustries experience )to see if what you actually think you see and believe is factual or illusional.
I have dealt with many banks, Insurance Sub´s, Private Investors, Banking Investment Firms, Private Bankers ie....the list is lengthy and yes even RFG and p.s. I have no complaints about RFG.
And the truth is no one works for free, everyone wants to make money and make deals happen. Their are real expenses incurred(third party verifications, third party reports, legal fees "So called Due Diligence Fees").
Conceptually some of the ideology behind LOI´s acceptance being tied in with a fee is similar to the rule of valuable consideration.
I ask you how many contracts have you successfully placed without any valuable consideration. How many sellers would take you seriously if you could not put money where your mouth is.
No one wants to loose nor waste time.
Lenders act like sellers in that if you have nothing valuable considered you have nothing to loose.
You either pay a little or conservatively more depending on your project at the beginning or you pay a lot more at the end.
The choice is yours no one can force you to do anything you do not feel comfortable with.
Don´t be afraid to take someone else´s time and ask as many questions as you can. Get as informed as you possibly can.
If the Investor that you are working with does not give you the level of comfort that you need, walk away. But please be reasonable.
We are at a turning point in this Industry. The market has affected everyone. In all the years of my experience I have never seen such a horrific market.
Remember that in the eyes of any Investor, its imperative for you to sell your projects desirability to them, by substantiating and structuring a plan that makes since, by demonstrating a stable ability of repayment, a good exit strategy, value and credibility.
Lets face it, not all loans can be funded based on the merits of the initial presentation. Some groups specialize in package and presentations. Some projects are cookie cutters and they sell by them selves almost effortlessly (very little in todays market) and on and on and so forth.
Good Lenders and Investors are not doing you a favor, they are providing you with a service. They make money by doing your projects. Keep in mind the kind of market that we are currently in and their is a long line infront and behind you and if your deal does not make as much since as the one infront or behind you, then the chances are great that they are not going to be allocating their funds towards you.
Have you ever heard of a reputable Lender that has been in business for a minimum of 30 years say to you as the borrower or you as the broker, "I will fund your project (a loan of 32M as an exmaple) conditional upon you or your client providing that they have proof of funds equal to 3% to 5% of the loan amount liquid and available on deposit with your or thier attorneys in escrow".
Does this not open your eyes to the kind of Market that we are in. Well I saw that for the first time this year twice.
Wake up people and try to make the best of every day.
Kind Regards to all.
by Loan Analyst from So. FL. November 7, 2007 12:00 AM
georgia07 October 28, 2007
OMG. You got burned for a lousy 1.5 mil purchase?
I can help you complete the deal.
No advanced fees.
75% LTV
No experience needed as long as management is in place.
Quick close.
IF you haven´t lost the deal contact me.
rtinyb@yahoo.com
No smokin mirrors.
by boundlessloans November 8, 2007 12:00 AM
Don´t ever contact these types when they ask. They keep a list of your contact info and will sue for "defamation of character" and they have the means to do it. Careful.
Do not call anyone at Remington et al.
Do not call anyone who has a business model the same as they do. They will attack you with a lawsuit. If you have posted anything about them, they want you to call them so they can get your personal contact info and sue you...
LOOK. Stop and think. This is their regular MO. They are very aggressive as seen in this post. They go for the juglar when their gravy train is threatened. They are long winded and are on the defense. Trust me. I know.
They are only here to search for slanderous postings about them. I think they are all in cahoots if you know what I mean. Those that have the same business model. They respond the same and ....well you get my drift.
by boundlessloans November 8, 2007 12:00 AM
Mr. Greg Williams,
The company Remington Financial is located in California. I have contacted the Better Business Bureau there and they have sent me a copy of a government action against Remington. This will be a part of their public reliability report so that consumers are aware of this company. If a consumer calls into our office it does not matter where in the US they are, if they are in the BBB data base we will be able to read that report to the consumer.
We are not a legal entity or a government agency, we report on companies and as such we will report the actions on this company.
Thank you for bringing this to our attention.
Sincerely,
Blair Reeves | Director of Operations
Tel: (719) 636-5076 ext. 116
Fax: (719) 636-5078
Email: blairr@bbbsc.org
www.bbb.org | Start with Trust
BBB
25 N. Wahsatch Avenue
Colorado Springs, CO 80903
This email verifies previous BLOG contention that the company is banned from operating in California.
Mr. Ed Anthony who is a "broker" contends the company is legitimate. Mr. Anthony PLEASE ! Is there an arrangement
between brokers and the Remington Financial Group/Blue Stone Group ?
Buyer Beware ! Remington/Blue Stone and Mr. Anthony have business credibility issues.
by Greg Williams November 9, 2007 12:00 AM
I am anxiously waiting for RFG/Blue Stone rebuttal of information I posted from BBB Southern Colorado or the broker, Mr. Anthony. So far - nothing. Wondering why I have not received defamation of character lawsuit ?
Answer - Have to have "character" to be defamed. No guts = No glory ! The company´s LOI signed will be deemed non-enforceable upon scrutiny by the legal system - But who do they send the decision to - Rmington or Blue Stone and where - California [RFG closes up shop and runs like a theif in the night] to Arizona or Pennsylvania ?
With all those "DONE DEALS" they should be cash rich and be inclined to pursue.
I will post more "proof" as it arrives from BBB, Attorney Generals, FBI, Police Depts., etc.
The information is all out there. And, they have no credibility with BBB. I have forwarded the BBB letter to sallard@remingtonfg.com, amcmanus@remingtonfg.com and the broker roswel1957@gmail.com.
Email these people and ask why there is no reply.
by Greg Williams November 10, 2007 12:00 AM
I am new to this site but I am very appreciative for the information that I was able to garner concerning Remington since one of my clients was about to move forward with them until I said I wanted to check them out. We are not going ahead with them. I do need help in locating an investor/lender for my client who is a smart card company in the medical field. They have contracts and LOI´s from Well known and established companies but are in need of capital to fullfill and move fporward with their growth. Anyone who has sincere interest drop me a line. Again Thank you to all that saved my client valuable time and money.
sssatCSS
by sssatCSS November 15, 2007 12:00 AM
sssatCSS,
what´s your contact info?
you can reach me at hardmoney4u/gmail
by ocean tech November 18, 2007 12:00 AM
Well since Mr. Williams has stated he is waiting for a response to his so called evidence let me try to tell some of you what the heck is going on with this man.
1) I am the owner of a real estate investmnet firm not a broker as he as stated Lie number one
2) He has NEVER done business with my company or RFG NO MONEY HAS EVER CHANGED HANDS and for him to make it sound as though he got screwed by us is plan WRONG AND HE KNOWS IT Lie number two
3) I have contacted the BBB of Southern Colorado and told them the whole and complete situation and they have come to the conclusion that Mr. Williams is completely off his rocker. Maybe some of you instead of being mindless sheep/robots might want to ask Williams for the whole story. Lie number three
4) I have called Williams and left numerous messages on his phone and thru e-mail and he has yet to call me or answer me via emails about RFG and my so called complicity in this so called fraud from me or RFG Lie number four
5) RFG has been in business for over 15 years and last year they funded projects worth $1.6 billion dollars. SO HOW CAN YOU STAY IN BUSINESS FOR THAT TIME WITHOUT DOING SOMETHING RIGHT AND LEGAL. PLEASE ANSWER ME THAT WILLIAMS!!!! The other company names he mentions are wholly owned subsidies of RFG nothing more nothing less do some research on your people and don´t just believe everything you read on this site for god sakes use your brains would you. Lie number five
THAT IS ALL FOR NOW HAVE TO GO AND CLOSE SOME DEALS
NEED FUNDING CONTACT ME AT ROSWELL1957@GMAIL.COM
by Eduard Anthony November 19, 2007 12:00 AM
From - Mr. Ed Anthony email:
Greg,
It was a complete pleasure talking to you today. Attached to this email is the LOI from Remington now please remember that this is just the first edition for review and analysis and any changes you would like to discuss with RFG would be welcome and to be honest Remington expects this from their clients UNLESS you find all the terms to your liking then by all means negotiate. I have also included some other resource info that will come in handy for your DD on RFG. I hope "we" can become your funding source for this project as well as others you may have now or in the future. We look to build a far reaching and very profitable, professional, and long lasting financial partnership with you and your company.
For this we have decided to refund your soft costs Due Diligence as a way of building this future relationship, our companies are the only ones that do this in this industry. I might add that the DD costs are the LOWEST in the industry guaranteed, no one can match nor beat us it when it comes to these costs. The difference between RFG, Roswell, and other investment banking institutions/lenders is the loan process. While, many investors at other financial institutions will not charge a fee to review the project, they then ask for a "Non-Refundable Commitment Fee" ranging from $40,000 to $100,000. This we have never and will never do. We believe this will dissuade you from ever contemplating doing business with us, let alone actually doing business with our companies.
On the other hand, RFG reviews each project, which is the first phase, to evaluate the potential of it becoming a solid project, for this RFG requires a deposit, dependent on the several factors, ranging from $7,500-$20,000. Once the project has been evaluated and assessed, RFG requests a second payment to commence the second phase of "due diligence" and the site visit. The cost of this second phase is based on the complexity of the project and is roughly $15,000 . Unlike most financial institutions and other lenders, RFG will credit the initial deposit of phase one and cost of phase two when the loan funds. We subtract them from the Origination Fee so we consider them as re-funded or credited which either one you prefer to use. Listed below are a few of the items Roswell, and Remington would ask you to provide in the DD phases. This is a generic list and should be used as a reference only!!!
Letter detailing the amount requested and the precise sources and uses of funds.
History of project to date.
Description of completed project.
Development highlights and/or amenities of project.
Company history and background with list of projects completed. Include size and nature of projects and include dollar amounts.
Management or principal´s background and resumes
Last two fiscal year financial and income/expense statements and latest interim statement of borrowing entity.
Personal Financial statements on each principal or guarantor prepared within the last 90 days.
Two years Federal Tax Returns for borrowing entity.
Two years Federal Tax Returns for each principal or guarantor.
Letter from principal confirming no legal issues pending or explanation of same.
Last two years operating statements on property.
Project pro-forma until stabilization or anticipated sell out.
Copy of contract of sale.
Construction/renovation budget and time line for completion.
Detailed marketing plan.
Please use some of the techniques listed below to check out Remington and you will see as I did that they are a well respected firm with high professional standards, great integrity, and maximum flexibility to meet your needs as well as the needs of your company. You don´t stay in business for over 15 years and fund projects worth billions of dollars, without doing the right things, and in a professional manner.
Please go to http://www.remingtonfinancialgroup.com/, too check out their web site. Also go to Globest.com and do a search there, also go to Philadelphia Business Journal and search, Philadelphia Inquirer, BBB of Philadelphia, and lastly call the Attorney General for the State of Pennsylvania (Consumer Affairs Division) and ask them if there are any major lawsuits against the company in the last ten years. This is what my brother did to check out the company and found them to be free of anything major. I have found in this business in particular you don´t stay in business ( for 15 years) and fund projects worth $1.6 billion dollars if you are con-men, shysters, or cheats you are found out and branded for your business life with that reputation and it will never leave you. As long as you and the project you represent is what you say it is and is verifiable there is no reason you will not get the funding you request. I have found that if you lie, obfuscate, and try to pull the preverbal wool over my eyes NO ONE will fund you but work with us to help you and you will be funded it is that straight forward to punches.
The man who has your account is Sean Allard. He has been with the company for almost 5 years and is the most professional man I have met. He will answer any and all of your questions when we have the conf call and by all means please don´t be shy and ask the hard biting ones if you have any. His phone number is 623-451-3063 for future reference. sallard@remingtonfg.com
Mr. Anthony´s email to me and he is worried about "if you lie, obfuscate, and try to pull the proverbial woll over my eyes NO ONE will fund you but work with us to help you . . . . . . it is that straight forward to punches".
THEN THE "BROKER" STEERS ME TO REMINGTON FINANCIAL GROUP BLUESTONE GROUP BLUE STONE REAL ESTATE GROUP or what ever these people are named today.
Also look at http://brokeruniverse.com/grapevine/thread =
457770.
Remember Mr. Anthony is a broker who posted on this BLOG before I was ever in contact with him. By contents of email he refers me to sites without acknowledging BLOG and then when BBBSC letter posted claims "ignorance".
I agree with his assessment of being IGNORANT. Now he threatens to sue me to based on character defamation. As I emailed to Mr. Anthony you have to have "character" to be defamed.
Mr. Anthony go do a real estate deal or as we all know sit and eat your cheesydoodles in your underwear on the couch and dream . . . . . you are a BROKER not an insignificant wannabe!
I think something´s wrong with RFG and Mr. Anthony. Mr. Anthony where is your ethical backbone and moral compass ?
We are who we associate with ! Can´t do business with either.
Greg Williams
by Greg Williams November 19, 2007 12:00 AM
TO : State of Colorado Real Estate Board
RE : Mr. Anthony/Remington Financial Group
My name is Greg Williams and was seeking funding for a business project. I posted on a website Go4funding.com. Mr. Anthony, roswell1957@gmail.com , (719) 232-2916, Colorado Springs. Co. replied and left a message. Then I receieved this email;
Greg,
It was a complete pleasure talking to you today. Attached to this email is the LOI from Remington now please remember that this is just the first edition for review and analysis and any changes you would like to discuss with RFG would be welcome and to be honest Remington expects this from their clients UNLESS you find all the terms to your liking then by all means negotiate. I have also included some other resource info that will come in handy for your DD on RFG. I hope "we" can become your funding source for this project as well as others you may have now or in the future. We look to build a far reaching and very profitable, professional, and long lasting financial partnership with you and your company.
For this we have decided to refund your soft costs Due Diligence as a way of building this future relationship, our companies are the only ones that do this in this industry. I might add that the DD costs are the LOWEST in the industry guaranteed, no one can match nor beat us it when it comes to these costs. The difference between RFG, Roswell, and other investment banking institutions/lenders is the loan process. While, many investors at other financial institutions will not charge a fee to review the project, they then ask for a "Non-Refundable Commitment Fee" ranging from $40,000 to $100,000. This we have never and will never do. We believe this will dissuade you from ever contemplating doing business with us, let alone actually doing business with our companies.
On the other hand, RFG reviews each project, which is the first phase, to evaluate the potential of it becoming a solid project, for this RFG requires a deposit, dependent on the several factors, ranging from $7,500-$20,000. Once the project has been evaluated and assessed, RFG requests a second payment to commence the second phase of "due diligence" and the site visit. The cost of this second phase is based on the complexity of the project and is roughly $15,000 . Unlike most financial institutions and other lenders, RFG will credit the initial deposit of phase one and cost of phase two when the loan funds. We subtract them from the Origination Fee so we consider them as re-funded or credited which either one you prefer to use. Listed below are a few of the items Roswell, and Remington would ask you to provide in the DD phases. This is a generic list and should be used as a reference only!!!
Letter detailing the amount requested and the precise sources and uses of funds.
History of project to date.
Description of completed project.
Development highlights and/or amenities of project.
Company history and background with list of projects completed. Include size and nature of projects and include dollar amounts.
Management or principal´s background and resumes
Last two fiscal year financial and income/expense statements and latest interim statement of borrowing entity.
Personal Financial statements on each principal or guarantor prepared within the last 90 days.
Two years Federal Tax Returns for borrowing entity.
Two years Federal Tax Returns for each principal or guarantor.
Letter from principal confirming no legal issues pending or explanation of same.
Last two years operating statements on property.
Project pro-forma until stabilization or anticipated sell out.
Copy of contract of sale.
Construction/renovation budget and time line for completion.
Detailed marketing plan.
Please use some of the techniques listed below to check out Remington and you will see as I did that they are a well respected firm with high professional standards, great integrity, and maximum flexibility to meet your needs as well as the needs of your company. You don´t stay in business for over 15 years and fund projects worth billions of dollars, without doing the right things, and in a professional manner.
Please go to http://www.remingtonfinancialgroup.com/, too check out their web site. Also go to Globest.com and do a search there, also go to Philadelphia Business Journal and search, Philadelphia Inquirer, BBB of Philadelphia, and lastly call the Attorney General for the State of Pennsylvania (Consumer Affairs Division) and ask them if there are any major lawsuits against the company in the last ten years. This is what my brother did to check out the company and found them to be free of anything major. I have found in this business in particular you don´t stay in business ( for 15 years) and fund projects worth $1.6 billion dollars if you are con-men, shysters, or cheats you are found out and branded for your business life with that reputation and it will never leave you. As long as you and the project you represent is what you say it is and is verifiable there is no reason you will not get the funding you request. I have found that if you lie, obfuscate, and try to pull the preverbal wool over my eyes NO ONE will fund you but work with us to help you and you will be funded it is that straight forward to punches.
The man who has your account is Sean Allard. He has been with the company for almost 5 years and is the most professional man I have met. He will answer any and all of your questions when we have the conf call and by all means please don´t be shy and ask the hard biting ones if you have any. His phone number is 623-451-3063 for future reference. sallard@remingtonfg.com
I did some reseach and went to http://brokeruniverse.com/grapevince/thread=132370 and did additional follow-up from there and received ; also look at thread = 457770
Mr. Greg Williams,
The company Remington Financial is located in California. I have contacted the Better Business Bureau there and they have sent me a copy of a government action against Remington. This will be a part of their public reliability report so that consumers are aware of this company. If a consumer calls into our office it does not matter where in the US they are, if they are in the BBB data base we will be able to read that report to the consumer.
We are not a legal entity or a government agency, we report on companies and as such we will report the actions on this company.
Thank you for bring this to our attention.
Sincerely,
Blair Reeves | Director of Operations
Tel: (719) 636-5076 ext. 116
Fax: (719) 636-5078
Email: blairr@bbbsc.org
www.bbb.org | Start with Trust
BBB
25 N. Wahsatch Avenue
Colorado Springs, CO 80903
Remington Financial Group has a Cease and Desist oder in California and moved to Arizona. They have also changed names at this point.
Note – Review thread and Mr. Anthony defends Remington Financial Group when there is questionable business practices, accusations of disregard of a fiduciary responsibility to its customers, a name change to Blue Stone Group, Blue Stone Real estate Group depending on Scottsdale or Philadelphia location, etc. Go to Remington Financial Group website and call both offices to verify name change. Mr, Anthony, defends RFG or whomever they are called today in the thread. The email above was sent “after” Mr. Anthony had knowledge of RFG’s questionable business activities but I was steered there by him. When caught Mr. Anthony was very upset as I exposed him for his actions.
Why would a real estate broker in your state be involved in this situation ? Why would the state of Colorado keep an indiviual such as Mr. Anthony licensed for real estate when it is apparent he has no ethics nor moral backbone. He should have walked away when he became aware of the situation and ceased doing business with the company RFG/Blue Stone Group/Blue Stone Real Estate Group. What are Mr. Anthony’s arrangements with RFG ? A question asked on the BLOG. Mr. Reeves, BBBSC, inquired about name change and my complaint I will assume apply to the Blue Stone’s.
Mr. Anthony “attempt” to do business with me – knowingly steer me to a questionalble business needs to be addressed by the Colorado Real Estate Disciplinary Board.
Inquiry for funding – Mr. Anthony replies – Phone call to Mr. Anthony – Email receieved by Mr. Anthony above – Mr. Anthony defense of RFG on BLOG [before contact with PFC, Inc.] – Referred to Reminfton Financial Group – Research done on RFG – Mr. Anthony omits BLOG information – Mr. Anthony email contains reference to conduct related to deceit – Mr. Anthony/RFG exposed on thread. – Mr. Anthony states he will sue as he is not an employee but broker and claims “ignorance”. I do understand he is ignorant and obviously an unethical real estate broker licensed by the state of Colorado. You can take care of the licensing issue and you should !
Please email reply or to ask and answer further questions see below.
Sincerely,
Greg Williams
Whether, Mr.Anthony is a BROKER or "owner", RFG and his actions have been forwarded to C. Springs police, FBI, attorney general, real estate board of Colorado, BBB, etc.
Mr. Anthony has been put on notice and he will remain on notice. If you need to contact him, he has email posted above or use - iwilldoyoufrombehind@gmail.com
Remington may be on the Arizona BBB board however the complaint was filed in Colorado. BBB in Colorado is not influenced by Arizona people. A post complaint goes over the whole network.
Ed give me a call and tell me you have grown with an ethical mind and moral backbone - otherwise I will continue with you and RFG. Please take your best shot.
by Greg Williams November 19, 2007 12:00 AM
Mr. Williams,
let me tell you one more time. I am not a broker. you are a silly silly man. NONE of the agencies you have conatcted have taken you seriously. I have not been contacted by anyone and never will be because in the end and this is very important WE NEVER DID ANY BUSINESS WITH YOU PERIOD!!! Get this thru you little brain. You are what we bid boys consider a little bug or fly buzzing around and being a pain that sooner or later will be swatted
by Eduard Anthony November 20, 2007 12:00 AM
imrobby2,
you are another one who does not know what you are talking about PERIOD I call the BBB of Southern Colorado and talked to Blair and I have filled her in about the whole situation with the LITTLE MAN and she had no problem telling me about it and that she is not about to start an "investigation" on me or anyone else due to fact and read this real carefully my moronic friend WE HAVE NEVER DONE BUSINESS WITH HIM.. You all are so pathetic Oh I need to go I have some multi million dollar deals to cloase next week and have to make some calls to close them good luck in you pathetic little worlds
by Eduard Anthony November 20, 2007 12:00 AM
Crooks. so many crooks in this business I could scream. Just lazy, good-for-nothing creeps. What rock did you all crawl out of? I have a client who came running to me after getting burned by a residential brokers decision to take his loan request to Remington. He lost 75k and nearly a year´s worth of time.
Go to Jail. Do Not Pass Go. Go Directly to Jail.
You are not immume to the consequences of up front fee scamming just because "it is commercial" or the so-called "wildwest of loans" na na na na nope. You are not immume bucko´s.
No one is turning their heads away. No matter who you are or what company you work for you will go down with up front fee skimming. "THEY" are watching you and intend to get rid of you. Save your scammed fee profits. You´ll need it for the concession at jail.
And the person(s) defending Remington is one and the same person. Of course you are on the defense. When word leaks out about your true nature and business model, you will instinctively try to put the cat back in the bag to keep your "pipeline" money rolling in. So who cares about your pipeline anyway? None of them close! All it tells us is the probability of the dollar amount that you swindled from unsuspecting borrowers and brokers. I bet you love residential LO´s because you can swindle them the most and the hardest. You get the most fees from them.
And the "Letter of Intent" is NOT worth wiping your arse with that´s how worthless it is. Brokers should ASK for a pre-approval conditions list complete with loan number, loan type and list of conditions or don´t do business..go somewhere else..move on. There are plenty of honest comm lenders who do NOT issue LOI´s. Anytime an LOI is issued it is a telltale sign you will be scammed. It´s a great hook tool to stealing your money and time. After that your score will be ruined and the financial advice they give will have you on your knees.
Creeps Go Away so we can get back to ethics!
They are closing in on you. I hope the lawsuit nails your arse. And don´t hide your stolen money off shore. What you are doing IS ILLEGAL. Saying "it´s commercial" meaning it´s exempt from prosecution is the dumbest thing you people say..it´s quite refective of your IQ
by boundlessloans November 21, 2007 12:00 AM
Hi,
I have two major projects I need funding for here in Belize, Central America.
Project 1: The merging of two local airlines, total to fund is $40 Million USD. I am looking for debt financing.
Project 2: Large upscale residential development, 9000 acres on the beach, complete with airport, casinos, town houses, condos, golf, total to fund is $125 Million USD. I am looking for a debt and equity partner.
Lets talk ASAP.
respond to: jcastillo9@gmail.com
by jlcastillo December 3, 2007 12:00 AM
On the BBB AZ site about Remington:
BBB Accreditation Status
On November 30, 2007 this company´s (Remington) BBB accreditation was revoked by the BBB´s Board of Directors due to recent government action involving the business´ customer relations which indicates a significant failure of the business to meet standards of conduct expected of a BBB accredited business and engaging in activities reflecting poorly on BBB or its members.
Happy Holidays RFG!
by RFGISTOASTFORSURE December 20, 2007 12:00 AM
Please Help!! I´ve got a Land/Purchase/Construction in AZ for 28MM. I´ve got an LOI from Remington wanting 5k for now and will not max 15K to close the loan. After reading all this I WILL NOT SEND IT TO THEM but.. who else can i sent it too? Please Help!!
by new2commercialWORLD December 21, 2007 12:00 AM
http://www.myfirstblog12.blogspot.com
by Secrets of Loan December 23, 2007 12:00 AM
I am Dr Wale Adesuyi and I have funds to lend. If you are interested in any kind of loan such as personal, commercial, car, mortgage, real estate, write me on drwaleadesuyi@gmail.com and I can start processing your loan offer. You wont regret it......
by drwale December 24, 2007 12:00 AM
My name is Fernandez Cole. I have been arranging
loans for many years.
Since I do all the work myself and have no
overhead, I am able to arrange better loans for
my clients. Working
with me will be close and personal. I am
available seven days a week to facilitate your
loan request.
I have reviewed your initial request and I am
very confident that I can
arrange your loan at a better interest
rate of 5% and lower cost than anyone else in
town.contact me at
(fernandez_cole@hotmail.com)
Regarding your loan application,I want you to
get back to me with the
requested information for your loan
application so as to proceed with the loan
processing.
Names...............................
Sex......................................
Age...................................
Marital Status........................
Phone number........................
Occupation.............................
Working status.........................
Monthly income........................
State/city.................................
Country...................................
Home address.............................
Office address..............................
Loan Amount Needed........................
Loan Duration.......................................
The loan repayment terms and conditions will be
forwarded to you as
soon as your loan application is ready.
I look forward to hear from you soon.
Kind regards,
Mr Fernandez Cole
MD/CEO
by Goodluck January 2, 2008 12:00 AM
1
by shalooka January 17, 2008 12:00 AM
don´t waste your time, EVER...very unfortunate to this industry that they are in it to take your clients money. the due diligence fee is a waste of time and money. you will hear all the best things up front, than boom, it changes, and the deal gets stretched out forever with no resolution while they took the clients money to pay out commissions to their reps, etc. etc...never answer their calls because everyone would love to give them an ear full. i am sure we would all really like to see a list of brokers they worked with which could prove that they close deals, that ain´t going to happen. shame, shame, shame on them. closing a deal with them is harder than winning the lottery.
by shalooka January 17, 2008 12:00 AM
Project funding
I would like to discuss with you where you have gotten funding for your prior projects
by victor1844 January 30, 2008 12:00 AM
Can anyone seriously help with a 16 mill USD loan on a property in Mexico?
Our main US partner has a high net worth of over 40 mill, with over 15 years experience in Mexico.
We have been burned by a Deon Walker of ME and associates in Atlanta, so we are hesitant of giving out more DD money.
We can put a lot of extra collateral behind the deal, but we will deal only with a serious lender. We don´t mind going via a qualified broker, but we will need to qualify the lender, just as they will qualify us.
Please contact me on bjarnesoegaard@webspeed.dk
Hope to hear from honest and experienced people.
by soegaard10 February 4, 2008 12:00 AM
It´s pretty simple everybody. Just go to their website and download their "tombstone´s" as they call them on this page:
http://www.remingtonfg.com/closedTransactions.htm
Then start making some calls on their listings (if you can actually get a hold of anybody) but for example try contacting reps for the Tacoma Mall in Tacoma, Washington that they list for financing $24,000,000. When you get a hold of the Land Development company that built the thing, they will tell you two things:
1. We´ve never heard of Remington
2. The money spent on that mall was never even close to that amount....
I too never got my deal financed with Remington or Kilpatrick Hart their "referral service" like everybody else sharing on this web site. Should have made those calls BEFORE.... learned my lesson the hard way.
by lancerhan February 5, 2008 12:00 AM
I to have been burned by Remington Financial Group. My trouble started over a year ago when I started working with Kilpatrick & Hart from New Jersey. They told me that their financing source had a speciality for my type of project. Having reviewed their terms I sent them their fee of $7,500. Once the payment was recieved, I was issued an LOI from Remington.
Having checked out RFG on the BBB I sent them their first payment for DD. After receiving a second term sheet, identifying they had a financing source, I sent them the second DD fee.
Having gone to their office for a meeting, they pulled the bait-and-switch manuver. Phone calls were not returned, execuses and lies were told, we even caught them in their lies several times. They kept changing the financing structure each time I called, and it finally came to the point where I had to cancell my relationship with them.
RFG and Kilpatrick and Hart need to be stopped. They told me the DD fees were going to be used for information verification of my project, studies, reports, etc. When I met with them, no one had ever bothered to look at my information. It was like talking to a brick wall...one that took over $20,000 from you!
Unprofessional...unethical...con artists...stay away from them at all costs
by Raven_Investments February 6, 2008 12:00 AM
All of us who have had to deal with Remington might "enjoy" this....
I found out last Spring that Matthew McManus, who use to be listed as the lead of Remington, now calling his part Bluestone Capital, was recipient of Philadelphia Business Journal prestigious 40 under 40 award. A program that recognizes 40 Philadelphia area executives under the age of 40 who are PROVEN PERFORMERS AND LEADERS within their respective industries and communities.
THIS WILL MAKE A GREAT MEDIA STORY WHEN THE TRUTH COMES OUT! I think we´ll start with the Philadelphia Business Journal...
Please if you´ve ever been swindled by Remington join in with everybody else and let´s get something done together. We have great media tie ins and contacts that will expose the truth behind Remington, Kilpatrick and Hart, and now what they call Bluestone Capital.
This is not a communist or totalitarian government and Remington sure doesn´t lead any of that. Having been a press member we are protected by FREEDOM OF THE PRESS and the courts when necessary. You can´t sue truth and there´s no better time than now to get these people out of business and hold them accountable for what they´ve done to many people all over this country and the world.
by lancerhan February 9, 2008 12:00 AM
We are at the beginning with RFG...they wanted 8500 which we gave them for Phase 1...now they want another 15K for Phase 2. We have an agricultural project, farm to table all natural meat and Glatt Kosher and Ha´al certified. We need 4MM to get this up and running to serve the East Coast. After reading this thread....I´m not going to proceed with RFG. Any professionals out there that want to learn more about our deal....say hi...we have proof of concept...and our package is complete...
by allnaturalmeat February 10, 2008 12:00 AM
It´s good to hear, allnaturalmeat, that you have stopped working with RFG. Having gone through both phases without seeing a dime, I´m seriously thinking about joining the class action suit.
When I had met with RFG at their offices about a year ago, it was when they were forming Bluestone Capital. No doubt that they will use their shady tactics with those deals. The RFG rep that I met with told me how great the project was, and how things would work great for us.
They then sent a letter, after I paid $20K in DD fees, that stated that my business was considered extremely high risk and that they would have severe trouble closing the deal. We were trying to raise around $20+ million, which they new from the start. Not once did they mention the risk of the business.
Using Kilpatrick & Hart as the go-between, they told me that my business had a low risk factor, and even praised items that they liked about my business.
When talking with K&H they told me that my funding would be done in one lump-sum if we closed. They said the funding would be set-up like a line of credit and we would only have interest charged on the portions we used. Later, RFG changed "credit-funding" to Equity Funding and that we would loose our stock to the so-called investors RFG had. K&H had specifically told me that the RFG investors do not actively manage the company, but only sit on as "silent partners", but what a surprise, it was all lies. Luckily I saved every e-mail and document I had with K&H and RFG.
by Raven_Investments February 11, 2008 12:00 AM
I and my client are going after RFG within the next 120 days, we are putting together all of our proof and verification to support our suit against them as we speak. I´ll post to the vine down the road to keep you posted, maybe more of us can join together and we can bring them down as a whole, at the very least teach them a lesson like they tought us and our clients. I also want to meet them face to face.
by straightshooter1 February 13, 2008 12:00 AM
straightshooter1, I also recommend that you contact Neal immedietly. Having been burned by RFG last year, I want to see nothing but justice served.
by Raven_Investments February 13, 2008 12:00 AM
BEWARE OF REMINGTON FINANCIAL GROUP
BEWARE OF REMINGTON FINANCIAL GROUP
I am currently filing several complaints with the Sec. of State, the Attorney Generals office in Ca. and Pa. and litigation concerning Remington Financial Group, they charged me 22 k + and have done nothing !!!!!! I own property worth over 22 million and they couldn´t even do a simple refinance or acquisition loan much less a development loan. JUST A HEADS UP TO ANYONE ELSE THINKING OF DOING ANY BUSINESS WITH THEM KEEP IN MIND THAT THEIR LICENSE THROUGH THE STATE OF PA. WAS CANSULED IN 1997 AND THEY ARE CURRENTLY UNDER A DESIST AND REFRAIN ORDER IN THE STATE OF CA. AND IF ANYONE WOULD LIKE TO SEE THESE ITEMS OR THEIR RESPONSES TO THESE ISSUES THEN PLEASE FEEL FREE TO CONTACT ME AT CROFTHOLDINGCORP@ATT.NET OR JHORLIECA@ATT.NET
by jhorlieca February 14, 2008 12:00 AM
BEWARE OF REMINGTON FINANCIAL GROUP
BEWARE OF REMINGTON FINANCIAL GROUP
I am currently filing several complaints with the Sec. of State, the Attorney Generals office in Ca. and Pa. and litigation concerning Remington Financial Group, they charged me 22 k + and have done nothing !!!!!! I own property worth over 22 million and they couldn´t even do a simple refinance or acquisition loan much less a development loan. JUST A HEADS UP TO ANYONE ELSE THINKING OF DOING ANY BUSINESS WITH THEM KEEP IN MIND THAT THEIR LICENSE THROUGH THE STATE OF PA. WAS CANCELED IN 1997 AND THEY ARE CURRENTLY UNDER A DESIST AND REFRAIN ORDER IN THE STATE OF CA. AND IF ANYONE WOULD LIKE TO SEE THESE ITEMS OR THEIR RESPONSES TO THESE ISSUES THEN PLEASE FEEL FREE TO CONTACT ME AT CROFTHOLDINGCORP@ATT.NET OR JHORLIECA@ATT.NET
by jhorlieca February 14, 2008
by jhorlieca February 14, 2008 12:00 AM
BEWARE OF REMINGTON FINANCIAL GROUP
BEWARE OF REMINGTON FINANCIAL GROUP
I am currently filing several complaints with the Sec. of State, the Attorney Generals office in Ca. and Pa. and litigation concerning Remington Financial Group, they charged me 22 k + and have done nothing !!!!!! I own property worth over 22 million and they couldn´t even do a simple refinance or acquisition loan much less a development loan. JUST A HEADS UP TO ANYONE ELSE THINKING OF DOING ANY BUSINESS WITH THEM KEEP IN MIND THAT THEIR LICENSE THROUGH THE STATE OF PA. WAS CANCELED IN 1997 AND THEY ARE CURRENTLY UNDER A DESIST AND REFRAIN ORDER IN THE STATE OF CA. AND IF ANYONE WOULD LIKE TO SEE THESE ITEMS OR THEIR RESPONSES TO THESE ISSUES THEN PLEASE FEEL FREE TO CONTACT ME AT CROFTHOLDINGCORP@ATT.NET OR JHORLIECA@ATT.NET
PEOPLE TO BE AWARE OF AT RFG
ANDREW MCMANUS
CASEY METZ
BEN ARCHER
DON DOTY
by jhorlieca February 14, 2008 12:00 AM
my company has been doing business with RFG for over 2 years. We work under a lending umbrella with 3 other sources and we have never had a Problem with RFG. My company has also turned down projects when DD has become a problem. BROKERS AND CLIENTS THAT LIE HAVE COST ALL OF US $$$$$.
RFG has been good to me so far we have funded the last three deals that I have sent over.
So if you have B/S projects and lie about the infi this is where your deal will end up no matter where you go!!!!!!!!!!!!
by Outkast4187 February 14, 2008 12:00 AM
Nice try Outkast4187....
by lancerhan February 14, 2008 12:00 AM
well outcast4187 the only broker i have dealt with is Ben archer and Casey metz are you saying that they lie because they work fro Remington
by jhorlieca February 15, 2008 12:00 AM
OK< So we all understand, that, if misrepresentations (intentional or not) were made prior to the issuance of an LOI, that any commitment from a lender/investor becomes null and void.
However, what if all facts were properly documented and Phase 1 proved OK, then Phase 2 was paid for, a site inspection was done and all is as originally represented and as accepted by the RFG LOI; then what could possibly be the reason for the sudden unavailability of RFG?
The market has not changed in the last 6 weeks since LOI, Phase 1 and Phase 2 and the cost of money is lower today than 2 months ago. Yet "the investors" have lost interest?
by git-r-dun February 19, 2008 12:00 AM
Git-R-Dun,
Do you currently have a project with RFG you are trying to get funded?
by Raven_Investments February 19, 2008 12:00 AM
git-r-dun,
Because there weren´t any investors to begin with...
That´s what Remington, Kilpatrick & Hart and their so-called other brokers are about. Get your money with no intentions to ever fund.
by lancerhan February 19, 2008 12:00 AM
Reviewing this threads on Remington Financial Group convinced me, to find a project or the devils advocates on the board can find us a good project and e-mail it to cthygold@yahoo.com I want to proof to you that I shall have a viable project approved by Remington Financial Group. I have not dealt with them yet, but reading some of the BS, you have convinced me to swim against the stream. The reason: none of you guys, brokers or individuals complaining about Remington Financial Group have provided any proof of money transfers to RFG for their due diligence fee for phase 1 and phase 2. If you have any proof please post it on this board or e-mail it direct to me. Reading all your postings made me mental and for this reason I want to proof that we shall get funding through RFG. In conclusion where is the BEEF?
by Mental February 23, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 9, 2008 12:00 AM
Thanks ALL!!! I´m so happy I did my research before sending any money to a company like RFG. In my opinion, if a deal is doable, all fees should be taken out at closing.
Can anyone suggest a reputable company that will fund a $6 million dollar hotel to condotel purchase/conversion in New Orleans? I am open to a joint venture.
by neophyte February 26, 2008 12:00 AM
To: Imrobby and Projectfunding.
Imrobby you are like a immobilizer and you trying to immobilize everyone on this board and projectfunding you are to successful to provide the proof of funding to RFG. Where is the BEEF.
The last thing I wanted to do is to offend anybody on this board, again reviewing all the threads most of it is Kindergarden BS.Successfull people will not respond on this board. I shall provide the due diligence fees for phase 1 and 2 and provide you 30% equity in the project you locate, the project needs to have a prime ROI. Noboddy on this board could show me the BEEF, there is no proof. I have proved there is no BEEF. Should anyone be able to provide proof of payment to RFG, that will warrant your complaints.
I am no longer going to respond on the board, you have my e-mail address, we can do a project together. I also want to do Humanitarian and assist the guys on this board who can´t afford the DD fees.
by Mental February 26, 2008 12:00 AM
This is where you will find the documentation on Remington and the Cease and Refrain Order issued by the state of Ca.
http://www.corp.ca.gov/ENF/pdf/2003/remingtonfin.pdf
and this is the emails that have gone back and forth between myself and RFG
If you wish to see more please contact me.
John, until you take the posts off the web there´s no way I can work with you.
Sent from my Verizon Wireless BlackBerry
-----Original Message-----
From: John Horlieca <Jhorlieca@att.net>
Date: Wed, 27 Feb 2008 15:31:48
To:Andrew McManus <amcmanus@remingtonfg.com>
Subject: Re:
still waiting for your call
Andrew McManus wrote:
> > Give me a call tomorrow late morning and let´s see what we can work out.
> >
> > -----Original Message-----
> > From: John Horlieca [mailto:Jhorlieca@att.net]
> > Sent: Tuesday, February 26, 2008 10:22 PM
> > To: Andrew McManus
> > Cc: JAL@LANDAULAW.ORG
> > Subject: Re:
> >
> > Mr. McManus,
> > While you may not agree with the how, why or the substance in regard to
> > the cease and refrain order issued by the Department of Corporations of
> > the State of Ca. it is still in effect! And on its face it states that
> > your company is not to engage in the activities that you are engaging in
> > within this state. Furthermore I do not know why you referred me to your
> > Atty. based on the fact that he will or can not and does not feel
> > obligated or compelled to address the issue of HOW YOU CONTINUE TO
> > RECEIVE FUNDS FOR SOMETHING THAT YOU CAN DELIVER ON IN THIS STATE. Again
> > I ask this of you and your Atty. Mr. Landau
> >
> >
> >
> >
> >
> >
> >
> >
> >
> > Andrew McManus wrote:
> >
>> >> John, got your message. As far as I know, the cease and refrain is
>> >> still outstanding in CA, however we do not believe it was issued
>> >> validly since we do not agree with the basis under which it was issued
>> >> and we have retained a CA law firm to argue this for RFG. As I let you
>> >> know, RFG remains willing and able to complete your financing, but we
>> >> do need you to cooperate with us and give us the information we need
>> >> in order to complete your loan. If there is a problem in getting us
>> >> the information, just let me know so we can work through the issues.
>> >>
>> >> Lastly, it was pointed out to me that you´ve taken it upon yourself to
>> >> post names and your negative opinions about RFG on a web site, for
>> >> what appears to be the sole intent to damage RFG´s business. I can´t
>> >> work with you under those circumstances and would not be able to
>> >> present you to our investors/lenders as you´re willfully working to
>> >> hurt our reputation. I would ask that you take this information down
>> >> immediately.
>> >>
>> >> Thanks.
>> >>
From: John Horlieca [mailto:Jhorlieca@att.net]
Sent: Monday, February 18, 2008 5:47 PM
To: amcmanus@remingtonfg.com
Cc: srooney@corp.ca.gov
Subject: Re: Remington Financial Group and the return of funds
Andrew,
I am prohibited from continuing a relationship with you due to the fact
that your Company ( Remington Financial Group ) has a Desist and Refrain
Order issued by the Department of Corporations in the State Of
California and/or are being investigated by a Ca. Agency. Had I known
this prior to releasing 22,000. + dollars to your company I would not
have entered into your contract or term sheet.
I am formally requesting that your company return my funds due to the
fact that you have a Desist and Refrain order in this state and I can
not and will not jeopardize my Company by continuing relations with
you or Remington Financial Group.
Respectfully,
John T. Horlieca
You seem to keep going back and forth between asking for a refund and wanting to complete your loan. I see that you´ve decided to slander our company on the web rather than cooperate, I can´t provide a loan for you if that´s what your actions are.
------Original Message------
From: John Horlieca
To: Andrew McManus
ReplyTo: Jhorlieca@att.net
Sent: Feb 18, 2008 4:34 PM
Subject: Re:
i really believe that your company has had more then ample time and the
information to perform given this I fell it would be in line to return
my funds
Andrew McManus wrote:
> > Ok, I´ll call first thing tomorrow morning when I´m back in the office.
> >
-----Original Message-----
From: Andrew McManus [mailto:amcmanus@remingtonfg.com]
Sent: Wednesday, February 06, 2008 2:48 PM
To: ´Jhorlieca@att.net´
Cc: ´kyle a´; ´Don Doty´
Subject: RE: PER OUR CONVERSATION AND YOUR EAMIL
John, as a policy and as per the agreement you signed with RFG, we don´t
make refunds unless there is substantial grounds for this to be done. I
don´t see that RFG has violated our agreement with you in any way, let me
know if I´m missing something here.
Regarding the CA issue. An RFG rep several years ago had launched a new
financing program and CA had determined this program qualified as a security
and therefore had to be registered as such as well as follow different
regulatory rules. RFG had since discontinued that program and the cease
order was issued. Our attorney is clearing up the action since it is still
outstanding.
John, we don´t make refunds when we´re this far into a deal based on a
client changing his mind about the deal. We intend to complete the
financing. I´m going through everything now and will be ready to go on the
deal by tomorrow late afternoon, I´ll forward you the CA info tomorrow
morning as well. Are you not proceeding with the project anymore?
-----Original Message-----
From: John Horlieca [mailto:Jhorlieca@att.net]
Sent: Tuesday, February 05, 2008 12:25 PM
To: Andrew McManus
Subject: Re: PER OUR CONVERSATION AND YOUR EAMIL
what is required and why wont you answer the question " why will you and
your company return my funds"
Andrew McManus wrote:
> > John, I´ll forward you the comments from our attorney on the CA matter and
> > then we can work through deal specifics on Croft.
> >
> > -----Original Message-----
> > From: John Horlieca [mailto:Jhorlieca@att.net]
> > Sent: Tuesday, February 05, 2008 2:02 AM
> > To: Andrew McManus; kyle a
> > Subject: PER OUR CONVERSATION AND YOUR EAMIL
> >
> > Mr. McManus,
> > As per your email and the conversation we had, you claimed that you were
> > going to call and we could go over the information that you claim to
> > have reviewed, however, Mon. has come and gone and there has been no
> > phone call or email. I tried to call you but as the case has been with
> > dealings with Remington there has been no benchmarks meet, even when you
> > place them upon yourselves.I hope that you are taking the this situation
> > as serious as I am. Furthermore I am still awaiting your response
> > concerning the issue of Remington being prohibited from doing business
> > in the State of Ca. as per the Department of Corporations for the State
> > of California. By the way Mr. McManus you still have not responded as
> > well to my request to return my funds? As to the contract you claim
> > states that the monies are non-refundable please bear in mind that the
> > Order issued by the State supersedes this claim. Again I await your
> > responses to these questions and hopefully you will address them as
> > opposed to offering alleged actions on Remington´s part as well as
> > yourself.
> >
> >
> >
> > Respectfully,
> >
> > John T. Horlieca
by jhorlieca February 29, 2008 12:00 AM
WOW....
This is one big cluster hump.
It´s good to be good.......this way, i dont have to deal with you assholes.
Just more folks pretendin.....
But what do i know.......
Love
Kermit
by Kermitthefreakinfrog March 1, 2008 12:00 AM
Wow! Overwhelmed!...now lost for words...
I´m so glad I saw this thread. Imrobby2 - Thank you for that information about Remington. I too have received an LOI and term sheet for my project and paid them fees. Now how do I get my money back? I have been in contact with Mr. McManus who assured me that all was fine and we would move ahead with the investors for the deal. Now I know this is all a lie. Dan Gura presents to be the underwriter for my case. I´m in California and if they are not supposed to be generating business in this state then I think the LOI and term sheet are void as well. I did some more research and this all looks to be a company that is doing some things that are very shady.
I will be contacting the Attorney mentioned because I have a term sheet requesting more fees and they already have other fees I´ve paid.
Thank you again for this information - wished I´d seen this before I paid the fees.
JFA
by JCalifornia March 1, 2008 12:00 AM
Yes I do have a loan request and after Phase1 and 2 have been paid, the site inspector has been paid for his expenses, no substantial effort has been made to complete the deal. All documentation was provided and substantiated, but all we get is an occassional email promising a conferenc e call to resolve outstanding issues on questions that have been answered and documented many times in the past. However the calls never come, the deal is in limbo and the silly and repetetive questions prove that no "Due Diligence" has been performed. Hence we are askink for a refund as well.
by git-r-dun March 5, 2008 12:00 AM
Tried to obtain financing for a client who had paid an up-front fee to Remington, $22K before he approached us. We provided every document required, notarized & certified to Remington no avail. They either ignored or provided a response that basically stated, I´ll get back with or I´ll look at it asap. It was a long and excruiating process that ended in failure for our client as well as loss of deposit.
by Dominican Deal March 12, 2008 12:00 AM
Anyone have a clue in a investment group willing to finance in the Dominican. Not Remington or Kilpatrick & Hart!
by Dominican Deal March 12, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 10, 2008 12:00 AM
As well as Kilpatrick and Hart.
by lancerhan March 12, 2008 12:00 AM
I´m finding similar results from Remingtom that the majority of posters on this site have stated. I currently have four projects with four different lenders, one of which is Remington. The other three lenders return phone calls and e-mails, they let you know the current status, and make you feel as though they are truly working to get the deals closed. Remington never returns a call, never responds to e-mails, and constantly stands up a new hurdle every time I jump the latest one. They collected a deposit from my client when the LOI was issued and a hefty DD fee when they issued a term sheet. They were "cat quick" when they were collecting the fees but once paid, their pace more resembles a snail. None of the other lenders asked for a DD fee and the deposits were about half as Remington´s. I´ve been in this business for seven years and this is the first time I´ve dealt with Remington and even if this deal gets funded, I will never deal with them again. They have questioned my integrity, accused me of sending in false information, and basically turned my life into a nightmare because I feel as though I´m responsible for advising my client that he should pay the fees. The financial data is good so that´s not the problem. The problem is Remington.
by izzy54 March 14, 2008 12:00 AM
I don´t know about joining a lawsuit as you mentioned. Most of the lawsuits I´ve seen where hundreds of people join in a suit, the only person who makes any money is the lawyer. I´m not interested in making any money off of this. If I file a lawsuit against them, it will be to help put an end to them and their practices.
by izzy54 March 16, 2008 12:00 AM
Remmington... it´s a shame that people are still fooled by them.
Couldn´t you find a doctor/swami/asshat to take your money instead?
by Just a broker March 16, 2008 12:00 AM
I sent the information on this file to several lenders. One of them declined and ask if it was ok to refer the file to Remington. They came back with a good rate and terms. I´d never dealt with them before. I usually do my work directly with insurance company commercial mortgage divisions but this industry had been discontinued for funding by all of them. I´ve been building a file on them and when this is all over, I intend to see them in court.
by izzy54 March 16, 2008 12:00 AM
Hello all... anyone who has referrals for "reputable" commercial lenders? Specifically, looking for a lender etc. who considers and funds joint ventures.
Or, you can advise where one can go to post for this?
Thank you.
by Bodene53 March 17, 2008 12:00 AM
I did my research on Remington and it all came back clean. I did not see this posting prior to LOI´s issued recently to a couple clients. Im scared beacouse it is our reputation at stake here. Do I need to back door my deals? The clients have allready payed there fee´s.. Also I did find a couple deals they did fund. Are these for real? http://www.hotelmotel.com/hotelmotel/News+Wire:+Finance%2FInvestment/Remington-Financial-Group-announces-Naperville-Ill/ArticleStandard/Article/detail/327700
by VegasMoneyMan March 22, 2008 12:00 AM
I have been thinking about this thread now for the past 2 days. And I have a couple more questions. Is it not actualy us that are at fault here?
As a moral stand point should we not re-imburse our clients ourselfs and place them somewhere else?
Answearing this myself
We as Brokers-Originators etc.., allready suffer a bad rep beacouse of the scams that happend through the Residential Mortgage Industry. I myself have allways been on the commercial side and enjoy a very good reputation and plan on keeping it that way even If I do have to reimburse the client beacouse of my recomendation. To me we are the ones that placed our clients at risk with these fee´s... I talked them into excepting the terms along with Remington.
MY client was trusting MY word that these fee´s are just a industry standard now.
What makes me curious however is how can a company last so long if they are nothing but a fraud??
How come I have only heard from this thread about negative complaints?
I want and feel I need to kick myself in the ass for not seeing this thread sooner but on the same end I am considering and questioning the validity of the thread ..
by VegasMoneyMan March 22, 2008 12:00 AM
VegasMoneyMan:
You sound almost as you have the same reservations I do. I had never dealt with Remington before. About the time I realized something was "fishy" about my deal with Remington, I stumbled across this thread. As I read the posts, it became clear to me that most of these people had experienced the same thing I´m currently experiencing.
My deal has about fallen through due to Remington´s stalling tactics. They will not return a phone call or e-mail. Since they have collected the deposit and the DD fee, things have come to a complete stall and we have missed the closing date by more than three weeks. The seller is backing out.
I´ve been keeping detailed records of every e-mail and phone call (up to the point where they went underground) and I intend to file a lawsuit against them. I think it was their intent all along just to collect the deposit and DD fee and then jusst leet the deal die on the vine. I´ve already talked with one of the top plaintiff attorneys in the USA and he told me he would like to look at this. He told me the way he would attack this would require them come to court here in my state.
I don´t intend to let them get away with this.
by izzy54 March 23, 2008 12:00 AM
izzy,
Let me know if you have any sources for CA development deals. We are in the middle of some Remington scams as well and we need some new sources that are actually closing deals.
Thanks,
Doctorfinance@aol.com
by DOCTORFINANCE March 25, 2008 12:00 AM
After reading these threads, I was motivated to take this further and would like to issue everyone another warning. Fisher Enterprises, LLC, a NY firm seems to be in bed with Remington Financial Group. Our company has sent them 8 deals in the past few weeks, and has ONLY received Remington LOI´s. They refuse to send me to anyone else, and now Fisher is in violation of their contract with our company which says they will provide up to 3 LOI´s. I do not have anything solid on Fisher, but would HIGHLY recommend that you not send Fisher any money either. I am so pissed at them I´m beside myself right now, and have lost about 300k on these SOLID deals that were basically a go. I would like to hear if anyone else has had a similar Fisher experience. Thanks.
by lenderboy March 25, 2008 12:00 AM
Dear Remington Financial Group, BlueStone Realty, Kilpatrick & Hart, Fisher Enterprises and so on and so on....
Aren´t you tired of living like crooks. Do you ever look in the mirror on a Sunday morning and ask yourself "how much longer can I live with myself." You´re taking away homes, crushing dreams and destroying lives. On the outside, by your arrogance and constant lies you seem to live with yourself just fine. But whether on this earth or beyond you will have to account for your actions. Isn´t it time to just stop this madness? I know your reading this right now and you might even be laughing but a day will come where you will no longer laugh about what you did to people. Whether you get away with this for the rest of your life on this earth no one really knows (including yourself) but you know somewhere deep in your dark soul that you will have to account for what you´ve done. Yeah there is always hope and forgiveness but it´s obvious by your actions you´re not interested in that. The dark cloud that you´ve put on your victims will one day envelope your whole being for all ETERNITY.
"I will take away their harvest, declares the Lord. There will be no grapes on the vine. There will be no figs on the tree and their leaves will wither. What I have given them will be taken from them." Jeremiah 8:13
And the money you stole wasn´t even given to you... scary....
So while you still can.... stop.... right your wrongs... heed the warning...you can´t do this forever.
by lancerhan March 25, 2008 12:00 AM
Remington Financial Group in my opinion is not competent and cannot deliver on any of its term sheets. I can name
( as I have the list in writing ) ten deals that a professional acquaintance of ours submitted to RFG with upwards of $ 100,000 in advance "due diligence" fees. Guess how many of those deal received funding... NONE. I know because our firm did fund one of the deals as it was in our area here in New England. (* see comment below )When you ask RFG for past clients who received funding, they will not comply. Any reputable broker or lender is willing to provide references of past clients... not your own law firm as RFG does !!!
Yet, our firm is more than glad to give out references including addresses and phone numbers of our past clients, attorneys, CPA´s etc. RFG have an elaborate network of "underwriters" who get a fee, then submit the deal to RFG, who then want an additional fee for their due diligence, and then the nightmare begins. When you call for an update, you get a runaround. Well, they are waiting to hear from their investor or lender. Or they didn´t realize it was an industry that their investor had recently lost money in!!!! HELLO!!!! I thought they were a lender !!!
And they take offense at your even calling them for an update... well it is the client´s funds and one would think the client has a right to know the status of the underwriting.
* My client ( whom we rescued from RFG ) and I saved all of the emails that went back and forth from them to my client ( which we eventually funded with an SBA 7 (a) loan in the seven figure range ourselves. Over 4 months of empty promises from RFG... Never introduced our client to one lender or never even a conference call with a lender. Their game is to delay, delay until the point that the client either gives up or the opportunity has passed.
I am a 36 year veteran corporate finance person, with 22 years experience with several international banks. Since 1994, I have owned and operated my own company, so we are not some neophyte broker who is attempting to learn the business. I question any positive responses on RFG and would press those who do leave a positive experience to tell you the name, addresses, and phone numbers of clients who received funding. Chances are if there are one of two, they were deals that your local bank would have done in half the time, half of the expenses. and with better terms.
For anyone who would like to reach me, you can e mail me at capfinctr@aol.com. I would be happy to provide you with our first hand experience in rescuing my client from them!!!
by pennrunman March 26, 2008 12:00 AM
Hmmmm.... lunarhamster = Steve Dibert????
by MtgProSince1985 March 26, 2008 12:00 AM
by DOCTORFINANCE March 26, 2008 12:00 AM
Can anyone recommend some solid lenders who are willing to do development deals in CA? There has to be some out there that aren´t crooks and who don´t charge upfront fees.
Please advise.
Doctorfinance@aol.com
by DOCTORFINANCE March 26, 2008 12:00 AM
imrobby2,
Thank you for the insight. I had heard this from numerous sources myself (about Fisher), including Neal Swenson. I´m just trying to figure out my options and scare them enough to return my money. I am currently seeking legal advice on the matter. I also am going to report them to investigative agencies. I keep good records of my conversations with them, and the blown relationships they´ve cost me makes me want to fly to NY and "discuss" this matter with David Franklin face to face like men. Of course, I don´t have time or the wasted negative energy to do that (I´m on the west coast). I´m sure I´m not the only one who will be after him as my clients have deep pockets and know that a 5.98% interest rate (Remington) on commercial hard money is Bullshit. Interesting that everyone says the same thing and that Andy, Remington´s president, (who called me as well) has the time to keep calling people trying to save face. I hope to God that means that he´s nervous about what´s been happening. Then he threw me under the bus and said that I don´t know what the hell I´m talking about and basically tried to discredit me. I would LOVE to see him behind bars.
by lenderboy March 26, 2008 12:00 AM
I have a loan with RFG and we are at phase II, but they have requested more funds to proceed. I would like to speak to a broker that has used them and get a reference for them. Please e-mail- rrwest@comcast.net
by needaloan75 March 27, 2008 12:00 AM
by amazed_reader March 27, 2008 12:00 AM
I can´t believe I just found this now. It seems these guys are as crooked as they come. NOW, a great deal that has been a long time coming will fall through as there won´t be time to switch gears and re-introduce the project to a real and reputable company. Unbelievable.
by amazed_reader March 27, 2008 12:00 AM
what is your factural grounds of this. Please send me your contact info amazed_reader.
by needaloan75 March 27, 2008 12:00 AM
huh?
by amazed_reader March 27, 2008 12:00 AM
PROJECT FUNDING: Thanks, I won´t post contact info as you suggest. I´m disappointed all the way around--though luckily I read this before another $15K was thrown to the wind. All along I thought they weren´t asking enough questions to be real or the right questions to make me reasonably believe they knew what they were doing. Enough said--let´s not educate them.
by amazed_reader March 28, 2008 12:00 AM
project funding:
I just wanted to thank you for helping so many people on this board. To everyone else on this board, I can personally vouch for everything project funding has shared with us here. Him and I have been to the front lines of the RFG battle ground and have been able to dissect their crooked behavior from ever angle. I am glad this RFG debacle is coming to an end and I hope the ones responsible get what´s coming to them.
by The insider March 29, 2008 12:00 AM
This is outrageous. I´ve had clints come to me who were so burned by RMG. They were severely burned. Don´t give us the canned lecture of how eveyone thinks their deal is the greatest and thinks it can fund but it can´t. If that is the case then deny it upfront. DO NOT shell out a letter of intent and drag someone on when it is apparent from the fist 3 minutes of hearing about the deal that it isn´t something you will fund. Instead up being honest you string them along for months and when they meet all the conditions you start over and begin the the conditions lists again.
Letter of Intent are the gateway for fraud. If you get one, it is a prelude to huge upfront fees and no closed loan. That´s with anyone.
And for the posers here that say their loans are getting closed with RMG..that´s poppycock and you are stalemating the truth here of all the people hurt by RMG.
by boundlessloans March 29, 2008 12:00 AM
Further more.......the best of borrowers and projects get no results or funded...so don´t give us that song and dance..you know in three minutes if a commercial deal can fund or not..but you accept EVERYTHING WITH A LETTER OF INTENT..WTF?
by boundlessloans March 29, 2008 12:00 AM
I think everybody who has posted on this site needs to file a complaint against Remington with their state attorney general´s office. I reported them as a scam operation where they take deposits and due diligence fees and then go underground waiting for the deal to collapse. I have done this in my state. Not only that, I intend to file in Pennsylvania and Arizona. I really believe if these state offices begin receiving many complaints, they will investigate these sorry, lowdown, bottom feeding, scum sucking, money stealing dirtbags.
by izzy54 April 1, 2008 12:00 AM
Does anyone have the information to get back to Dominican Deal? I may have just found RFG´s Killie´s Heel. You want to take down a giant? Start by knowing loan submission laws.
by InternationalMoney April 3, 2008 12:00 AM
Well It appears that the negatives are True. After Passiing Phase II and waiting 4 Months they have nothing. Wish I had seen this earlier. Have any of you done business with a company called Light Funding Corporation out of Florida? any input would be helpful.
by Zorfer1 April 3, 2008 12:00 AM
I am a builder with 25 years experience working on an affordable condo project in central Florida. Was going to submit fees today to Remington but decided to wait after reading these blogs. If anyone has a suggestion on where to package affordable, and the key word in Florida condos needs to be affordable, please advise. Additionally, if someone needs a builder for a project let me know.
Email is rasher28@gmail.com
by build-4-you April 4, 2008 12:00 AM
I´m not sure if all of you are aware of this, but Andrew Bogdanoff of RFG was sued under the RICO act in 1999. You can view the indictment by clicking this link:
http://www.paed.uscourts.gov/documents/opinions/99D0595P.pdf
This is what steered me away from these scumbags two years ago.
by johnhaiser April 6, 2008 12:00 AM
Why would you take a deal to Remington before a local bank? My deal didn´t get funded either but I had shopped it to other banks first. After Remington gave me the run around and told me why it couldn´t be funded. I continued to take it to other banks who rejected it as well, but at least they didn´t charge me to reject it. Has anyone themselves gotten a deal funded somewhere else after Remington rejected it?
SuperiorInferior
by CapitalForYou April 6, 2008 12:00 AM
My client and I are going after them.
by straightshooter1 April 8, 2008 12:00 AM
PLEASE, be aware of Remington. DO NOT send them any money. As a commercial broker for over 30 years I thought I´d seen the best slicksters - wow, these guys are good. Now that I´ve been taken for $22,000 I must confirm that they know what they are doing in getting their upfront fees. I found this blog after I had given them $22,000. Everytime I´d ask questions they had the correct answers, but now that I´ve ridden the train to an end and reflect on the different steps they took. The "would be" underwriter does not get any of the fees. They write the LOI without reviewing the loan or the market for such a loan. You pay them the first instalment and then they ask that you send everything all over again. Then they send somebody to the site, my guy was there all of 10 minutes, didn´t take pictures or want to see the surrounding area - that was my first clue. Then I asked him how many visits per month he made - he said about 6. Aha, the math, 6 X $25,000 is enough to make the boys a very profitable business.
by ProComBroker April 8, 2008 12:00 AM
ProComBroker
Where was your deal located? Sorry you were taken for a ride by these scandalous snakes in the grass.
by The insider April 9, 2008 12:00 AM
Dear Insider,
The property is in Florida. The thing about it, since I´ve been going through this with Remington I keep learning about more & more people who have gotten taken. ALERT to everyone, if you give money to Remington,1) they WILL NOT fund your deal, 2) they KNOW LESS than we do who have been in the commercial arena for a while and 3) they WILL TARNISH your deal by over shopping it, 4) DEMORALIZE you by convincing you you don´t know anything about commercial finance or the current market. The interesting thing is how much they lie. The rep told me they had 60 people working there, 30 in PA & 30 in AZ - I thought, OK, they must have something good going on. Then I meet the site inspector, he says only 4 in PA and just a few in AZ in an executive suite. And on, ad infinitum . . .
by ProComBroker April 9, 2008 12:00 AM
by kcalvert2 April 9, 2008 12:00 AM
To: Master Commercial Broker
You´ve been quiet since October. Can you provide me with a positive reference for a client that has closed a deal with RFG?
by sandlakeman April 9, 2008 12:00 AM
Thanks project funding. On a deal as large as ours, $155 MM there are very few who can take the whole deal down as one piece, so will need to work with a lead lender or broker.
It is really hard to believe that a company like RFG can be as bold and apparently well organized as they are by being 100% scam artists. We are hearing that the current financial market crisis is worse than it has been in 50 years. Traditional lenders just don´t have the cash to lend. In this environment I would imagine lots of projects are failing to fund. Ours failed with a very reputable IB. Does that make them scam artists?
This thread could be a collection of disillusioned folks. However, I don´t know any other way of finding a real reference who has closed a deal with RFG though. So until I do I won´t be sending any money their way.
by sandlakeman April 10, 2008 12:00 AM
Sandlakeman,
I agree with everything you posted. My comments were more an FYI than anything. Some lead brokers have been very resourceful in the past for me. I have spoken with brokers before that think they are dealing with direct money, but they are not so it is more what to look for than anything. That being said I have dealt with IBs and Lead Brokers that have provided me LOIs to lenders that we have access to via our relationships, so I just want to make sure that no one underestimates your capabilities as a broker. Our new "MO" for our clients since our RFG experience, is that we will not pay a retainer fee but only the upfront third party fees for appraiser, phase I, market study, etc. Many IBs and lenders require upfront fees that are more retainers than anything, so I have been forced to find the money directly. I have never done a deal of your size but I am confident if the deal is a great deal you can source the funds to close the deal. I have just received so many LOIs from different Brokers and IBs to Banks, Lenders, Private Lenders, that we have done business with in the past that claimed they had exclusive relationships that we observed we had more connections than we thought to this type of money. That was just part of my learning curve and I lost portions of commissions just for not making the extra call. On the other hand, we have worked with Lead Brokers that know a specific person up the Food Chain at these institutions that have been a great resource as it gets our deals priority fundings, so they can be very resourceful.
by projectfunding April 10, 2008 12:00 AM
Email me on anything internationally within Central and South America, no matter dollar amount, no matter the deal.
sbalkman@msn.com
by CostaRican April 10, 2008 12:00 AM
Factual data is that is fraudulant, deceptive, etc. I´ll be turning over my case to them on Monday. Also in litigation with RRML, LLC from New Jersey and I have seen litigation pending with Providence Funding from South Bend. The "front end fee" deal is running wild as the demand for alternate financing surges.
by ProComBroker April 12, 2008 12:00 AM
by JCalifornia April 12, 2008 12:00 AM
Wow - I can´t believe all that valuable information has been removed from this thread. Imrobby2 provided a wealth of information for us investors. I feel sorry now for the poor victims to come because we all know it´s a matter of time, probably minutes, with Remington before they perform their "Smoke and Mirrors" routine: Upfront fees, now you see your money now you don´t. Oh and guess what; now you don´t see your project being funded either.
All I can say is everyone do your homework and research this company very well as many has mentioned before. Ask for references and CALL THEM and talk to the actual person involved in the transaction and satisfy yourselves. But from what I´ve seen on this thread and the many, many others out there about Remington, is that Remington is very dirty and will take your money and run. No one gets funded apparently.
Take a look at this website: http://www.paed.uscourts.gov/documents/opinions/99D0595P.pdf
Do your research before sending them a dime. Look at public records.
If I don´t get my money back I´m going to be suing as well. Is that the first step to recovering my losses with this clan? I´ve asked before and they will not return phone calls nor answer e-mails so what is left to do.
by SettingItRight April 12, 2008 12:00 AM
I suggest anyone interested in Remington does some of their own research. I´ve read a lot of garbage on this board about them and since there´s no way to hold anyone´s feet to the fire, it´s your job to check them out yourself.
Here´s links to California, Arizona and Pennsylvania courts;
Arizona Court Information
http://www.supreme.state.az.us/publicaccess/notification/search.asp?id=
California Court Information
http://www.courtinfo.ca.gov/search/
Pennsylvania Court Information
http://www.courts.state.pa.us/search/aopcopinionquery.asp
by JCalifornia April 12, 2008 12:00 AM
The above sites - may not provide you with the information you need for your research. I thought I´d put it out there because it´s been given before by someone I believe is an RFG fan. DO YOUR OWN RESEARCH!
I´ve decided I´m getting my money back. I am not letting these people get away with taking my hard-earned money. I´m joining the party too and will be filing a suit against them.
ProComBroker your comments are very scary. If people seem to be more desperate for financing then the fees demanded by Remington will be more hefty and thus more money turned over to those bandits we all know as RFG.
by JCalifornia April 12, 2008 12:00 AM
All you really have to do before you send them money is get three deals that they have funded. Get State & County, do a public records check (nothing that is not public record). If you can find nothing anywhere that they have actually closed why would you want to send them money. There are some RFG employees, obviously, trying to save a sinking ship. It´s simple though, if you can´t find recorded evidence - well, you decide . . . as they say, "Caveat Emptor" or "Res Ipsa Loquitur"!
by ProComBroker April 12, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 12, 2008 12:00 AM
Alot of people have been damaged by these scams. Since this experience we don´t send any upfront monies unless they are for third party reports. Even so, we wait for the reports to be completed and invoiced. If a lender requires a "Refundable" retainer we don´t move forward with that lender, we just move on. We may pass over reputable lenders but we were burned and we are very cautious moving forward on LOIs and Term Sheets that require DD Fees. Its not worth it, the market is tough now but it is better to move on than to lose monies and obtain nothing from it. Thanks everyone for your posts. Anyone that does find a deal on public record that RFG funded in their name please let us know, many of us are anxious to find these deals.
by projectfunding April 13, 2008 12:00 AM
REMINGTON FINANCIAL GROUP IS PAYING BACK FEES!
After very, very long discussions with this team of sharks, I have finally got my money returned. I saw a posting on this thread about a class action lawsuit and used that as my weapon. I had to threaten to sue them for RICO, fraud, conspiracy to do fraud and extortion and join in with others before they consented to returning my $35,000.00. I got my check(Cashiers check - what is that about but who cares. Also had some other name on it that I didn´t recognize but it´s mine now).
I talked to Andy Bogdanoff in Phoenix at 480-905-3239 and Dan Gura in PA at 267-546-9039 and after stalling and stalling and pretty much telling me I was stupid and my project was trash and using horrible words that were totally unprofessional, I had to tell them that I know they are involved with many lawsuits right now and the best thing they can do is return my money so they don´t have to pay punitive damages along with the compensetory damages due me. And believe me they didn´t want to have those charges racked up. We were talking treble damages and they knew what they were up against. They are spinning right now so while they are dizzy, get your money.
So I would advise anyone who has had their fees thus far not returned, CALL THEM UP AND DEMAND YOUR MONEY BACK! And who said a Leopard can´t change its spots. Right now they are swatting lawsuits left and right and cannot afford to have the cases continue to grow.
Call them! I´m sure you all know their numbers but I´ll just make it easy so you don´t have to look them up.
Phone numbers to contact them are:
Andy Bogdonoff is 480-905-3239
Dan Gura is 267-546-9039
Much success to all -
by BragenWins April 13, 2008 12:00 AM
Toastforsure,
Absolutely. Do what you have to do. I just meant going forward the stance we are taking on upfront "Retainers" and DD Fees. Get your money back.
by projectfunding April 13, 2008 12:00 AM
BragenWins,
That is great news. We are going to start hearing more of these stories where people are receiving their monies back and some. Imrobby, thanks for all the helpful information, alot of people are finding out more about this site and RFG. I hope everyone gets their money back shortly.
by projectfunding April 13, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 14, 2008 12:00 AM
jaimejaime33:
I don´t recall the name of the attorney but I´m sure it´s on this thread somewhere or the web somewhere.
Good luck on getting your money back. Be careful with this company though because they seem to have taken a lot of people for a long, long, long ride with now intent of funding them.
I´ve watched this site for a while and some good information has been taken off to warn people like you who perhaps would not have given the first DD to them had they had that information available.
by BragenWins April 14, 2008 12:00 AM
Correction to the above: "with no intent of funding them"
by BragenWins April 14, 2008 12:00 AM
jaimejaime33:
Do a search on the web of Remington financial group and you will find so much negative information about this company. You dont´ have have to go deep to find what you need. I wouldn´t pay them any more money, but that´s me. This is all so wrong that we have to fight to get "our" money back.
by BragenWins April 14, 2008 12:00 AM
thanks
by jaimejaime33 April 14, 2008 12:00 AM
Jaimejaime33,
The contact information for the things you requested is on this thread. They have no intention of funding your deal. Keep posting your comments and experiences on this thread.
by projectfunding April 14, 2008 12:00 AM
I would be very interested to know if anyone in the state of Oregon has had dealings with RFG.
by rfgnightmare April 16, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 16, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 16, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 16, 2008 12:00 AM
rfgnightmare,
The reason adds have been removed is because this is a sight for comments and experiences. Anything that touches the brink of "advertising" and so forth is not allowed. Advertisement can be considered in many forms such as legal services, mortgage services, or implying others to use legal services etc. which are not allowed on the thread. You just have to tell your experience with the appropriate language and none of your posts will be removed. If you violate the rules all of your posts are taken off. I cannot put back on this thread what items were removed but I can tell you they were about my dealings with RFG and on one of my comments I crossed over the "advertisement" rule in regards to legal implications. This is my understanding of it.
by projectfunding April 16, 2008 12:00 AM
Projectfunding. Thank you for explaining the rules to me, but I feel this is not completely accurate. I´ve seen in this thread a broker put an application on their posting, isn´t this advertising? I have also seen on other threads brokers claiming they can get money for their clients. So I seen that backgroundgrrl has all her postings pulled. it seems strange that she does not know the rules or she would stop posting.
by rfgnightmare April 17, 2008 12:00 AM
BEWARE OF ARLINGTON RICHFIELD
Andrew Bogdanoff the principal for Remington Financial Group also runs Arlington Richfield out of Birmingham, MI
Spread the word. Same old up-front fee scam.
Another store front. How many others do you have Remington/BlueStone/Kilpatrick-Hart? (I know you read this post). We´ll find them all. You´re uncovering has just begun.
by lancerhan April 17, 2008 12:00 AM
rfgnightmare,
What you said is true. Let me clarify, and advertisement that proposes for everyone to enter into a lawsuit for the purpose of this thread is considered advertising. There were probably some legalities that BU did not want to get into with RFG. I believe the other posts no one cares about it is more the legal ramifications. We can just post our comments but can´t instigate a "Class Action" and what not, that is the main thing.
by projectfunding April 17, 2008 12:00 AM
My partner and I just sent $15,000 to do a 5.2M deal with RFG through our mortgage broker. Now I find this today. They told us up front they could close in 21 days--we presented a complete package--very well put together by our originator and they said it looked great needed site inspection and another $15,000. Thank goodness I found this thread. I have alerted our broker and my partner and now we are getting close to our closing date and we need a lender quick. This deal is a multi use facility and the site is prime. The best in our community. Thank you for the postings. I know some of it is just brokers blowing off steam but with this much smoke there has to be a fire. Unless everyone here is panicking with all of the negatives in the press and everywhere else. Our market is strong down here in South Texas so there must be many lenders willing to come this way--we just need to grab one quick.
by MDPARTNER April 17, 2008 12:00 AM
MDPartner,
Don´t send more money, they are not going to fund your deal in 21 days. Very few appraisal´s can even be completed in 21 days. So you don´t miss your target close of escrow use private funds, pay higher rates for acquisition while you work out a bank loan. It is better than losing any pass through income or paying penalties that would far exceed your interest paid. The banks let alone RFG will not close in 30 days. I have a deal that will close next week that is straight forward institutional that will be entering into the 90th day of process. Also, the venting is pretty factual based on my experiences with RFG, these brokers and developers are for real and as the credit crisis continues to go on more people will appear on this thread. Good luck. Let us know if we can help you out.
by projectfunding April 17, 2008 12:00 AM
MDPARTNER
Please save yourself & do not send any more money, and, for that fact, ask for our intial money back. RFG are brokers, not lenders. No one can find anything that they have closed. I had a 50% loan to cost development deal that they said they would close in 45 days. Then I found trying to broker it some the same investors I had already submitted it to. I am a well experienced commercial broker & can´t believe how I got taken. Adding to this thread is a small way of helping others.
by ProComBroker April 18, 2008 12:00 AM
ProComBroker,
Well said! I had a similiar experience, my lenders started calling me asking why RFG was calling on my deal.They are a bunch of brokers, they don´t use their own funds, and they have no intention of funding. They said they would close mine in as little as 21 days with their private hedge funds. It is just a way to extort DD Fees. I can´t believe I got taken either but I hope these posts will keep others from falling into the same situation I fell into.
by projectfunding April 18, 2008 12:00 AM
rfgrefund2,
Just call in your info and see if you get any takers. Tell them to come look at this thread and go from there. I´m sure people would be more than happy to participate in this.
by projectfunding April 19, 2008 12:00 AM
SEEKING HARD MONEY LOAN AGAINST EQUITY OF LAND LOCATED IN NORTHERN CALIFORNIA.
Property appraised from $750k - $1.17 million (MAI Appraisal). Seek short term loan of $400k. WILL ONLY RESPOND TO INQUIRIES OF KNOWN ENTITIES WITH EVIDENCE OF PREFORMANCE. DIRECT SOURCES ONLY!! NO DAISY CHAIN BROKERS AT ALL!!
Please contact Bingo.cubscout@gmail.com
Thank you!
by myland April 19, 2008 12:00 AM
As another lender, I´m also disappointed to hear all this about RFG.
At one time, I understood Remington were good guys, but I have not heard anything but "bad news" about them from all the brokers who call me over the last few years.
But the old adage, fool me once, shame on you, fool me twice, shame on me is very fitting as regards the proliferation of these bad "lenders".
Because I do think the brokers themselves who were "taken" by RFG should share some of the responsibility and this is why:
To me, a deal either makes sense or it doesn´t in the first 5 minutes and usually less. And most deals, quite frankly are "dogs" - and by most deals, I mean 99+% are not fundable deals, and I´m being generous.
However, when a deal is a dog most legitimate lenders don´t need $10K or $25K or whatever to investigate it further.
I do sense that many if not most brokers today may be too inexperienced to know it´s a dog themselves and although Lender after Lender keeps telling them NO and the reason why, rather then listening and moving on to another deal these brokers keep calling and calling until they find a "lender" who tells them What They Want to Hear.
This is how firms like RFG and all those North New Jersey guys keep ripping-off brokers and would-be borrowers - they tell people What They Want to Hear.
So then the borrower rushes a check or bank wire out the door only to ultimately be disappointed much later after considerable time and money has been exhausted.
Certainly, firms that intentionally do this should be sued, but most have very good lawyers who draft very sue-proof agreements. But suing is, no offense, a loser´s game at that point.
New Brokers need to be smarter with their clients money, and they need to spend more time learning the hard-money business possibly by seeking out experienced brokers and learn from them and possibly pay them for their efforts. This would likely prove to be one of the best investments they ever made.
by A frank lender April 20, 2008 12:00 AM
MDPARTNER:
Hey you are one of the lucky ones who found this site before sending the remaining portion of their requested and so-called Due Diligence fees. These threads have been going on since 2005 so none of this is new and none of it is just Brokers blowing steam: There is a real fire burning.
There are other threads that have posted information about RFG since 2003...look around on the web.
They are worse than bankrobbers because they will take from their Grandmothers if they have the DD fees they need for their night on the town. They will promise the deal and you will lose your deal messing around with these group of people (I´m hesitant to call them even that) and they "will" take your money and run. So good for you that you "RAN" first. Try getting your money back and let us know what happens.
by JCalifornia April 20, 2008 12:00 AM
rfgrefund2,
Makes sense. I know a local person here in California for local news, I don´t know if that´s a start? Hopefully people will respond to your thread, I am very anxious to hear about the dirt you have on them.
by projectfunding April 22, 2008 12:00 AM
ANOTHER REFUND RECEIVED
It took a lot of work, but I received my full refund that I paid Kilpatrick and Hart & Remington Financial Group. They played hardball, giving me the same treatment in not returning my phone calls and telling me they had to go before their board to get approval. I put their phone #´s on speed-dial and kept calling until I got through.
Since Kilpatrick & Hart has a "Cease and Disest" order against them as well, I told them I would file complaints against them, go to the press, and file criminal charges against them. I think they wanted to get rid of me.
I urge anyone who has been a victim of Kilpatrick & Hart or Remington Financial Group to call them immedietly and request your money back.
Andrew McManus - 267.546.9033
Dan Gura - 267.546.9039
Andy Bogdanoff - 480.905.3239
by garfunkle35 April 22, 2008 12:00 AM
Dear Remington,
Since I know you read these posts... I thought I´d let you know that your OLD web site with all that false advertising has been cached (which means saved in web terms). So it can still be used as evidence against you.
Nice try... though...
by lancerhan April 22, 2008 12:00 AM
Alright Bruno316 and Truthteller,
LET´S START WITH YOU. POST YOUR REAL NAME AND PHONE NUMBER AND WHO YOU WORK FOR SO WE CAN VERIFY THAT YOU DO NOT WORK FOR REMINGTON OR ANY OF THEIR ASSOCIATED BROKERS.
THE BALL IS IN YOUR COURT.
Everybody else if you can please give this person 24 hours before posting anything else. That way there is a date gap on this. Let´s give this person a chance to prove their point. If they can´t post their number or name then obviously it´s more of Remington and their brokers diverting attention away from the truth.
Go ahead post now... Bruno316 and Truthteller....
by lancerhan April 23, 2008 12:00 AM
Truthteller,
I was on a conference call with one of the gentlemen featured on the RFG website and his exact quote was " we fund 15% of the deals we issue LOIs on" this is alot different from the previously mentioned 80%? Thanks for your comments but you are out numbered here. Who knows what everyone elses deals looked liked and what they represented but you have been in the business along time you can tell within a couple of pages of reading and some quick and dirty calculations if the project is feasible? Why collect fees upfront if you know you don´t have a source? Doesn´t make sense.
by projectfunding April 23, 2008 12:00 AM
We caught them red handed. They did not even look at the tens of pages of analysis we sent, lead us to believe they did. Then, used another broker to broker the loan to lenders to which we had already been. They don´t know any more than most people on this thread. They just have a very slick way of getting up front fees. I truly hope that whoever is genuinely interested can find the truth from so many concerned people.
by ProComBroker April 23, 2008 12:00 AM
Truthteller,
I checked out your website and you are a broker. Giving us your name and number doesn´t mean anything. The reason we are on this thread is to stop RFG not argue with you because you have supposedly closed some deals with RFG. You could be a broker like the other one´s mentioned on here that take work on a consultant basis for RFG or a site analyst for them. All of us really don´t care who you are and if you have funded because all of us on this thread did not fund our deals with RFG. My previous posts were taken off for the reason rfgrefund2 mentioned. The deals I had with RFG were great deals that have since been funded institutionally elsewhere at lower rates and better terms. Unlike RFG my company and I have tombstones and legit ones. Thirty years worth of tombstones. I am not willing while we are in the middle of legal action to post my contact information, website, etc. because its just not worth it to do that with someone like yourself who is contracted by RFG or somehow connected with them. I know people wouldn´t spend all this time on a thread to talk poorly about a company if it wasn´t true, why would they lie? There are also plenty of borrowers that are either on this thread or their posts were taken off with actual email documentation from a developer showing RFG DD Fee process and what happens after you pay them. You be honest, if you are leading people to RFG and their DD Fee process you will soon get caught also. I too have written proof on these guys that would take them down we are just going through the process right now. Like many others, they contacted our lenders and attempted to broker the deals. They never had any idea of the project, location, and the product type. They were late getting onto conference calls, missed conference calls, and would hang up on conference calls with out prior notice. We have moved on from this but we will make sure we will get our money back and stop other people from paying these bogus DD Fees for glancing over Executive Summaries. If you say we don´t have lives, why are you so eager to give out your contact info, your home phone number, company name if you weren´t associated somehow with RFG? Why have you recently spent so much time on this thread out of the blue, all of a sudden you feel compelled to tell people why to use RFG and they fund 80% of their deals? I don´t care to divulge my information because it is all about telling the facts and getting our money back. You will never convince me to use RFG or convince me to change my comments on this thread. These comments are all the same story, unlike the "telephone" affect of first grade, there is not any inconsistency between all of the individuals on this thread. It is the same factual data on each person, just a different product type and scenario, but the same DD Fee Process. It´s a joke but I was taken and now I have to deal with the consequences and work with my client to get the money back.
by projectfunding April 23, 2008 12:00 AM
test
by International Finance Guy April 24, 2008 12:00 AM
Copyrighted material has been removed.
by backgroundgrrl April 24, 2008 12:00 AM
Bruno 316, Truthteller (Dan),
Your a broker... nice try. I´m really going to post my contact info when you obviously work with RFG. You´re just mad because you´re losing your upfront due-diligence fees to send people to RFG and get your cut. Just like Kilpatrick and Hart.
...And your the one mocking people on the web. Why don´t you get yourself and a honest living.
by lancerhan April 24, 2008 12:00 AM
International Funding,
If you look up Maven Communications they have the EXACT same address as Bluestone and RFG. Having extensive experience with PR firms that is VERY irregular to work out of the same office as one of your clients unless your an in-house communications team. I would question anything that comes from them.
by lancerhan April 24, 2008 12:00 AM
Truthteller,
You sound like one of them. Same counters, same mention of the verbage in the LOI, blah, blah, blah. There counters are all the same and they always come up with reasons. If they just funded their deals there would be fewer people on this thread. The legal verbage in the LOI doesn´t matter if you committed acts that mislead a borrower and have a cease and desist to do business in that state. You are a waste of time. Also, you posted your name, number, and company name so that is usually pretty easy to look up. I am done replying to you and if you do have funded tombstones for RFG we are all eager to find one.
*Everyone do not put your name and number on this thread**
by projectfunding April 24, 2008 12:00 AM
Is this thing on?
by dice April 24, 2008 12:00 AM
what´s up?
by dice April 24, 2008 12:00 AM
Why are there now so many banned users? Freedom of speech is dead in the U.S. now? Sensored comments are being removed? For what purpose?
People need to know what´s going on out there with these types of companies. A lot of hard working people are losing their money to companies like Remington Financial Group and this thread is an excellent way to inform the world not to be hoodwinked and fooled by their David Copperfield moves. But now if you even mention RFG and lawsuit in the same sentence, you become a banned user? Makes you wonder why...incentives perhaps? Maybe some Attorney somewhere is giving away free money to support the RFG campaign. But we know Attorneys wouldn´t be unethical...right? So then what is really going on?
I can only guess that RFG is running scared and their Attorney has contacted this thread and threaten them to take off anything that looks like negative campaign against Remington and support of a class action. Wow! I understand your position but I cannot believe that pressure can make you fold like this. Well there are other media to get the word out and believe me THE SHOW WILL GO ON!
So you ban the public and take away some voices but there are masses out there that will not be shut up for any amount of money. There are other threads that have been seen, there are other Blogs that have been read already, the word is OUT that RFG is toast for sure and going down.
by JCalifornia April 25, 2008 12:00 AM
Jcalifornia,
I think the user that just was recently banned was the gentleman who was challenging us and actually threatening lawsuit against us.He was challenging people to put their names, company, and phone numbers up on the screen. He also put his info up and it may have been considered advertising. That´s all I can think of. You just can´t instigate a general type of action against a company otherwise they will take your posts off. As long as we tell our factual data they will leave our info on.
by projectfunding April 25, 2008 12:00 AM
You dopes. People who ask for their comments to be removed are now banned users. Get a clue.
by dice April 25, 2008 12:00 AM
Put your real names out there and your company information and accurate contact info. Don´t be little girls and hide behind a screen name. Bring the facts not your emotional little tirades.
by dice April 25, 2008 12:00 AM
Freedom of speech is not all inclusive. For example, you can´t yell out fire in a crowded movie theater unless of course there´s a fire. The negative rants on this site are synonymous with that action.
Be smart about how you conduct your business. Remember, the way to truly measure someone´s worth is by their character. I believe that was a quote by Benjamin Franklin.
by dice April 25, 2008 12:00 AM
rfgrefund2- If you had an attorney then they would advise you to zip your lips. Is your attorney working pro-bono or do you actually have some money to pay them? I have put my contact info on here under but you missed it. What state is your lawsuit in and how can we learn more about your alleged case?
If you search on the internet there may be a commercial loan officer school for you to attend so that you can become more familiar with originating and processing real loans. Ask your clients or yourself if the deal you´re crying about could be funded by anybody else? With all of this blog info- why would you have proceeded with RFG if they were so bad?
Sounds like you´re very litigious.
by dice April 25, 2008 12:00 AM
P.S rfgrefund2 guy- Did your attorney or attorneys require you to pay a retainer fee? If they lose your alleged case are you going to try to sue your attorney for non performance?
by dice April 25, 2008 12:00 AM
Dice,
The facts have been successfully presented in a court of law. If you are in with RFG you will know we are pretty soon. They are facts, not misconceptions, not emotional outburst, but facts. Thanks for your comments. If you do have a tombstone that you have done with RFG with the proper documentation I might change some of my feelings on them.
by projectfunding April 25, 2008 12:00 AM
Project funding- call Adam Lisausky. He is the attorney for Tower Investments and he worked with Remington Financial Group in Philadelphia with Kristopher Wood and Andrew Mcmanus to secure $60.8 million for The Edge at Avenue North. This was the 1,200 room student housing complex for Temple University. The deal closed in 2006 and Adam is currently working on more deals with RFG.
I spoke with Adam Lisausky roughly 4 weeks ago and he can be reached at 215-467-4600.
Take care,
Dice
by dice April 25, 2008 12:00 AM
If an attorney would even attempt to put a case together because a financial institution wasn´t able to secure 100% of their financing then those attorneys should be disbarred from practice.
If a financial firm would roll over and give the private information of their clients and contact information then they would be in violation of the privacy act and the Non disclosure agreements that most companies execute. In addition, it is stated in the LOI that personal information is for the use of securing funds and nothing else.
by dice April 25, 2008 12:00 AM
I hear that Broker Universe/ Mortgage Grapevine is a wholly owned subsidiary of Kennedy Funding. I heard this from a very reliable source. 95% of the comments on this site are from people who work for Kennedy Funding aka Broker Universe/Mortgage Grapevine.
Run from this site. These people from Broker Universe and the Mortgage Grapevine must be bad apples.
by dice April 25, 2008 12:00 AM
Dice,
Thank you for the tombstone. We have been waiting for one for a long time.
by projectfunding April 25, 2008 12:00 AM
No Problem projectfunding- I have spoken with several folks who have completed large transactions with RFG and they have been very satisfied. At the end of the day- good deals get closed on their own merits providing the story is properly told by having the loan packaged with clarity.
A lot of negative folks will never look to themselves and realize that there project had a lot of holes in it and if they had done better due diligence prior to submission then it would have been evident to them as well.
If a package or project is garbage prior to submission then it will not even be accepted in an effort to work on viable deals.
by dice April 25, 2008 12:00 AM
Has anybody ever heard of the law of attraction? If you focus on what you want in life then it will come true.
If you had been diagnosed with cancer and you focus on death and cancer then you will ultimately die of cancer. However, if you were diagnosed with cancer but focus on happiness, laughter, positive aspects of your life then your internal body chemistry has the ability to fight off the cancer and allow you to live a happy life.
If you choose to be on this site then be positive and don´t stir things up with lies etc. A few posts ago- I suggested that Broker Universe/Mortgage Grapevine was part of Kennedy Funding and I did that to show how ridiculous many of the accusations on this site really are.
Let´s use our intelligence and don´t resort to ignorance.
by dice April 25, 2008 12:00 AM
rfgrefund2,
Thanks for the info, I was not aware of that, regarding the tombstone. Thanks again for your info and I´m sure we´ll be updating as to our progressions with RFG.
by projectfunding April 25, 2008 12:00 AM
DICE - If Remington Financial Group is so legit and successful, then why do they generalize their tombstone´s on their new website? How are new customers able to tell if the deal closed or not? Anyone can say they closed a deal.
Since you have the connection to Tower Investments, and posted their attorney´s contact information, provide us with at least 5 solid RFG closings with contact information, and some of us can be at peace.
Also, why does Remington and Bluestone share office with a PR company? I find it odd that all three companies use the same address and Suite #.
by garfunkle35 April 25, 2008 12:00 AM
Anyone had a successful funding through Kilpatrick & Hart?
by Loanguy27 April 25, 2008 12:00 AM
It´s a lot simpler than you make it. Take the legit companies, go to the county and state where they say they have closed, type in their name. For any number of good lenders in the country their names appear; Remington is conspicuously absent. I only hope that the people researchng RFG will take head from a seasoned commercial lender who got stung "good" and run the other way. If they say they don´t close in their name, then they are brokers & they seem to know less than you and I. Good luck, don´t let your need make you believe that these guys are legit. You´re only wasting time & money.
by ProComBroker April 25, 2008 12:00 AM
KILPATRICK & HART are nothing but lying crooks. I lost almost $10,000 with them. Do not waste your time with them, they will only take your money and never contact you again. They will only send you to Remington, who recently lost their BBB accredidation. Visit the BBB website.
I urge all victims of RFG and Kilpatrick & Hart to file complaints with your state´s Attorney General and the Pennsylvania Attorney General.
by garfunkle35 April 25, 2008 12:00 AM
Our deal was funded with our own internal sources after getting the run around with RFG, they don´t know as much as they say they do. We have 30 years experience and got burned, so don´t believe all the hype that the RFG supporters write on here, your deals can be funded with other lenders. Thanks everyone for their comments.
by projectfunding April 25, 2008 12:00 AM
Garfunkle etc. if you all think RFG is so bad then why are you searching so hard to talk with their references?
By the way, call Countrywide Home loans or any other lender in the residential or commercial realm and ask them to provide you with a list of their clients names and numbers etc. See if they are willing to violate the privacy act.
Again- if anybody was truly involved in a lawsuit with RFG or anybody else for that matter then they would not be divulging such info on a blog site. There are things called gag orders. In addition, no attorney in their right mind would be on here revealing info on their alleged cases either because it would jeopardize their case.
Furthermore, collecting advanced fees for services being performed is no different than paying for an appraisal prior to completion, or an application fee to a residential or commercial lender or paying a retainer fee to an attorney to represent you in the court of law or for services rendered in general.
If you truly believe that you can get full approval of a comemrcial or residential loan without complete all of the necessary due diligence such as appraisal, site inspection, underwriting, etc. then you may consider finding a different business to be in. If you think you´re going to have professionals work for free then you´re definitely in the wrong business.
I challenge anybody to contact a hedge fund or any other firm to raise equity for them and see if they charge you a fee.
Enjoy your day.
by dice April 26, 2008 12:00 AM
dice, a couple of things that may help you: 1) when you go to public records and type in countrywide, their name appears and 2) the correct spelling is “commercial”.
by ProComBroker April 26, 2008 12:00 AM
I cannot believe I just found this thread. I got taken for $22,500. I submitted my full analysis which, it turns out, they never read. Then then asked for it all over again & gave it to another broker to place. The broker they gave it to went to the same people I shopped it to initially. They used none of the money for due diligence, not even to give some to the poor broker they gave it to who knows less than they do. Then, I discovered the reps get a commissionon all fees coming in. Too late, they got me! New people please be ware, they will not close your loan, only take your money.
by Inquiry April 26, 2008 12:00 AM
DICE - Does Countrywide have a "Cease and Refrain" order against them in the state of California? Did they recently lose their BBB membership? No because they do not charge outrageous fees for loans.
I´ve worked with many commercial lenders who have provided reference information for me, names, numbers etc. All I need to do is ask them if they closed the loan with the lender, nothing more. They will either say yes or no. They don´t need to disclose how much the deal was for.
You mentioned in a earlier post that you have spoken to people who have closed deals with Remington. If you were not part of the loan process, how did you know who to talk to? How did you know the name of the person to talk to at Tower Investments? If you can have this information, why can´t anyone else? Unless you work for Tower, than you violated privacy by posting his name and information.
by garfunkle35 April 26, 2008 12:00 AM
Procombroker- I know how to spell commercial. I made a typo.
Garfunkle35- if you do some due diligence and look at the articles released by independent third parties then you would be able to figure it out fairly easily. Also, Countrywide is in the process of being purchased by Bank of America and they have their fair share of problems. You want to talk about outrageous fees. Countrywide owns Full Spectrum Lending and that was their sub prime lending side. They charged 5 points up front and didn´t have to disclose yield spread/SRP which would equate to 3-4 more points. In the event that you´re unaware of section 32 loans- it´s the result of charging enormous fees that exceed what federal law allows. The fact that they didn´t have to disclose the YSP etc. prevented section 32. However, in some cases they would still do section 32 loans with the approval and authorization of the borrowers.
Look up lawsuits against Countrywide Home loans and check out their predatory lending lawsuits. In addition, the reason the Bank of America purchase of Countrywide is dragging on is because B of A has been trying to back out because so many of Countrywide´s loans have been in default. By the way, I worked for Countrywide´s Full Spectrum Lending for years and know this information to be factual. Loan officers would knowingly doctor W-2´s and assets etc.
Back to Tower investments info. Read the press releases on The Edge at Avenue north and it mentions Tower Investments. All you have to do is put forth some effort and be polite and ask the right questions and you will find accurate information out there. I never had any agreement with RFG or Tower investments about their deal. I did my homework and posted the information on my own. Their was nothing posted that was erroneous or damaging. The deal took place in 2006 and it´s public record.
Call Bank of America´s commercial division and ask what their closing ratio is and ask them how much they charge in advanced fees and your jaw will drop. People who are experienced in this business as well as other investment industries realize that there are risks in terms of dollars, time, and effort. Look at very large deals and ask your borrowers how much they have spent in due diligence to determine if their project was bankable etc. I have folks that have spent $200k prior to seeking debt financing. If they don´t get financed do you think they are going to chase after the 200k they have spent along the way?
Inquiry, are you a borrower or a broker etc.? Saying you got taken for $22,500.00 is a stretch. What phase of due diligence are you on? Has your loan been turned down or have you just not closed yet?
Probroker- have you been to public records yet? Were you expecting the loans to be closed in RFG´s name etc.? Do you realize that folks with a correspondent relationship don´t close in their name, they close in the folks who lend the money´s name. You should check out the requirements and benefits of having a correspondent lending relationship. If you´re not satisfied with your efforts thus far in the industry then you should become a direct lender or get qualified to have a correspondent lending relationship.
Take care,
Dice
by dice April 26, 2008 12:00 AM
Saturday 4/26/2008- (Wachovia)U.S Justices are investigating Wachovia Corp- which is one of the top 5 U.S Banks- the investigation is a probe into Latin American Drug Money Laundering.
Friday 4/25/2008- Wachovia agrees to pay $144 million dollar fine because Wachovia profited fees and other charges to 1,000´s of customers. These charges were doled out by telemarketers and processors and the victims were mostly elderly. This went on from June of 203 to December of 2006.
There will be more lawsuits as a result of the sub prime crash then was in the entire savings and loan scandal of the early 90´s.
Is this the kind of negative information people on this thread thrive on?
by dice April 26, 2008 12:00 AM
dice: So let me see if I understand you...You are comparing Remington Financial Group and Kirkpatrick & Hart with Wachovia? So you are saying that if it´s good for Wachovia then it´s good for Remington and the rest of the crooks out there to rip off innocent people. It appears that Wachovia has agreed to pay fines and pay other fees towards educating their people. Since you are saying that RFG, K&H and Wachovia are the same then we should expect for RFG and K&H to return everyone’s money and make good on their bad "judgment". Since Wachovia seems to be doing the right thing to resolve the matter. Thank you for clearing that up for us who don´t really know RFG and K&H like you do.
Wachovia has agreed to pay a $10 million fine, contribute $8.9 million to consumer education programs and make restitution to victims that could top $125 million. In a statement, the bank said this “situation was unacceptable and we regret it happened.”
...
Under the terms of the settlement, victims will not automatically receive compensation from Wachovia. Instead, they will have to submit claims through a complicated bureaucracy. Because many of the victims are elderly or poorly educated, it is likely many of them will stymied by these obstacles, Mr. Markey said.
Dice - I think you are missing some facts. Most people on this thread understand if their deal wasn´t solid that an experienced Broker or Lender would be able to know right away that it will not fly and not move forward with it. And we all could live with that. But this bunch of folks you call "Friend" has taken money from people knowing they were not the Lenders, but represented in this manner, knowing they were going to Broker the loan out, knowing that they were not going to read any portion of anyone´s project information. And it´s very obvious that they don´t read the information because they develop stuttering problems when you try to talk with them about the plans and you might here paper shuffling or you might just get an angry voice on the other end of the phone. I don´t believe BofA or Wachovia would curse you out for asking questions, hang up on you because you question what´s going on with the phase.
Do your homework and don´t get in the mist of things if you are not aware of what´s been going on. It´s not just a hand full of people "griping" and complaining. It´s a mass of people refusing to be taken advantage of, bullied and disregarded when our hard earned money was taken without cause. If it wasn´t a deal, then it wasn´t. But don´t say it´s a deal then not fund. Don´t take my money and expect me not to respond to you with some questions and ask for a status. How dare they get upset because people question them about their loans? This has been echoed time and time again on this thread and many others around the world. Check the web really good before you defend these people.
You should be thanking us for putting the word out to help others so they do their homework and not lose their money as well. Surely you do not object to that. And I know you seem concerned about RFG´s reputation but this thread has been going on since 2005 and I don´t think a smear campaign was formed against RFG just because a few people were unhappy. Then how do you account for the other threads that have been going on since 2003? Are they uninformed as well to the whole commercial funding process. So everyone is stupid but you...what an EGO.
And how do you speak to all of these folks that have closed loans with RFG? Who´s your contact where you are privy to this information because others can´t get an answer when asked for references? But you are really good that you have spoken with many of these so-called clients.
Dice,Dice, Dice...come on now, tell us the truth. You don´t really know what´s going on, do you. You have been brain-washed and it´s not your fault that you are confused. You keep trying to keep people from finding out the truth about RFG and it´s not going to work. The information is EVERYWHERE about Remington Financial Group, INC.
Do you know what happens when you do a search on Remington Finanical Group or RFG or Remington Financial Group, INC? All the information on all threads out there will uncover the truth about this company. You can´t keep information from curious investors who want to find out information before they work with a company. Give it up!
by JCalifornia April 27, 2008 12:00 AM
What´s up with this change? Where are all those closed deals. They changed their website.
http://www.rfgarizona.com/closed.html
Where are all those tombstones names? hah hah hah hah hah hah...stop it, my sides are hurting.
This is Remington Financial Group loan process listed on their website: #2, #5 and #7 are very interesting.
1. Complete one-page Online Application or submit Business Plan/Executive Summary
2. Pre-qualification determination process; project is reviewed and evaluated resulting in acceptance, proposed revision or being declined.
3. Lender/Investor conceptual interest is obtained along with projected terms; proposal issued.
4. Due-Diligence document checklist of typically requested data is prepared and sent to client.
5. Analysis of all documents, preparation and packaging of the data for submission to designated lender/investor; formal due-diligence commences.
6. Term Sheet/Conditional Commitment and/or Firm Commitment issued.
7. After Term Sheet/Conditional Commitment and/or Firm Commitment are accepted a site visit and market analysis will commence.
8. Closing/Capitalization/Funding.
by JCalifornia April 27, 2008 12:00 AM
Jcalifornia nobody compared RFG to Wachovia etc. The point is simply this- look up lawsuits against Wachovia, Washington Mutual Home Loans, Countrywide, Bank of America,
Lehman Brothers, Goldman Sachs, Merril Lynch, etc. and you will find a plethora of actual lawsuits with massive settlements and indictments in many cases.
Pay about a hundred bucks and run a Dunn and Bradstreet on RFG and let me know what you find.
Talk to Sean Rooney of the Dept of corporations in CA and ask him why in 2002 there was a refrain and desist order and he will tell you that CA has a different definition of a security then the SEC does. That in itself is mind boggling. The SEC defines and regulates what a security is, not the state of CA. Allegedly, Charles Linenberg was trying to sell securities under the name of RFG in 2002 and as I understand it, he was terminated by RFG and RFG brought legal action against him.
My challenge is to be specific and concrete about exact information of any law suits that you make reference to and whether or not you were involved in the case as an attorney or a client etc. Site the date and case number and what jurisdiction this took place in.
When you talk about the money you lost then be sure that you were the client. Break down what dollars you put down in each phase 1 and 2 and be sure to show a letter where you were declined for your loan. If you were not declined then did you or your client quit trying and come to the conclusion that your project wasn´t what you had initially thought it was as for as the feasability?
Take care,
Dice
by dice April 27, 2008 12:00 AM
It´s common knowledge that Remmington blows chunks... my question is this:
If they lose lawsuits, file BK, and nobody collects, what benefit is it?
by Just a broker April 27, 2008 12:00 AM
I wouldn´t mind seeing them close their doors... but with a civil suit they are not going to jail.
by Just a broker April 27, 2008 12:00 AM
rfgrefund2 you should only respond to what is written and not make assumptions. I left a message for Sean Rooney and he contacted me last Wedneday or Thursday afternoon. I asked him what was the specific reason for the refrain and desist order that was placed against CA in 2002 and he said that CA looks at what securities are differently then how the SEC does. If the SEC defines a security a specific way then who do you think the expert would be the SEC or the Department of Corporations in CA? The department of Corporations also regulates the offer and sale of securities. Do you feel as though offering a letter of interest for a commercial mortgage is the same as offering a sale of securities?
rfgrefund2 you seem to know so much about these alleged lawsuits. Please take a moment to state the 9 CA lawsuits and who the plaintiff is in each and when they originated or for what reason they were originated. Give an update on the events so far. Also, detail out the alleged lawsuits that exist in Nevada, MA, TX, FL, and the midwest.
Are you an attorney? If you are then I would only imagine that you are representing your plaintiff or yourself; is that true? If you were an attorney on any case against RFG then wouldn´t you be wise to not spin your wheels on a blog site and put your efforts forth on the case or cases at hand?
I wouldn´t know or care about an alleged refunds that RFG has offered. I also wouldn´t speculate as to the reason why RFG would offer a refund either. Furthermore, I wouldn´t suspect that you or any of your alleged clients received a refund from RFG either just because your little screenname is is rfgrefund2. If you or anybody else would ask for a refund after services had been rendered just because you or your clients were not willing to work a project until the end then I would have to see that would make you or them a person of low integrity and moral fiber.
You suggest that I look up information about the lawsuits on the internet and that would be the last place I would look. There are proper channels for researching lawsuits. However, the internet is really not the place; especially if the case is ongoing.
What is your main mission in business rfgrefund2, to fund projects or to cry on the internet like a little child who dropped his lollipop in the dirt?
If you are an attorney as opposed to someone in the finance business then that is even more sad because based upon your commentary I could only conclude that you chase ambulances at best.
Nobody is claiming that everybody is so stupid but as you continue with your outrageous claims, I get the impression that you´re not exactly the sharpest knife in the drawer.
I hope things improve for you rfgrefund2.
by dice April 27, 2008 12:00 AM
Attention readers, I just heard from someone in Tennessee. They (Remington) clipped ´em for $25,000. Took their money, promised the world, the standard you hear is "closing in 4 to 6 weeks". RFG sends it to another broker who apparently tries to broker the deal to the same lenders we all had sent it to in the first place. It´s just amazing that so many people have been taken by Remington.
by Inquiry April 27, 2008 12:00 AM
Please beware all, I too hear of at least two people per day that have gotten taken by Remington. And, still, people keep giving them money. Two more in the Mid Atlantic States, the stories are all pretty much the same. I´m sure it will all come out as more Attorneys General get into it. I guess it´s just taken a while for them to hit enough people. Thank you Broker Universe for allowing us to get the word out. Another company, on a much smaller scale who has done similar things is RRML, LLC out of New Jersey. I know this first hand.
by ProComBroker April 27, 2008 12:00 AM
The stories are all consistent. RFG and their consultants come on this site and attempt to belittle you because your deals are supposedly no good. Yet when the deals move forward they do bogus conference calls where they tell you how good your project is, they have you resubmit all of the material that you have already submitted once, after about a week they set up a site visit, the site analyst gets them back the report, and when you attempt to call them they get upset at you, they tell you how your deal has changed, and know one in the market is lending on this type of product. Then you get calls from lenders you have worked with asking who RFG is and why they have your deal. By then they have taken you for two phases of DD Fees and accomodations for a site visit. Then when you attempt to ask for a refund they use the same line, "do you want us to proceed with your funding, but pulling out of the deal doesn´t constitute a refund." We know two other groups that have been taken by RFG also.
Dice - It is pointless discussing with you because you are obviously connected to RFG in some manner, but you claim they fund deals so you are willing to put your tombstones up on this site with property info and borrower´s to contact since RFG funds your deals. At least when we type in the names of the lenders you mentioned their names actually come up on record, RFG just broker´s the deals.
Thanks to everyone and hopefully people read this thread before sending monies to RFG.
by projectfunding April 27, 2008 12:00 AM
I am anticipating a speedy demise to the crooked practices of RFG. One can only hope with the number of borrowers aware of RFG that their devious practices are quickly coming to an end. Unfortunately, people like this are like rats and they go into neanderthal survival mode and try and preserve their wealth and power. I am sure their attorneys are already setting up several new companies and the corporate structure of those companies are being replaced with new names and faces. Being the insider that I am, I know this to be true. So I encourage all of you watching these people to be aware of the changes these people are making to stay in business and become invisible.
by The insider April 28, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 28, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 28, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 28, 2008 12:00 AM
Dice - You really do think we are "STUPID" to give you all of our contact information. Who are you???? Why do you want our information???? Give us your information, your closed deals, your references. We would love to applaud you on your success with getting your project funded...because none of us have had such success. So you are one of the chosen ones to make it that far. So give it up! Give up your project, when it funded, the lender, how much, where it recorded...give us details...we will be waiting.
by JCalifornia April 29, 2008 12:00 AM
Two more people whom I spoke with yesterday, both in CO, each lost $25,000. Same old method of operation. Remington, somehow, continues to take money & does nothing in return. If I had of read this site before I gave them money I could have saved myself money and time. Please read the thread carefully. Apparently there are some Remington employees trying to preserve their gravy train, please be cautious . . .so many people with the same experience certainly speaks for itself.
by ProComBroker April 29, 2008 12:00 AM
Jcalifornia, yes I do think everybody is stupid on this site. I feel that way because anybody can sit behind a anonymous screen names and purport whatever they wish. The folks that I work with giggle out the level of ignorance that is posted on this site. PE´s aka professional engineers don´t listen to such hypotheticals, high powered professionals in any industry look at this thread and feel as though the National Enquirer would be a more reliable source of information.
Procombroker- why is that everyday you´re hearing about people gettingl "clipped" for another $25k? I bet procombroker, Jcalifornia, theinsider, and project funding are all the same person.
I know I created 3 characters on this thread.
The reason you folks would never put your contact info on hear is because you would be the ones who are found to be speaking in untruths.
A "procombroker" would be such an expert in this field that they would have already had a plethora of sound lenders to put all of their deals through.
okay girls, now go out there and originate some loans and be positive and happy for once.
by dice April 29, 2008 12:00 AM
Res Ipsa Loquitur (the thing speaks for itself)
PUBLIC RECORD: {On September 12, 2003 the California Department of Corporations issued a Desist and Refrain Order against Remington Financial Group, Inc. (RFG). The Order states that in or around May 2002, RFG and it´s Vice President Charles Linenberg offered or sold securities in the form of investment contracts called a "Letter of Intent", which they entered into with investors, agreeing to provide at least one investor with funding upwards of $3 million for their companies in exchange for an advance fee of $15,000. Linenberg and RFG would collect the advance fee but failed to provide any funding to the investor.
The Order required Linenberg and RFG to desist and refrain from directly or indirectly offering or selling, in the State of California, securities in the form of investment contracts unless and until qualification had been made under the Corporate Securities Law of 1968.
The California Department of Corporations has advised the BBB that the company is currently under investigation for violation of the above order.}
And, they have done this all over the country.
by Inquiry April 29, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 29, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 29, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 29, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl April 29, 2008 12:00 AM
Was O.J innocent or guilty in killing Nicole Brown Simpson and Ron Goldman?
by angelom April 29, 2008 12:00 AM
angelom: Not sure what you point is, but on the surface it appears to be inappropriate.
by JCalifornia April 29, 2008 12:00 AM
angelom: Not sure what your point is, but on the surface it appears to be inappropriate.
by JCalifornia April 29, 2008 12:00 AM
DICE:
You´re are without a doubt a one man propaganda machine for RFG. Fortunately it does not take a rocket scientist to put that together. I think it´s safe to say, you have not preserved one dollar of your illegal business with your deceptive posts. Your battle ship is already sunk and you did not have the sense to jump off when it was still above water.
by The insider April 29, 2008 12:00 AM
Dice,
Give it up man. We are all different users, we are not idiots, our deal got funded outside of RFG even though they told me it was a dead deal, and we are obviously affecting your wallet through the comments on this thread. This is the only thread I´m on but there are other threads about RFG deceptive practices as well. We are not hiding behind any internet sites we are just making legal sense of it all. In fact, the people that are hiding are the RFG brokers who were supposedly working on our deals. If you called them, you could never get ahold of them, when you did speak to them they said they would get back to you and never did, when we asked for a refund of our monies when it was apparent they had done nothing they would not answer. Who is hiding? I´m sorry you had to resort to name calling, but the terms "little girls" has never been mentioned in a professional business meeting I have been in, yet you are a highly regarded business professional according to your comments. Like you said, what´s the point of going back and forth with each other, lets just continue on with funding our deals, you fund with RFG we will fund elsewhere and enjoy life. I only write on this thread so people can either decide to move forward or not.
by projectfunding April 29, 2008 12:00 AM
Projectfunding- blog sites are not professional business meetings, they are political soapboxes to give people a voice. However, business professionals work through problems like adults. For example, if your client had enough confidence in RFG and yourself to move forward then they fully understood the LOI, the stages of due diligence and the costs associated with and they understood that all projects are not guaranteed to get funded and the fees spent on due diligence are non refundable. If a dispute arises then arbitration would be used. I can only imagine that you are not the client and your client is absent from this blog site etc. because they truly understood that in business and in life all things are not perfect.
Check out Countrywide Home Loans BBB record and in Simi Valley there have been 1896 complaints registered via the BBB. How many has RFG had 4?
Projectfunding, my purpose on this thread was not to insult you or any of the folks out here. My purpose was to bring logic here as opposed to emotion. I can only imagine that you do not believe all of what is written or heard on any topic and that includes RFG.
You have people suggesting there are all of these lawsuits and how everybody hears on a daily basis of a new set of people that had money taken from them.
I spoke with Prudential as well as Bank of America, and some other well known firms and they charge 1% to execute an LOI and those funds are non refundable. So, a $25 million dollar project would be $250k and they don´t guarantee success and when they don´t fund a deal experienced folks who put the money forth don´t go on blog sites and claim to be victims.
Take care
by dice April 30, 2008 12:00 AM
I can´t believe all of the desist and refrain orders issued in CA. The department of real estate have a list a mile long and the department of Corporations do to.
I hear that home mortgage loan officers have to get real estate licenses in California but commercial mortgages are not licensed. What kind of scam is California trying to run are they trying to collect money or something?
by Alexiz April 30, 2008 12:00 AM
by garfunkle35 April 30, 2008 12:00 AM
Dice - Are you a principal with Remington? You completely contradict yourself. You tell us that we cannot get reference information on closed deals from Remington, because it would violate privacy and disclosure. Yet you post the exact name of an attorney from Tower Investments with his contact information.
You claim that you have seen many deals that Remington has funded yet you do not post any information on such deals. You also tell us that with a little digging we can find the information ourselves. If that is so, why not just save us the work and post the information yourself? If you can disclose an attorney´s name with a specific company, why not a few more contacts?
Why are you defending RFG anyway? They just lost their BBB membership for government actions. You blame California for giving RFG the "Cease & Refrain" order because of a difference in what a security is. If Remington was a legit company, their attorney´s should advise them on how to legally solicit business in a particular state. Regardless of how it came to be it is still in full effect.
by garfunkle35 April 30, 2008 12:00 AM
Res Ipsa Loquitur (the thing speaks for itself)
PUBLIC RECORD: {On September 12, 2003 the California Department of Corporations issued a Desist and Refrain Order against Remington Financial Group, Inc. (RFG). The Order states that in or around May 2002, RFG and it´s Vice President Charles Linenberg offered or sold securities in the form of investment contracts called a "Letter of Intent", which they entered into with investors, agreeing to provide at least one investor with funding upwards of $3 million for their companies in exchange for an advance fee of $15,000. Linenberg and RFG would collect the advance fee but failed to provide any funding to the investor.
The Order required Linenberg and RFG to desist and refrain from directly or indirectly offering or selling, in the State of California, securities in the form of investment contracts unless and until qualification had been made under the Corporate Securities Law of 1968.
The California Department of Corporations has advised the BBB that the company is currently under investigation for violation of the above order.}
And, they have done this all over the country.
by Inquiry April 30, 2008 12:00 AM
Dice,
Wrong again. We funded a large multi-family deal with Bank of America Capital Markets last year and no upfront fees or DD Fees were taken. Only a deposit for a third party appraisal and environmental. A lock in rate/committment fee was required equaling 2% of the loan amount after B of A had given a Firm Committment to Fund, if they failed to fund the monies would be reimbursed. But unlike RFG, they funded their deal. Also, we have a relationship with Prudential they take only third party retainer deposits for third party reports. If processing an FHA loan they do require a 1% Loan Committment/Processing Fee after HUD has issued an approval of your financing and your project. The key being AFTER they have issued a Committment to Fund not a possibility. The difference again being, they FUND with their own monies not brokered. Again, we are not idiots on this thread and we fund our deals. I funded the deal that was with RFG that they said was dead with another institution, we are just fighting to get the clients bogus Fees back. We are just making sure we get back what was extorted from our client.
by projectfunding April 30, 2008 12:00 AM
projectfunding: Amen! Facts speak for themselves. And yes the intent only is to get those fees that were literally extorted from investors back.
by JCalifornia May 1, 2008 12:00 AM
Jcalifornia, facts don´t exist on blog sites. Making accusations as you do would fall into the category of opinions.
by mikedz May 1, 2008 12:00 AM
We have a project and Remington has issued an LOI, requesting $10k diligence fees. Terms are in line with market and acceptable. They decline to provide references so how can anyone get comfortable that they have actually closed any deals?
by NYDeveloper May 1, 2008 12:00 AM
NYDeveloper,
Everyone on this thread has been attempting to get the same thing out of them. Read through this thread before sending any monies. Usually when someone declines to provide references that should be a hint.
by projectfunding May 1, 2008 12:00 AM
NYDeveloper, please save yourself. I gave them $22,500 on a development which I am the developer on and they did nothing. They do not have the capital resources that they say. As a test, I gave them an absolutely rediculous deal on another project on which I was simply the broker, and no surprise, they issued an LOI. I do not sya this lightly: they are in business only to take up front fees. There are plenty of legitimate capital sources. Keep looking. I´d give you my number but I would be removed as an "ad".
by ProComBroker May 1, 2008 12:00 AM
NYDeveloper, you are one of the lucky ones, I got taken for $25K. After I sent them the first $10K I found this blog & began questioning them. Believe me, they have all the right answers. With all my years experience, they fooled me. I chalked off this blog as just a lot of inexperienced broker who couldn´t sustain what it takes to close a major transaction. Wow, was I wrong. I transmitted over 3 gigs of info which double checked & triple checked. Then I heard from a lender who I had already sent the deal to & they asked me what was going on. They (the lender I originally sent it to) funded the deal. I am a very well experienced developer sophistiacated in finance. My first clue should have been the genrerous terms.
by Inquiry May 1, 2008 12:00 AM
Is this working?
by dice May 1, 2008 12:00 AM
New York. I only wish I had found this thread before I gave them money. None of the fees I gave then ever went for due dil. They never did anything except a lot of talk. They are good at that. Thank goodness I went to another broker who was honest. Do your own research & satify yourself with proof.
by victim$ May 1, 2008 12:00 AM
If an attorney looked at our case or legal matter and had you pay a retainer for their services and the attorney didn´t win your case or legal matter then would you have the right to get a refund from the attorney? What if the attorney said they thought they could win your case or legal matter and they still lost but tried their best? Would you still demand your money back even though they put forth their best efforts?
How many folks on here would pay an attorney a retainer fee? As I understand it, only 1 person can win a case either the plaintiff or the defendant. If you lost in any position then would you smear the good name of your attorney for losing your case too?
What if the attorney won your case but you knew in your heart that you were actually guilty?
My best suggestion for folks on this site would be to find a lender or consultant etc. that you can trust with your business dealings or your clients and do the best you can.
Regardless of who you choose, be sure to put your best effort forth. Go to the Scottsmans guide and research as many direct lenders as you can for your particular niche that you´re seeking funding for and go with someone you´re comfortable with.
Everybody would close more deals for themselves and their clients if they just spent more time being productive and less time worrying about all of the what if´s and blogging negative or positive info on websites.
I´m signing off for good.
Take Care,
Dan S. Colorado
aka truthteller, Bruno316, Angelom, Alexiz, Mikedz
by dice May 1, 2008 12:00 AM
DICE - At least with an attorney´s retainer, you a getting a service. If he even shows up for a case/trial and is able to do the best he can, he has earned his retainer. Remington provides NOTHING!!! No reports, no inspections, no review, nothing.
If they cannot breakdown and itemize why a person is spending over $20,000 with them, then they are not legit. If Remington truly needs these fees to conduct Due-Diligence then they would be able to break it down. Refusal to do so imply´s unprofessionalism. The client has the right to see how their money is going to be used on the project´s Due Diligence. Don´t bother giving me the "credited at closing" line.
If a person is going to spend $20,000, the project managers at Remington should have better communication to their clients. If they cannot handle the volume of clients, simply cut back. They need to balance who they can work with and be available to. When Remington does not return phone calls on dates they say they will or provide no explanation as to why they stopped communicating, then the client becomes angry.
You constantly mention some of the top lending institutions in the U.S., Bank of America, Countrywide, etc. At least they are well known by the general population. Since many of them have locations in almost every major city and metro area, people feel somewhat secure, even if they don´t provide information on closed deals. Remington has 2 locations...2! The point is that I would trust a well known lender compared to Remington.
Dice, you need to stop posting on this blog or else post usefull information. As stated before, provide us information on closed deals and we will feel better.
by garfunkle35 May 1, 2008 12:00 AM
Under no circumstances should any individual or organization attempt to secure any type of serious funding through Remington Financial Group. My group was "strung along" with multiple requests as the majority of those have stated on this blog. Andrew Bogdanoff made the typical promises with no follow through. I even structured a conference call with Andrew and my executive staff. Our direct but very professional questions were recieved with animosity. After a waste of several weeks (and multiple requests for up front fees) I elected to severe ties. BTW, I was seeking $25 Million in mezzanine financing. I was able to secure $35 Million through other sources. STAY AWAY FROM REMINGTON FINANCIAL Group.
by pmm916 May 2, 2008 12:00 AM
jockojohnson: You are insane to want to deal with Remington Financial Group. This isn´t the only thread around that is trying to help people stay away from this company. Check other blogs; other threads...many out there are trying to help innocent people. No one is upset because they lost money on an investment, but here´s the problem: The LOIs were issued under false pretenses. There´s evidence that these people don´t read your package that´s submitted. They are issuing LOIs off of executive summaries. They are performing bogus site visits where no one have access to the report, if one was written, and when asked for a copy...they deny you that right. Even when you buy a personal residence you can get a copy of the appraisal report. While the site visit isn´t performed by an appraisal, these people don´t write anything up and there is proof of them just walking around, saying a few things then partying off of your money.
These are a group of people who have united to help others. We all have had our so-called DD fees taken and have nothing to show for it. Before RFG, do you know the only thing I was going to be required to pay upfront for a $3mil deal was 2 appraisal fees upfront for each one of the parcels and those fees were around $1600 total and that´s it. And this was going to be done based on the fact that I was getting funded. But Remington convinced me that I could get a better deal (meaning terms etc...) with their company and they lied and strung us along and we got taken for far more than $1600 dollars. And on top of this the people that perform the site visits aren´t licensed in any way shape or form so WHAT ARE THEY DOING OUT THERE AT THE PROPERTY? I´ll tell you what they are doing. They are traveling off of our money and enjoying life with our credit cards.
When you question them, they become rude and angry people with you. They have no answers for you and will hang up on you in many cases, this has happened. So you tell everyone on this thread why we are all ignorant as to the "rules of engagement in business” when other companies were willing to finance us ignorant people as you called us in so many words.
It has not become our mission for this company. You don´t have people who pay you money and then give them no information in return but only after they have your money do they do this. That is wrong, wrong, wrong and we are not going to stand for others getting hurt by such an untrustworthy, unethical company.
Look at this:
This is Remington Financial Group loan process listed on their website: #2, #5 and #7 are very interesting.
1. Complete one-page Online Application or submit Business Plan/Executive Summary
2. Pre-qualification determination process; project is reviewed and evaluated resulting in acceptance, proposed revision or being declined
3. Lender/Investor conceptual interest is obtained along with projected terms; proposal issued.
4. Due-Diligence document checklist of typically requested data is prepared and sent to client.
5. Analysis of all documents, preparation and packaging of the data for submission to designated lender/investor; formal due-diligence commences.
6. Term Sheet/Conditional Commitment and/or Firm Commitment issued.
7. After Term Sheet/Conditional Commitment and/or Firm Commitment are accepted a site visit and market analysis will commence.
8. Closing/Capitalization/Funding.
So by the time you get to the term sheet as listed in #7, you should be well on the way to getting funded...right. If all things are in order and the site visit is the only remaining item. After the site visit, which we all now know are bogus, you should be well on your way to being funded if you get that far. But guess what - none of these reports are produced, nothing´s written up. All of a sudden, your property, if it is in fact that, doesn´t stand up to financing. But guess what? It´s been financed before and the property is in great shape so what´s in their site visit reports that differ from the previous one done by a qualified appraiser? Why is this same building now too old to be funded? When it may have just been renovated completely... Why is the value of the property now grossly overpriced when it matches the market for that area? This is things pulled out of the top of their heads when you are on the phone with them. They don´t have a clue what your deal looks like and have no intention of EVER funding you. And it´s been echoed over and over and over and...again.
I think all of you who defend Remington Financial Group are either relatives of them or being paid handsomely by them to stick your necks and reputations out on a limb for them.
by JCalifornia May 2, 2008 12:00 AM
... or you can do what I have just started today, call your local Attorney General´s Office and have an investigation started.
by Bodene53 May 5, 2008 12:00 AM
I have a question. (yes they got me too, but only for Phase I-$6k). In article 11 of the LOI it states "said material will be held in the strictest of confidence and only distributed internally to RFG and its investors".
I know for a fact that the "analyst" that RFG "assigned" to my loan request was an employee of Bluestone Capital, their sister company that´s located in the same office. He told me as such.
BTW- I am absolutely convenced that RFG´s & Bluestone´s business model shows the revenue stream coming from DD fees and not funding loans.
W@hat IS the "definitive answer" on the most effective way of getting your money back from these hooligans?
by ingram2008 May 6, 2008 12:00 AM
when I pressed the point that it didn´t appear that I had received much "due-diligence" in phase I, I was finally able to fanagle this out of the Managing Director for RFG. Here is what is supposed to be completed in "phase I".
Phase I Due Diligence Process
1) Document Collection and Checklist Review
2) Initial Investor Discussions Prior to LOI
3) Underwriting Analysis and Projected Financial Model
4) Business Plan Summary and Comparative Review; Final Underwriting Report
5) Editing and Final Packaging of Phase I Report
6) Final Investor Discussions to Determine Phase II and Term Sheet
by ingram2008 May 6, 2008 12:00 AM
by ingram2008 May 6, 2008 12:00 AM
by ingram2008 May 6, 2008 12:00 AM
http://www.brokeruniverse.com/grapevine/thread/?thread=132370
by jlorenz May 6, 2008 12:00 AM
RFG rep, This is all I can say about you and your firm. In my years in the busniess I ran into people or firms such as yours. And guess what none of them includeing RFG. Can porvide any ifo on a project they just funded. Even after asking them to cross out any contact info. Bottom line people ask them to provide an Escrow number and have your Escrow officer just tell you if it funded or not. But please ask for FEB, APRIL 08, and 07. You will be surprised how they almost match..with a few name changes and so on...
cheers
by igniasmoney May 7, 2008 12:00 AM
I have been reading this blog now and then for over 3 months and wanted to give RFG the benefit of the doubt. After several calls to them and researching any loans they had closed, we decided to give them a try. Now to find out everyone here that has something negative to say is right. They issue their LOI´s with nothing but blue sky behind them, take the customers money, receive a full file, then issue a term sheet with more blue sky and still no specific investor to do the deal, take more money from the customer, then string everyone out for another month and come back with another broker to do the deal but the loan the new broker offers won´t do the deal. But even if it did, me the generating broker can´t get paid because the new broker is charging 2.5% over and above RFG´s 3%. This has all been a learning experience, and a bad one at that.
by anotherburnedbroker May 13, 2008 12:00 AM
anotherburnedbroker,
All of our experiences are the same. They are consistent on treating everyone the same. The DD Fees drive their deals not the actual project. LOIs and Term Sheets are generated almost automatically upon receipt of these bogus fees. Next thing you know a broker is working on your deal and yet you paid RFG to do your deal. It is all very consistent. Thanks for putting your information on this blog.
by projectfunding May 13, 2008 12:00 AM
projectfunding,
Thank you. One would think that after the LOI and you review and send in a full file that instead of a bogus term sheet you would get a Loan Commitment with conditions that are reasonable. Instead you get the bogus term sheet and no reason for any concerns. When you ask for the internal write up or concerns, you get the same old RFG doesn´t release it´s internal documents. And the Term Sheet is just a glorified LOI. I´m the broker that submitted it, so why the secreacy. I have worked with several other commercial lenders and never have I had one not release the condition sheet or the writeups. And you are so right. 2 deals a month would bring them 50K, imagine how many nationwide they are getting from unsuspecting brokers and direct borrowers. Say 10 a month to be on the conservative side 3 mil a year. Anyone reading this be careful. If is sounds to good to be true, it probably is.
by anotherburnedbroker May 13, 2008 12:00 AM
* ALL REMINGTON VICTIMS *
I strongly urge you to file a complaint with the Pennsylvania Attorney General´s office, as they are interested in the scam that is going on from Remington.
You can file on-line with this link: http://www.attorneygeneral.gov/complaints.aspx?id=451#
You do not have to be a resident of Pennsylvania to file a complaint. The more people that file, the stronger it becomes to Pennslyvania that RFG is not legit. No matter how much you lost, they want to learn about it.
by garfunkle35 May 14, 2008 12:00 AM
by myland May 16, 2008 12:00 AM
This post has been removed at the request of the author.
by backgroundgrrl June 23, 2008 12:00 AM
Does anyone know if Global Lending Inc. in Utah is another RFG scam?
by rfgvictim May 20, 2008 12:00 AM
rfgvictim,
Yes, about 2 years ago we had dealings with Earl Bramhall from Global Lending. They do the same as Remington. Bad, bad, bad. Stay away. They had several locations showing on their website. I got the numbers called and they were other brokers that wanted nothing to do with Global. It was a total scam. They are nothing more than glorified brokers like RFG. We have found a contact that is a financial planner and he will work the deal get in touch with his contacts and let you know if he has a player for the deal. No up front fees.
by anotherburnedbroker May 21, 2008 12:00 AM
Someone should start a blog site for Global Funding. There are probably alot of info that would show up.
by anotherburnedbroker May 21, 2008 12:00 AM
CORRECTION: GLOBAL LENDING, INC. WEBSITE: http://global173.tripod.com
The website talks about no DD fees. But trust me they take anywhere from $5,000.00 to $10,000.00 depending on how much the local loan rep for their company wants. They pay their reps out of the $$ they get for DD on the LOI. If they have changed from requesting $$ with the LOI it would be news to me. We had 4 or 5 loans with them, lost 2 of them because of Global and closed 2 or 3 with other companies.
by anotherburnedbroker May 21, 2008 12:00 AM
Has anyone ever closed a deal with Ambit Funding? I am running a deal through them now.
by projectfunding May 21, 2008 12:00 AM
projectfunding
Where is Ambit located. Do they have a website?
Thanks.
by anotherburnedbroker May 22, 2008 12:00 AM
anotherburnedbroker,
Pennsylvania. www.ambitfunding.com
Thank you
by projectfunding May 22, 2008 12:00 AM
Just when I thought this could not get any more odd, I did my own search for Remington Financial on the net to see what else is out there. And sure enough, Remington is not only ripping off those who have money, they are now ripping off those who are in foreclosure.
Just to be fair, I got this off www.ripoffreport.com so I do not have direct information. And for full disclosure, I did past the actual web address below the posting I found there.
Posting:
Derrick Ali - HomeLossprevention - Active Rain - Remington Financial Group Foreclosure prevention Fraud Jackson Michigan, Chicago Illinois
*Consumer Suggestion ..Other Victims
I am trying to to locate other victims of Derrick Ali´s Foreclosure scam. One of his many online sites include HomeLoss Prevention.
We paid Derrick $2,300 to to find a buyer for our house, thus preventing it to be foreclosed. The gaurantee was that our money would be returned if the house was kept out of foreclosure and sold before that time. He dragged it out till finally we did lose it. There was never any real attempt to sell it.
Of course he kept saying the check was being wired, in the mail blah blah. We never did recieve the money and he blocked our e-mails and phone calls.
This guy is a real scam artist, preying on a alot of peoples misfortunes. So many people are falling into his snare. I´m sure now that the mortage crisis he is raking in millions.
Beware of Derrick Ali and his Foreclosure scams!!!
Jem
up nort, Wisconsin
U.S.A.
End of Posting, here is the actual link, and sure enough, there is more Remington Financial Rip Offs reported here to, makes for good reading.
http://www.ripoffreport.com/reports/0/288/RipOff0288771.htm
by Rip Off Report May 22, 2008 12:00 AM
Ambit Funding may be real, I can´t substantiate it, but they were at the MBA Tradeshow earlier this year. There guiidlelines do ask salient questions indicating they may actually read the package. But, then again, 24 Capital had a booth there as well, only to find out that they are the same thing as Kennedy Funding.
In my quest for real lenders lately I simply ask for what county & state they have closed loans. I go on line to the Clerk of Court & if their name does not apprear I move on.
Has anyone had experience with Windsor Capital Group, LLC,or Banks & Associates (Broosher L. Banks, CPA)both out of Little Rock Arkansas? They just grabbed $25,000 from one of my clients, appraisal was extra.
Thanks for the input everyone!
by ProComBroker May 24, 2008 12:00 AM
ProComBroker,
Thank you for the helpful information. My associate did check out the tombstones that were given to her and they concurred that Ambit had funded their deals plus they turned up on title. We are just cautious in proceeding with any lender at this point especially private. I also submitted a deal to Ambit a couple of months ago and they turned it down. It was an extremely tough deal and they passed instead of writing an LOI asking for DD Fees which is always a positive.
I don´t have any information on the two groups you mentioned that took your clients for upfront fees. Thanks again.
by projectfunding May 24, 2008 12:00 AM
Has anyone dealt with or heard anything about FairField Financial Services Inc.?
by rfgvictim May 28, 2008 12:00 AM
I have a ADC loan needed TX. RFG is DD feeing us like crazy with no firm commitment. It is a make sence deal, has anyone closed with Ambit Funding?
by ftworthcommbroker May 29, 2008 12:00 AM
Anyone deal with Lunden Investments in California?
by garfunkle35 May 30, 2008 12:00 AM
Another RFG horror story:
I´ve been talking to a broker friend of mine who had put a client through RFG. The process dragged out for 6 or 7 months. I had warned that the ending wouldn´t be pretty.
Turns out RFG could only offer a USDA loan in which the client would have to bring $117,100 for 90% financing. This is AFTER giving them $25K (good luck getting that back). All of this for a $5 million deal.
Anyone, and I mean ANYONE who is thinking of using RFG, let this story be your warning.
Marvin
by mkfent May 31, 2008 12:00 AM
I have a hard money deal I´m trying to do with RRML inc. Anyone had any experiences with them? They want 6500 upfront on a 2.5 million hard money loan. Please let me know if you´ve dealt with this company.
Thank you- Brian VerBurg
brian@thebesthomeloans.com
by Brian VerBurg June 3, 2008 12:00 AM
Brian, DO NOT give any money to RRML. They cannot perform & live off of up front fees. They took me for $25,000 and used all kinds of subtrafuge to make me think they were a viable lender. They are (Len Robins) a broker. They make all kinds of promises and never deliver except for some llame letters. We´ve had to sue them.
by ProComBroker June 3, 2008 12:00 AM
I have a LOI from RFG sitting in front of me. Deal is a $6.55M motel purchase and LOI is for 100% financing ($5M Sr. debt, $1.55M Mezz). We are a small hotel operator with one other property in a strong market and are looking to expand to a minimum of 12 properties in 4 years. We have strong credit, but very limited cash. Nothing you guys don´t hear every day! As much as I would like to think it is possible I can´t get past, "if it sounds too good to be true then...". Property cash flow is outstanding. Even with 100% financing at LOI terms of 8.5% on Sr. and 14% on Mezz the DSCR is over 1.9 in first year. Because RFG is now asking $7500 up front and a "limit" of $22,500 plus travel I´m holding back for now. I have asked for a list of recently closed deals with contact info. I will let you know if they respond with more than a link to the web site. Anyone out there have high LTV lenders, JV money, high LTV Mezz lenders, etc. looking for something? JV return of 25%+ with $2M investment (we have a local bank willing to do 70% LTV).
by ColoradoMotelOwner June 9, 2008 12:00 AM
I would contact SJM Investments & Capital, I know there is a thread on here about them, they are great and do JV´s and do not charge large fees upfront. They are all I know who have actually performed in today´s market, I have had offers from Remington and kennedy funding that I to have filed away in the trash can.
by LandDeveloper01 June 9, 2008 12:00 AM
Coloradohotelowner,
Please read carefully through this thread before sending any monies over. The statements on this thread are overwhelmingly against RFG but you decide. I can tell you that very very very few lenders will do 100%LTC regardless of the DSCR.Their is private equity out there for the shortfall that would work as preferred equity similiar to Mezz debt but if you can get 70% LTV on a hotel transaction that is excellent because I have seen B of A underwrite deals at 65% LTV at a 1.40 DSCR.
by projectfunding June 9, 2008 12:00 AM
Coloradohotel,
You may also want to have the seller carry the financing for you if you have minimal down. Are you hotels flagged or branded?
by projectfunding June 9, 2008 12:00 AM
I am a developer, not a broker, but spent 8 years of my life prior to development working in the commercial mortgage business as an originator and underwriter for several major lending institutions. So I understand the commercial mortgage industry and its processes. After finance, I developed multifamily product for several years and then went out on my own in 2006 (timing was not the best, but hindsight´s 20/20).
I have a very unique land development deal in the works, with very solid returns, for which I have put together a very thorough and comprehensive investment package. Through several face-to-face meetings with a local bank in the area, I received a verbal indication of interest to loan 80-85% on an A&D loan. I´ve now spent several months pursuing an equity partner through familiar sources, but to no avail, due to the tough market conditions. So a few weeks ago, I decided to solicit interest from the private equity market via the internet and received interest from RFG, which has now resulted in an LOI. But after reading this entire thread, let´s just say I´m less than enthusiastic about considering them due to the overwhelmingly negative feedback. In spite of the few positive echoes out there, it seems foolish to take the chance. And again, the vision for this deal is very well put together and the packaging is presented very professionally.
Does anyone have a legitimate, reliable and ethicial source of funding for this project? I operate with integrity and expect the same.
I would love to discuss more details of my project offline.
Thanks for the assistance.
by ga developer June 11, 2008 12:00 AM
ga developer,
I too have developed, been in banking, etc & would be happy to share info. Please email me you tel # fisher_5@live.com. And, you will be well served to stay away from remington, I got taken for over $20K.
by ProComBroker June 12, 2008 12:00 AM
ga developer
I share a common history with you but in reverse. I have 5 years invested in funding a large development project I am partnered in and have seen the good, bad, and ugly in this industry.
If you are interested in sharing information on what I know that worked for us and who you should stay away from you can e-mail me at Developfunding@Gmail.com with your contact info and I would be more than happy to contact you.
by Developfunding June 13, 2008 12:00 AM
by ravip June 18, 2008 12:00 AM
Can anyone please direct me to an attorney that could help me recollect my $7500 sent to RFG? Please email me at ravipatel21@gmail.com
by ravip June 18, 2008 12:00 AM
ravip,
Could you tell us a little bit more about your transaction with RFG?
by projectfunding June 19, 2008 12:00 AM
ravip,
We contacted RFG and requested one of our borrowers funds returned because the file never went past the original LOI. It took about 3 weeks and a release letter was sent to our borrower for signature then about 1 week later they received their funds back. You might want to have the broker you were working with contact RFG for you and start the process. If you went to them directly go to their website and email everyone you can regarding your refund. It may take some time but you might get the money back.
by anotherburnedbroker June 20, 2008 12:00 AM
I looked at getting finance trough reminton
as i have been able to secure large amounts of funds before I understand how it all works
never before have i been asked for so much money to get the loan to a dudiligence stage
I also learnt that a buisness sumary needs to be very well presented
I sent a summary via a broker who is on this blog defending remmington (Partners in crime )
The summary was pathetic to say the least and still i was sent a letter of offer needless to say this was my first concern (I set them up to feel my way through)
it was in this letter of offer that i was asked to pay an upfront amount of money
I knew staight away that i was being scamed
ask yourself if you are certian about a lender would you be on this site asking questions in the hope that someone will put your mind at rest and a mirical will happen, that you will get the funding for you projects
remmington are very good at selling dreams and there victoms are reday to give anything a go
They are even able to sell dreams to brokers as the brokers really want to get the deal done for there client
It is infact against the law to ask for money up front on a loan Allthought does happen even with honest lenders
my advice is to stay away these people can destry any hope of you project becoming a reality
i fell for you all and hope that you get the funds you are seeking
by marbuk59 June 23, 2008 12:00 AM
They are not just doing this all over america they are noe targeting Australia And the DDs are double due to the distance they say
and for international deals the amount must be 5,000,000.00 or more
they wanted me to pay 140,000.00 in the firt stage DD and the same again in te second stage for a 15 mil deal
when i found this blog i confronted the broker who was there buddy and said he is supposed to work for me and get me the best possible deal he replyed that he is and that i mus pay or stop waisting his time he also said that there was no risk as they cant make a living of the DD i thought to myself if i was asking all these fees in DD i could have a great living
The broker is roswell Capital stand clear of this company also They are RFG partners in crime
by marbuk59 June 23, 2008 12:00 AM
I just began working with Remington, and I have given them $7,500 for a refinance of my owner-occupied medical office building. The deal is for about one million. They made it very clear that the first $7,500 was non-refundable in their "Letter of Interest" (LOI). They now want another $15,000 for due diligence (DD) which is also non-refundable. The LOI mentioned that the DD fee would NOT EXCEED $15,000 but never mentioned that it would be non-refundable. I asked one of their managing directors for references of other similar deals, and he would not provide me with references. He claims that they do this to protect their clients from getting inundated with phone calls asking about them. That is completely bogus. A company should be proud to provide references and any client understands that they may be called upon later as a reference. An earlier post said that this company had a satisfactory rating with the Better Business Bureau (BBB), but that is not accurate. The following is a cut and paste excerpt from the BBB website, "On April 17, 2008 this company´s BBB accreditation was revoked by the BBB´s Board of Directors due to recent government action involving the business´ customer relations which indicates a significant failure of the business to meet standards of conduct expected of a BBB accredited business and engaging in activities that reflect unfavorably on BBB or its members. The BBB processed a total of 8 complaints about this company in the last 36 months, our standard reporting period. Of the total of 8 complaints closed in 36 months, 6 were closed in the last year." I have some experience dealing with the BBB, and it is not easy to have your accreditation revoked. A company has to basically refuse to acknowledge any complainst against it and totally ignore the BBB for this to happen. I still can´t decide if I should move forward with this company, especially after reading this thread. I am asking them to consider giving me a final loan commitment BEFORE taking the due diligence fee of $15,000 since they already have $7,500 of mine. Any thoughts?
I own an LP in Texas that recently (Sept 2006) filed chapter 11, so no regular lenders will consider my loan. I have never had a single late payment on the loan on the medical office building. The chapter 11 reasoning can be very easily explained and has nothing at all to do with this loan or lender. I am trying to refinance an 8% note that I currently have with a nearby bank because I no longer want to work with this bank. Does anyone know a lender that would consider a refinance of an owner-occupied medical office building with an approximate loan to value of about 70%? The loan amount is about $1.1 million.
by jblane321 June 23, 2008 12:00 AM
jblane321,
RUN FAR AWAY!! You already lost the $7,500 don´t make it worse. You will NOT get funded by Remington. I know the feeling. You can´t believe someone would blatantly just take the DD fees and as they do but heed the evidence YOU gathered....they don´t provide referrals... BECAUSE THEY HAVE NONE... the BBB... etc. They WILL NOT close your loan no matter how good your experience or deal are.
by lancerhan June 24, 2008 12:00 AM
jblane321,
Couldn´t agree more with lancerhan, read through this thread and others and you´ll see that RFG will not fund your deal. Protecting the identity of a reference is one thing but calling the reference and asking if a potential client calls them is another. They can´t do either because they don´t have any. RFG gives everyone their standard script.
Don´t fall for their gimicks like we did run away and attempt to get your $7,500. Although these term sheets and LOI´s it says the DD Fees are non - refundable, it doesn´t protect RFG from things such as fraud or distortion. Its just like on non - recourse loans, they have standard carve outs that protect the lender from fraud and so forth committed by the borrower, so don´t believe their stories. There are lenders who can get your deal done other than RFG, I was fortunate to have closed my deal that went through RFG and was turned down. I suggest that you DO NOT send them any more monies.
by projectfunding June 24, 2008 12:00 AM
projectfunding,
Please contact me off-forum if you have any recommendations of lenders that may fund my loan. You can reach me at jbhambrice@verizon.net. Also, please let me know what your position is and how you know these things. Otherwise, why should I believe you and lancerhan if I have no evidence of your credibility?
by jblane321 June 24, 2008 12:00 AM
jblane321,
I understand your concerns so I would like to address them. My previous posting were removed from this website because I had implied for individuals to contact the attorney we were working with vs. RFG and it was considered advertising and promotion which is not allowed. I will some those postings up a nut shell.
I engaged RFG through another broker on a deal in which I received an LOI and Term Sheet. It was a time sensitive transaction that made alot of sense, with excellent guarantors, experience, and a great product. My client moved forward with RFG before seeing this blog and paid the DD Fees. At that point I forwarded a complete package over to the analyst pertaining to the project. After two weeks of RFG receiving the full package I was issued a Term Sheet saying that the first phase had been completed so now based on their investors appetite for the deal they were issuing a Term Sheet which is not a committment to fund but it means we have passed the Due Diligence phase. We then paid for the site visit in which I spent all day with going over the project and the area demographics. In a nut shell the site analyst told me that he recommended full funding of the deal because of its validity and location. After the site visit is where it turned down hill, we never heard back from RFG, and when we did it was all about how bad our deal was and how it had changed. In addition, I found out that RFG had sent the packages to lending sources I had showed the package to prior to going with RFG so they were acting as a broker not a private lender as they represented themselves over conference calls and their old website. The way I found out is that my lending sources had contacted me regarding our deals. And RFG by that time had involved another broker from a separate company who I didn´t know from Adam and RFG had no idea what was going on with my deal. Long story short, we attempted by email and phone to obtain a refund of our fees because we felt that they had been extorted from us with no intention of funding. Most importantly I got the deal funded myself with institutional monies with no help of RFG. I also want to add that a developer got word that I had funded this deal and they had a deal that went through RFG and went through the same fiasco and I got that one funded also.
I will contact you and when I get permission from those principals on the closed transactions I will pass those along to you. I have to tell you though that I am in legal action with RFG at this time so I may not be able to disclose to you. I can tell you this I would not spend this much time writing you if it didn´t happen to me and my client because we are actively trying to prevent individuals from dealing with RFG. Unfortunately, because of the possible legal ramifications I can´t post stuff on this site but the consistency of the facts is overwhelming with each case mentioned through this thread so I urge you to make an intelligent decision before moving forward.
by projectfunding June 24, 2008 12:00 AM
jblane,
All these people wouldn´t spend so much time telling of their experience if there wasn´t some basis. I saw this blog too after I had given RFG $22,000. My heart sunk, I went into denial, called RFG who reassured me that most brokers/borrowers don´t know much, won´t provide proper docs etc. I was reassured at first because I am well experienced and provided over 3 gigs of back up, only to find that they gave the deal to another broker who went to the same lenders I had already go to - as it played out, it is a well rehearsed scam. Good luck!
by ProComBroker June 25, 2008 12:00 AM
Copyrighted material has been removed.
by backgroundgrrl June 25, 2008 12:00 AM
Thank God for this thread!
My partner and I are trying to secure a $10M construction loan for a marina/resort redevelopment project in upstate NY. We need a letter of intent from a lending institution in order to raise the equity. We have an equity investor ready and on hold. We just need an LOI from a bank. We´ve been told by Merrill Lynch that our deal is solid and clean.
We just submitted our deal package with the AZ based RFG and received email confirmation of acceptance of application. Needless to say there was some excitement here in the office.
In the LOI (letter of interest) not (letter of intent)they are asking for a non-refundable deposit of $9250.00 and a DD fee not to exceed $15,000.00 plus travel and expenses.
After reading this thread we have decided to pass on this firm and go a different direction. Possibly a hedge Fund. If anyone has any other suggestions I would be open to hearing them.
Thanks again.
by Marina builder June 26, 2008 12:00 AM
Marinabuilder,
Do you have a contact, my partner and I have access to private monies that my take a look at your deal.
by projectfunding June 26, 2008 12:00 AM
......
by projectfunding June 26, 2008 12:00 AM
Marina Builder, RFG took my $22.5K on a $10MM marina deal as well. Please send me your contact info to: fisher_5@live.com
Project Funding, I too have a need for Marina Financing, please let me know how to contact you, my email is: fisher_5@live.com
Thanks!
by ProComBroker June 26, 2008 12:00 AM
Yesterday the Wall Street Journal posted an article which exposes Remington for what they are. I would encourage everyone to review. It was dated June 25th, page A3.
by Inquiry June 26, 2008 12:00 AM
To see the Wall Street Journal article, just type into a search engine "U.S., States Probe Real-Estate Loan Broker" and you will see all you´ll need to know about RFG.
by The insider June 26, 2008 12:00 AM
I can be reached at tbaumgartner@newhorizonsmarinas.com
by Marina builder June 27, 2008 12:00 AM
I heard that there were arrests at RFG this week in Phila and Phoenix. Any truth to this?
by Loanguy27 June 27, 2008 12:00 AM
LOANGUY27
No truth in that!
by The insider June 27, 2008 12:00 AM
Marina Builder & ProCombroker I sent you both emails from a gmail account. Thanks.
by projectfunding June 27, 2008 12:00 AM
projectfunding,
Contact me off of this forum as soon as you are able. I realize you can´t post some things on this forum, but you can communicate with me directly. I would very much like to get some more detailed info from you. My email address is in my Jun 24 posting.
by jblane321 June 28, 2008 12:00 AM
Jblane,
I sent you an email last night from a gmail account.
by projectfunding June 29, 2008 12:00 AM
ATTN: VICTIMS OF REMINGTON FINANCIAL GROUP/Bluestone (FBI Investigation)
Victims or anyone with intimate knowledge of Remington Financial Group or BlueStone Capital have been asked to contact Special Agent Corey Riley with the FBI at 215.418.4173.
As stated in the Wall Street Journal RFG/Bluestone is under investigation with the FBI and your information is important for their case.
by truthwire June 30, 2008 12:00 AM
Below is an email communication from Jason over at Remington financial. He had insured my client prior to sending in the 7500 dollar fee that he would not need to spend another dollar till he recieved the Loan Commitment. Then three day laters he sends a term sheet asking for an additional 15k. When asked where was the 6700 distrubuted to, his answer was "due diligence", when asked to give me a itemized billing sheet, he told me it was none of my business. RFG is a Bunch of CROOKS.
Read the contract
It says it right here in item 13…
In the event of a dispute arising from the contemplated transaction between the parties that cannot be amicably resolved between the parties through reasonable diligent prior effort, parties hereby agree to binding arbitration in Maricopa County, AZ as the venue with sole jurisdiction. Any award will be limited to actual consideration paid, provided or due to the prevailing party. This letter is an expression of interest by RFG to formally pursue the financing a proposed herein. This letter is not to be construed in any manner as a commitment to fund. Issuance of a commitment and subsequent funding is contingent upon completed due diligence as outlined under paragraph 8.
Jason Enright
Senior Account Executive
Direct 480.202.7256
Fax 480.636.8221
www.remingtonfg.com
8761 E. Bell Rd
Suite 103
Scottsdale, AZ 85260
--------------------------------------------------------------------------------
He signed the LOI with no indication of where arbitration would take place, at least you have to travel to Oregon.
--------------------------------------------------------------------------------
Patrick I have responded to you via email letting you guys know our stance. Below is the email I sent to Tiffany June 17th regarding what my boss said to me. Please read carefully. I wish you guys would just move forward instead of halting the deal and blaming us…
--------------------------------------------------------------------------------
Patrick,
I spoke to Andy and he did not want to have a phone call with you. He simply said they can move forward with the Term Sheet issued or they can not do the deal.
Either way is fine with us. We have not done anything wrong. If you read the contract you will see it clearly states our process; and yes arbitration in Maricopa County AZ was signed on the LOI.
We are a real company; we fund several deals every year and just don’t feel like wasting any more time arguing about our policies with you. You are entitled to your opinion; but you are wrong about our company.
I hope you read the LOI before pursuing any legal action; I don’t want to waste any more of your or my time.
We still want to do this deal; but you guys need to adhere to our policies.
Thank you
Jason Enright
Senior Account Executive
Direct 480.202.7256
Fax 480.636.8221
www.remingtonfg.com
8761 E. Bell Rd
Suite 103
Scottsdale, AZ 85260
No virus found in this incoming message.
Checked by AVG.
Version: 8.0.101 / Virus Database: 270.4.3/1528 - Release Date: 7/1/2008 7:26 AM
by patrick12377 July 1, 2008 12:00 AM
ATTN: VICTIMS OF REMINGTON FINANCIAL GROUP/Bluestone (FBI Investigation)
Victims or anyone with intimate knowledge of Remington Financial Group or BlueStone Capital have been asked to contact Special Agent Corey Riley with the FBI at 215.418.4173.
As stated in the Wall Street Journal RFG/Bluestone is under investigation with the FBI and your information is important for their case.
by truthwire July 1, 2008 12:00 AM
if you have a formal complaint against remington contact the BBB and they have a formal mediation process if indeed remington is a member.
FOR THE RECORD
REMINGTON FINANCIAL GROUP HAD THEIR BBB REVOKED BY THE BBB ON 3/3/08
They are not a member at all and were kicked out of the BBB.
Check it our yourself
http://us.bbb.org/ViewReport.aspx?lnk=http%3a%2f%2fwww.dc.bbb.org%2freport.html%3fnational%3dY%26compid%3d80005255&biz=80005255&bbb=0241
Remington obviously has some explaining to do. your BBB membership is not revoked often.
by frankfirst July 1, 2008 12:00 AM
Kilpatrick and Hart which as been a huge referral service for Remington and BlueStone (KH also collects their own version of upfront fees) also has a desist and refrain order in California. This is in conjunction with the same order that Remington has.
Even though they are not allowed to do business in California because of their activities Thomas Hart the owner of Kilpatrick and Hart is currently the PRESIDENT OF NEW JERSEY BBB! (Better Business Bureau)
Can´t really trust the BBB can you....
by truthwire July 2, 2008 12:00 AM
More info on Kilpatrick and Hart, (Remington Financial/BlueStone referral service)
Kilpatrick and Hart plus their owner Thomas Hart are currently being sued through the California court system for: racquetering, fraud, conspiracy to do fraud, extortion.
This is in relation to the desist and refrain order in California. Apparently they continued to do business (charging up front fees) in California even though the California court system said they are no longer allowed to do business in California. They have charged California clients upfront fees for a number of years AFTER the 2002 ruling. Hence the reason for the lawsuit.
Thomas Hart is currently the New Jersey BBB President.... while disregarding the California Court ruling....
by truthwire July 2, 2008 12:00 AM
Another Remington BlueStone WALL STREET JOURNAL ARTICLE.
This is the second one in a week. The Wall Street Journal is exposing the up-front fee scam world. The reporter on this story is the same one who broke the backdating stock option scandal involving Steve Jobs (CEO of Apple) among others.
Can´t be good for Remington or BlueStone... they also mention Kennedy in this story as well...
check out the link:
http://online.wsj.com/article_email/SB121487218665117885-lMyQjAxMDI4MTM0MDgzNzAyWj.html
by lancerhan July 2, 2008 12:00 AM
The email shows how they treat their clients. We already know RFG´s DD issues but my other issue is that people pay them these upfront DD Fees and then they are treated so unprofessionally when you attempt to contact them. I believe it is professional to be upfront and honest about the transaction but not to the point of putting down the client. They seem to forget that the client has paid them a large amount in DD Fees. I know you can´t waste your time but treating people unprofessionally after they have extorted DD Fees is terrible. You reap what you sow and I hope RFG goes down hard.
by projectfunding July 2, 2008 12:00 AM
ATTN: VICTIMS OF REMINGTON FINANCIAL GROUP/BLUE STONE CAPITAL FUNDING (FBI INVESTIGATION)
VICTIMS (NATIONALLY AND INTERNATIONALLY) WITH INTIMATE KNOWLEDGE OF REMINGTON FINANCIAL GROUP AND BLUE STONE CAPITAL FUNDING, PLEASE CONTACT FBI SPECIAL AGENT COREY RILEY AT 215 418-4173 OR E-MAIL: Corey.Riley@ic.fbi.gov SNAIL MAIL: FBI 600 ARCH STREET, PHILADELPHIA, PA 19106 ATTN: FBI AGENT COREY RILEY
AS STATED IN THE WALL STREET JOURNAL, REMINGTON FINANCIAL GROUP/BLUE STONE CAPITAL FUNDING, ARE CURRENTLY UNDER INVESTIGATION WITH THE FBI AND YOUR INFORMATION IS IMPORTANT FOR THEIR CASE.
by myland July 11, 2008 12:00 AM
I´m another victim of RFG. Its been over 10 months since I wired my $22,500 without funding or much response from RFG.
Has anyone had any dealings with another firm named Results Funding? They are located in Nashville, Tn. and the principal is Craig Raymer. I would hate to go down the same road again. Thanks.
by Ceasar July 18, 2008 12:00 AM
I have a development project in Costa Rica that is ready to go. Submitted info to Harvey Hutchington at RFG nearly a month ago. Harvey issued me an LOI, said the deal was ´no problem´ to fund, and told me they´ve funded deals in Costa Rica to date. I´ve been asking Harvey for some verifiable details on those deals for a month now so I can confirm that they have actually done deals there before sending them any money. Every excuse in the world has come my way......but still no info I can verify. This would certainly not be the case if these guys were legit. Now I see the FBI is investigating them and the BBB has cancelled their membership...it all fits...clearly scammers and very skanky. I wouldn´t send them a penny or waste another minute of my time and advise all others to do the same.
by costa rica July 25, 2008 12:00 AM
Many of us weren´t so lucky to see this blog before money was transferred. These guys will only take your money and not perform. Be careful, somehow they are reinventing themselves under Bluestone Realty Capital.
by ProComBroker July 26, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl July 28, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl July 28, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl August 7, 2008 12:00 AM
I have a deal in with Remington now. We are now heading into phase 2. I can not get straight answers and have a very time sensitive deal. I then found this website and am not happy that I was even led to this company. I would like to find someone that can help me on a deal and fast. It is on a group of custom homes and the loan amt is around $4.5M. I already have $200,000 of my own money into this deal, so I dont want to lose it. Anyone out there interested?
by customhomes July 31, 2008 12:00 AM
Custom Homes, email me your contact info at fisher_5@live.com. Good thing you found this web site before you gave them the phase two money. I wasn´t so lucky. I´d be happy to share info with you.
by ProComBroker August 1, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl August 7, 2008 12:00 AM
Has anyone ever used KSI Capital?
by projectfunding August 3, 2008 12:00 AM
KSI. Same as Kennedy. Good luck!
by OmegaFunding August 4, 2008 12:00 AM
Omega,
Thank you. I was just asking before moving foward with them. I will not do a deal with them as Kennedy Funding is notorious for not funding their deals. Thanks again
by projectfunding August 4, 2008 12:00 AM
Looking for a loan or private investors to complete a project in the Dominican Republic. So far we have invested $450,000 into opening a 9,000 sq. ft. (3-level) disco in a heavily visited tourist destination in the Dominican Republic (Punta Cana). We are seeking an additional $250,000 to complete the project. We have all of our receipts, business plan, projected revenue analysis, etc. Looking for a serious broker who can get funds to complete the project. Please contact us at NYCEGROUP@aol.com
by LOWKEY August 5, 2008 12:00 AM
Any update on the RFG guys. I just received two LOIs and need to pony up some dough...
by AZ Broker August 7, 2008 12:00 AM
Even after I gave them the money and all of the info, they could still not tell me if the investor would really be interested or not. Ive been in the real estate business all of my life in one way or another and I know that with what I have given them this far, and if they are truly leg, then they should know more than wanting more money and time. I would not do it. There are so many others out there that do not require money upfront. Dont waste your time. And yes, I verified with the FBI that they are under investigation.
by customhomes August 7, 2008 12:00 AM
customhomes... How did you verify that they are under investigation? The articles have the FBI giving their standard quote of ´we cannot confirm or deny..´ Just wondering if you know something and can share?
by mortgageman444 August 7, 2008 12:00 AM
ATTN: ALL REMINGTON VICTIMS AND BLUESTONE FUNDING (FBI INVESTIGATION)
Even though Remington/BlueStone deny any wrong doing and claim they are unaware of any investigation, ALL their records have been subpeonaed by the FBI. This information was given by them to several smaller newspapers across the U.S.
Victims with intimate knowledge of Remington Financial and BlueStone Funding should contact Special FBI Agent Corey Riley at 215 418-4173 or e-mail corey.riley@ic.fbi.gov.
Once an FBI investigation is started, it is IMPOSSIBLE to stop it. The FBI will not open a case unless they believe they have sufficient evidence to prove a huge crime has been committed. Their resources are primarily used for national security and emergencies. Whether your story is old or current and no matter what amount the dollars involved are, Agent Riley wants to hear from you. Please contact him. He WILL return your messages.
Please be aware of these facts before you contemplate sending any money to either Remington or BlueStone.
by myland August 7, 2008 12:00 AM
myland. I have a loan request in with Remington and am interested in hearing about this. I have done A LOT of research on the fbi investigation on RFG but haven´t found anything that said their records were subpeonaed. Where did you come up with this information as I´m sure the FBI didn´t give you it? Just trying to figure out what´s fact on here and what´s a fairytale. I´m guessing there´s a lot of the latter??
by mortgageman444 August 8, 2008 12:00 AM
There are many smaller newspapers that picked up the WSJ story and contacted Remington/BlueStone as a result. You might start looking at these articles with Crain´s Detroit Business News, July 8th... Headline: Theme Park Developer...In that article Remington does make mention of their records being collected. However, there are many more articles in which Remington specifically states their records were subpeonaed and they will not make any further comments re: the Wall Street Journal Article. Also, if you check with LA Court News (on line) you will find that Remington is asking for relief against the Cease and Refrain Order issued against them in 2003 by the Dept. of Corporations. Unfortunately for them, their time to appeal is long over for any appeal and the court will probably not entertain their request. They are hoping if they can get that order vacated, they can also vacate the more than 14 civil lawsuits currently filed against them for rackettering, fraud, conspiracy to do fraud, extortion, etc. I would also speak to FBI Agent Corey Riley and ask if they are "looking into the allegations made against Remington/BlueStone". I´m sure he will be able to confirm that though he will not be able to legally tell you if they are currently "investigating" Remington/BlueStone. He will, however, listen to whatever information you may have about them. I don´t think he would do that for his health. Good luck! Please pay attention to these facts before contemplating sending Remington/BlueStone any money.
by myland August 8, 2008 12:00 AM
mortgageman444,
Look through the thread. Regardless of the FBI investigation, RFG will not fund your deal. We are all victims of the Due Diligence scam and are giving people the facts. We are currently attached in a lawsuit against RFG as are many others and I strongly suggest not moving forward with RFG. This is not the only blog that has this info about RFG.
by projectfunding August 8, 2008 12:00 AM
by customhomes August 11, 2008 12:00 AM
Mortgageman444,
I spoke to FBI Agent Corey Riley and while he did say that he could not give me specifics, that yes there was an investigation going on into their business and that I could give them my story if I would like to. Just like others on here have said, regardless of the investigation, if they were a true lender, by the time you provide them the first fee and all of the documentation, they should be able to tell you if this is a doable loan other than ´ we have to finish our due diligence, then send it to the investor and see what they say". Anyone who has been in the lending field can look at a complete file and know if this loan is going to close or not, given that they do not go to the property and find things wrong that were not disclosed.
by customhomes August 11, 2008 12:00 AM
customhomes I appreciate the feedback. I have not contacted this person at the FBI. It seems as though we are having different experiences? From what you wrote, I believe remington told you they were lending on your project? But from what I´ve read about their closed transactions, they brokered those deals to well known lending institutions, which is fine. There is nothing wrong with being a broker. Taking a retainer fee to broker a loan is perfectly fine. Taking a retainer fee and not trying to find a home for the loan is not. I think that´s what the WSJ article pointed out. It seems as though the WSJ had some facts and then was fishing on some other things.
by mortgageman444 August 12, 2008 12:00 AM
mortgageman444: I agree with you. There is nothing wrong with being a broker if that is how you present yourself. However, Remington/Bluestone advertise themselves as lenders which in fact, we all know they are not. That is misleading. By-the-way, newspapers must verify their facts before they print as they are vulnerable to slander and libel lawsuits if the facts are not true. I consider the WSJ as a highly credible newspaper and would doubt if they were "fishing" for anything. I think they accurately quoted what they were told by Remington/BlueStone and it was obvious by their quotes, the right hand did not know what the left hand was doing. Also, Remington/BlueStone have done nothing to deny any of the statements made in all the newspapers which printed the story. They would have a HUGE lawsuit if what was stated was not true. Again, there would not be so many lawsuits or gov´t investigations against them if they did not do something considered criminal. If you (or anyone else) wants to go forward with Remington/BlueStone, just know you´re going forward at your own risks. I sincerely doubt your deals will be an exception and get funded by them.
by myland August 12, 2008 12:00 AM
This ad has been removed.
by backgroundgrrl August 15, 2008 12:00 AM
I had the same problem with Bluestone. Dan Gura told me that they were funding a portion of the loan directly and that they would participate a portion of it out. They took me for a $10,000 dd fee and said that the project went through underwriting. The underwriter contacted me regarding some questions needing clarification. Upon talking to her, I realized that she was not qualified to deliver news papers.
They also stated that they would fund in 45 days. After 3 months of sending Dan costic emails, he said his investors were questioning the validity of the project. (also, I rarely got phone calls, he usually sent emails from his Blackberry) He then asks me to participate in a conference call with KSI, who in turn tells me that they require a $25,000 dd fee. I asked Dan what I paid him the dd fee for. He stumbles around for an answer.
Take it from experience, DO NOT SEND THESE CLOWNS ANY MONEY!!!
by RDRONBERGER@ August 19, 2008 12:00 AM
We also are in the "supposed" final stages of a project with Remington and would like any information that could be shared as to other peoples experiences with Remington. Info such as timeline to close , type of projects, success and failure rates for closing, etc. would be helpful. What I am hearing is that only 15 to 20 % of requests actually fund and I suppose that the reason for not funding is extensive. Anyway, anyone who would like to share their Remington history - good or bad - please feel free to e-mail me at tiger8585@aol.com.
Thanks in advance,
Tom
by tiger8585 August 19, 2008 12:00 AM
Tiger8585: I don´t think you´re reading these threads. You´re not going to get funded. There would not be so many gov´t investigations, (including the FBI), if these guys were honorable...or if they ever closed as much as 15%-20% of their deals. Kiss whatever money you gave them good-bye. It´s long gone.
by myland August 19, 2008 12:00 AM
Tiger,
Please read the threads, I have gone through the whole scam myself please do not send them anymore money, they will not fund your deal. They are not a direct lender although they represent themselves as such. There are plenty of other people on this thread that can help you out.
by projectfunding August 19, 2008 12:00 AM
I was offered to start a loan with RFG for 3.5 M project in Hawaii. Terms are standard mentioned above. Wondering how long it may take to close after I pay them first fee?
nikolayc@hawaii.edu
by hawaiiproject August 20, 2008 12:00 AM
It´s surprising that people are still getting taken by Remington, Bluestone, Dan Gura, etc., etc. Their apparent business model is to take your money, not do anything for it except hand off your loan to another broker who, more than likely, knows less than you do with less contacts. I´ve been in this business for 35 years and got taken, hook, line & sinker - they are good with the talk. Nothing checks out, no one that I´ve ever spoken to, including the attorneys in litigation can verify that they have ever closed anything. They get you on two fronts, they take your money & not give you any value for it and they waste your time while they fill you full of false hope. I found this blog "after" I had given them $25,000. We are now in litigation.
by ProComBroker August 20, 2008 12:00 AM
Procombroker put it the best, they don´t fund your deals they just hand it to another broker. I have experienced it first hand. Not only that they contacted lending sources that we have funded with in the past, so we know that they are not a direct lender. Also, the person that contacted our lending sources was another broker who knows Gura. Unfortunately I saw this thread after the fact. Don´t send any money, they are a scam we are in litigation also.
On another note anyone have any background on Meecorp are they the same as Kennedy & KSI?
by projectfunding August 20, 2008 12:00 AM
ATTN: VICTIMS OF REMINGTON/BLUESTONE CAPITAL FUNDING (FBI INVESTIGATION)
Remington and BlueStone Capital Funding are currently under investigation with the FBI. ANYONE with intimate knowledge of Remington/BlueStone Funding are asked to contact FBI Special Agent Corey Riley at 215 418-4173 or e-mail corey.riley@ic.fbi.gov. It is not important if your complaint is past or present or the amount of dollars involved, the FBI wants to hear from you. Agent Riley will return your messages.
Please be aware of this investigation and should you decide to give Remington/BlueStone any money, it is at your risk.
by myland August 20, 2008 12:00 AM
Dear ProComBroker, they seem to have a preset fee of 7500 and 15000 later, just wondering how you ended up paying 25000? They also had been in business for such a long time, so they had to have some success? I checked the other companies, but all of them asked me for similar amount of money. Is there any way to verify who should be picked then?
by hawaiiproject August 20, 2008 12:00 AM
Before you waste you time and money on lawyers to try and recapture your lost fees, I recommend contacting the Federal Trade Commission. They are not fast but they are surprisingly good at squeezing refunds out of companies.
I will not elaborate on this forum.
You can spend hundreds of hours on their site reviewing actual case law.
https://www.ftccomplaintassistant.gov/
For those, like the folks in California (someone said/ alleged racketeering), who seem to have major numbers and feel there is a pattern of behavior.....tell the lawyers to investigate civil remedies through the RICO statutes.
FYI...your lawyer should know that there are treble damages in a civil RICO action.
RICO Statute Section 1962(c)
The elements of a section 1962(c) civil claim can be described in many ways. Generally, to establish a claim under section 1962(c), the plaintiff must prove that (1) a defendant person (2) was employed by or associated with an enterprise (3) that engaged in or affected interstate commerce and that (4) the defendant person operated or
managed the enterprise (5) through a pattern (6) of racketeering activity, and (7) the plaintiff was injured in its business or property by reason of the pattern of racketeering activity.
Here´s a helpful link
http://www.ricoact.com/ricoact/nutshell.asp#constitutes
Good luck.
Sign me...pissed off and ripped off and sick of this chit.
Period.
by Netwealth August 20, 2008 12:00 AM
ATTENTION: BLUESTONE FUNDING IS NOT BEING INVESTIGATED BY ANY AGENCIES
Please note that the undersigned is Pennsylvania legal counsel to Bluestone Real Estate Capital. Despite the attempts by others on this board, including myland, to smear the good name of Bluestone, I can confirm that I have had conversations with Agent Corey Riley and the U.S. Attorney’s Office in the Eastern District of Pennsylvania. Both of them have confirmed that there is no investigation ongoing or ever initiated concerning Bluestone. Further, statements on this website that Bluestone is part of Remington are also false. Neither Remington nor any of Remington´s owners have any financial interest in Bluestone. If anyone needs further information about any of the above, I can be reached at mhaltzman@lammrubenstone.com.
Please also be aware, to the extent that you believe that you can hide behind a posting board such as Broker Universe and not be subject to legal actions for slander and defamation, you are sadly mistaken. In fact, last year, on behalf of other clients, I subpoenaed the records of Broker Universe and was supplied with the identities of posters who had posted false information about another client of my firm. Based upon that information, I then pursued those posters for posting false statements about my client. While I respect the right of everybody to place an opinion on a website, the false statements being made by myland and others on this website as it relates to Bluestone are being made as statements of fact not as opinion. As such, actions will be taken to learn the identities of , and to pursue appropriate civil penalties, against myland and the other posters publishing false statements on this website.
by mhaltzman August 22, 2008 12:00 AM
In fact, last year, on behalf of other clients, I subpoenaed the records of Broker Universe and was supplied with the identities of posters who had posted false information about another client of my firm. Based upon that information, I then pursued those posters for posting false statements about my client. by mhaltzman August 22, 2008
So you pursued email addresses?
When one registers here, all they supply is an email address... not one´s real name, nor one´s address.
Sounds hollow to me.
by Just a broker August 22, 2008 12:00 AM
Dear Just a broker.
In answer to your post as to how I was able to learn the identiy of posters, we were supplied not only with email addresses but also with the orginating IP addresses. Further, posters have a cookie which allowed use to obtain information as to whether a poster is posting under more than one name. As I am sure you are aware, from this information we are able to trace the identity of the person whose computer made the post.
by mhaltzman August 22, 2008 12:00 AM
by tiger8585 August 22, 2008 12:00 AM
Copyrighted material has been removed.
by backgroundgrrl August 29, 2008 12:00 AM
Dear Just a broker.
In answer to your post as to how I was able to learn the identiy of posters, we were supplied not only with email addresses but also with the orginating IP addresses. Further, posters have a cookie which allowed use to obtain information as to whether a poster is posting under more than one name. As I am sure you are aware, from this information we are able to trace the identity of the person whose computer made the post.
by mhaltzman August 22, 2008
I call BS on that... I know that you can not find out who I am from my IP address.
Hell, I´ll give you my IP address via email and you tell me who I am.
email address - justabroker/gmail.com
by Just a broker August 22, 2008 12:00 AM
Copyrighted material has been removed.
by backgroundgrrl August 29, 2008 12:00 AM
Hey Mr. Lawyer,
Nice try. You are only trying to scare people from telling the truth and as you can see above you are caught red handed with another lie. Can´t be disputed or argued.
We all know you probably aren´t even a lawyer and just claim to be. Remington and BlueStone are good at one thing... Lieing... because that´s all you know how to do.
But don´t worry with all these lawsuits coming your way shortly... you´ll be so busy you won´t even have time to go after anybody on this thread (besides you don´t even know or ever will know who they are). Subpoenaed??... that´s the best laugh I´ve had in over a month.
Oh yeah, have fun dealing with all those lawsuits. As a lawyer you should actually be happy about it because you´ll be able to charge Bluestone and Remington a lot in legal fees.
You should have a GREAT year for your business. I hope you have a lot of suits and frequent flyer miles because you´ll be traveling all over the U.S. fighting all these lawsuits
by truthwire August 22, 2008 12:00 AM
I have to say, in the last three months I have taken time out of my day everyday to read this blog, just to sit and laugh.
One, I believe any client who worked directly with Remington since 2006, or any broker who directed their client to Remington since 2006, should stop pointing the finger at Remington on this thread and point it at themselves for being some of the dumbest people on the planet.
I guess doing a little research on your own would be to much to expect (you know, from people wanting to be CEO´s of multi-million dollar ventures). Low-and-behold a simple Google search (which if you search "Remington Financial", this thread is the NUMBER TWO hit) or sensing something is a fowl when the say "oh, we can not give you any references" (because, that statement seems totally logical..... well, maybe to many of you) would be just to much.
Hey, infact, I will tell you all right now, YOU ARE ALL APPROVED! All you need to do is put $10,000 (we prefer small bills) in a brown paper bag and place it in a locker at the downtown Los Angeles Bus Station, and just drop the key off at a location I will let you know about. You can expect a closing to be set within days of you making the drop!
You all got burned because you were either to lazy or to stupid to do any research on your own, do not fault them for being smarter than you, I just pray none of you have reproduced, the world can not handle anymore of this nonsense from your gene pool.
We did our research after getting a "suspecious" LOI from them that differed GREATLY from those recieved from Bank of America Capital Group and another Beverly Hills Investments firm. Five minutes of research revealed that our contact, Shane F is in his very early twenties and has what appears to be a Mohawk!
Let us see, A (so called) manager with a Mohawk and this thread were found within five minutes, yeah, easy decision on passing immediately.
No offense, if you got burned, you probably would have failed in your business venture anyway, and not doing your research pretty much assures me of this fact. I guess this is why our Debt Loan and Equity Capital Investment closed and funded and you are all crying fowl and probably still looking. It also assures me that with all the posts on this thread, there will always be ample people to flip burgers and dig ditches.
And finally, stop the crying about lawsuits, you should all be embarased to even want to go into a court and present your case (stupidity and ignorance should never be the foundation of any case). Though I do not agree with Remington´s business practices, I believe most of you will ultimately fail (YET AGAIN)....this time in your pursuit of a civil claim, and even if you do win, will probably ultimately never see a dime.
But please, keep amuzing all of us here, to bad this can not be made into some sort of a reality show!!
by Amuzed_Reader August 22, 2008 12:00 AM
Amuzed Reader,
Honestly just shut your face. I have been and know of many other people who are VERY successful they have had issues with Remington. I´m sure much more successful than you. The ONLY reason that this blog comes up #2 on the google search IS BECAUSE OF PEOPLE LIKE US who have had to dig deep to find the info. Trust me it runs a lot deeper then what you are reading. A lot deeper.... Remington knows that and that is why they are scared.
So quit being an arrogant prick. In fact with your arrogance you´d work out very well with Remington and BlueStone. In fact I heard they might be hiring soon. I was told that Dan Gura is looking for an understudy. So, please take your pompous attitude and join them.
by truthwire August 22, 2008 12:00 AM
Ummmm, this has been the #2 hit since 2005, I have a business partner at a securities firm in LA that reads it occassionally for amusement as well.
As far as you "knowing" successful people, that I believe, it is probably as close to it as you will come, maybe you can start a new thread and blog about that as well.
As far as work for someone else, I will take a pass, I happen to do well on my own. But for you, I have a few links below of a few places you may want to consider..
http://www.bk.com/CompanyInfo/careers.aspx?target=main
http://www.mcdonalds.com/usa/good.html
http://www.jobswithkfc.com/#/home
In closing, at the end of the day, you are on this site complaining because you were to dumb to do your own DUE DILIGENCE before writing a check.
As far as you doing your own digging, no offense if you do not come off as a "Creditable Investigator", you know, given the fact you could not do any of your own due diligence on Remington before hand. I´m sure your "Investigation" goes as far as internet searches and probably calling the FBI Agent to stalkerish extents.
Funny everyone on here cries about "getting burned" and threatens lawsuits, I would really love to hear the running tally on how many of those on here are ACTUALLY ACTIVELY in litigation with Remington.... I mean actually have filed the lawsuit and have served papers.... I will bet a very small amount!
by Amuzed_Reader August 23, 2008 12:00 AM
Oh yeah, Mr(s) truthwire, I will take it you never got your project funded. Let me guess, you had a Great Project, and just hand no money or your own / couldn´t get any investors of your own, and needed a lender / investor to flip the whole bill.
Odds are ten to one, you probably drafted your own SEC 504 or 506 PPM, and are currently emailing it out to private investment firms trying to drum up a few investors to buy a few private equity shares to move your project along, only to find out that no one is buying what you are selling.
And then if you do find one that is interested, they require you to achieve non-recourse debt financing because they will not take any liability on the investment, and you again find yourself in a lose-lose situation, and still without a pot to piss in or a window to throw it out.
I will bet that most of everyone complaining on this blog all had "this great project with amazing returns", just they have no money or their own or their credit is bad but it is not their fault... blah... blah... blah.
At the end of the day, Remington probably farmed these deals out to every debt and equity provider in the nation, and guess, what, no one is buying what you are offering. I can not fault them for taking a profit on these dead end projects, they probably throw a bunch of lipstick on these pig projects, but at the end of the day a pig is pig.
Just be honest, no one funded your project did they? And they probably never will.
by Amuzed_Reader August 23, 2008 12:00 AM
Amuzed Reader,
Amusing you are... I do however feel for your investors. If I were them I would be greatly concerned with the leadership I invested into. One thing I learned when I raised capital for my projects (yes with an "s") is securing funds in no way makes me a successful business person. The only difference between you, "amuzed reader" and the "losers" as you call them that have no chance to raise money is YOU simply OWE a lot more money.
Securing capital in NO WAY makes you a successful person. Your need to prove to everyone your "success" simply shows your ignorance and quite frankly immaturity. If I was your investor(s) I would be worried about my funds. This is no time to brag about this accomplishment but to get down and dirty and make some money. Now I´ll admit if you came back to us and bragged about all the millions you made then you would have no argument from me. In the worlds eyes you would have that right.
But be honest... you haven´t paid back your investors yet let alone made a profit.
I have this feeling that if you did you wouldn´t be wasting your time trying to validate yourself to others who you feel are only "worthy" of applying to fast food chains.
So maybe it would be wise of you to get back to work for your investors and let us seek justice against companies who have broken the law regardless of whether their victims deserve it or not.
by truthwire August 25, 2008 12:00 AM
It seems that BlueStone is trying to "separate" themselves from Remington in relationships and in business practices but let´s look at the truth:
According to the Secretary of State of Pennsylvania Blue Stone Real Estate Capital, LLC was created on 12-21-06. Remington Financial Group Inc was created on 6-22-1993 by Andrew Bogdanofff his wife Rickey and Matthew McManus (who is the same principal for BlueStone) . What´s interesting about these dates is a trade magazine called "National Real Estate Investor" published that BlueStone was #19 for intermediary financing with $975 million for the year 2006.
Wow! that´s amazing that means they did $975 million in 10 days since they weren´t even formed until 12-21-06.
Also they didn´t even announce there existence as BlueStone publicly until March of 2007. (See above press release) The magazine editor said that they receive the information for these rankings when officers of the company fill out the info and send it to them. None other than Matthew McManus filled out this information for both Remington and BlueStone.
by truthwire August 25, 2008 12:00 AM
Mr. Attorney (or so you say): I have contacted the FBI directly and they have told me that under NO CIRCUMSTANCES can either they or the US Attorney General´s office verify whether BlueStone is under direct investigation or not. They will verify however, that they have heard of the name BlueStone before. Our attorneys (real ones) believe your thread was made to scare victims and is also Remington´s attempt to reorganize using BlueStone as their new "front". If anyone needs verification of these facts, please contact Special FBI Agent Corey Riley at 215 418-4173. He wants to hear all and any complaints you may have against Remington AND BlueStone and of course, all their officers.
by myland August 25, 2008 12:00 AM
tiger8585 copyright violation.
tiger8585 has posted an article that appeared in The Niche Report. This article is protected by copyright.
truthwire copyright violation.
posted peices of a copyrighted article
by RFG rep August 25, 2008 12:00 AM
RFG rep,
Copyright violation... that´s very funny.
Nice try... I can´t stop laughing.
Trust me there is a lot more to come.
by truthwire August 25, 2008 12:00 AM
Hello,
Never ever pay any up front fees.i work with a company where you have no up front fees, and we get paid when you get funded.
please email me if your still looking to get Funded.
Bethy
by Bethy August 26, 2008 12:00 AM
Ok, I have a land loan right now that I need to get done quick. The land appraised at 6.7 million on 1/18/2008. The borrower currently owes 600k on it. He wants a refinance to take another 450k.
Basically I need to get a loan for 1.5 million on deepwater 30 acres of land that appraises for 6.7 million. The borrower is doing this to buy franchise rights for the entire east coast dicks wings restaurant he is putting 880k towards this and needs the additional 450.
Once this is done I will be refinancing him into a conventional bank loan for the better rate and term.
Any suggestions? I need this done in 2 weeks and have full doc including the executive summary for the land (he plans to build a private gated community with 300 townhomes over the next 2 years and has a 35 million dollar buisness agreement to develop this)
I was going to take this to remington but have mixed feelings after all these reviews. I have been working on this for 2 months and have yet to find a legit hard money lender. I have checked with scottsmans guide for 80% of the lenders I have tried contacting and most just don´t seem to have the portfolio room for land.
by treddleman August 26, 2008 12:00 AM
Hey,
wait before you do any thing I can get you funded with no up front fees
Bethy
by Bethy August 26, 2008 12:00 AM
How do I contact you? I am in the office tomorrow 9am eastern
by treddleman August 26, 2008 12:00 AM
And how quick can you get the initial fund? I have as much time as needed to do a solid conventional refinance but this inital hard money lend needs to be quick and solid
by treddleman August 26, 2008 12:00 AM
Contact me at bethjennings8@yahoo.com
No up front fees what so ever
by Bethy August 26, 2008 12:00 AM
Email sent with the basics, as I said this is a easy loan. After the deal is done I am looking to refinance him into a better rate and term. So basically yoru company gets its points and then its money back 2 months later
by treddleman August 26, 2008 12:00 AM
Let me tell you about John Horlieca, the guy listed above.
John Horlieca, who claims to be a Los Angeles real estate developer, defaulted on $6.4 million mortgage, and then filed bankruptcy in 2008. He never paid a single payment to the senior citizens to whom he owed the debt for his "land purchase", but instead he lied to them, and invented phony lenders with fake stationary that were allegedly going to finance him.
He strung them out for a year, the whole time telling lies, and giving fake evidence that he was getting a loan.
Horlieca is president of the Nevada corporations: Triple J´s Corporation, Greene Malibu 3 Corporation, Green Malibu Valley Ranch Corporation, and Croft Holding Corporation. These are Nevada corporations doing business in California, but unregistered with the California Secretary of State. The listings can be found on the Nevada Secretary of State´s website.
The bankruptcy filings can be found in the public records with PACER, the electronic access to U.S. Bankruptcy court records.
Horlieca claims to have acquired an interest in the properties, but admits that he didn´t pay a single dime for that. Said Horlieca: "Let me start by saying I DID NOT PAY 2.5 million for the LLC´s and Corp´s. When I "purchased" these companies I refused to give the sellers a single dime due to the fact that they didn´t pay on the notes for 2 years they where given promissory notes for the purchase."
It´s no wonder Horlieca couldn´t get a loan with Remington. He is simply not bankable, and untruthful.
by Jimro August 29, 2008 12:00 AM
Jimro: I´m only referring to your last sentence which you state "it´s no wonder Horlieca couldn´t get a loan with Remington". Let´s not confuse Mr. Horlieca´s problems with Remington. This story does not make Remington into "good guys". Remington is still being investigated by the FBI and has approximately 15 lawsuits against them for fraud, RICO, etc. which are facts that can not be disputed. It sounds as though Mr. Horlieca also got taken by Remington even though he may have had his own agenda when trying to get financing. There are ALOT more intelligent, experienced victims and honest brokers with great deals Remington injured compared to those people with their own "questionable" agendas that also got taken by Remington. It sounds as though both Mr. Horlieca and Remington have something to learn from each other. I wonder what that lesson could be?
by myland August 29, 2008 12:00 AM
I want to also get back to something called "Due Diligence" on a client´s part.
A simple google search for bethjennings8@yahoo.com comes back to two websites for people looking to "make money from home". huh.
First off, I would not work with a "mortgage professional" who is @yahoo.com. Just me of course, I guess I need just a little more comfort. hun #2
And if this is such and easy loan, why the hell are you on here and not able to do it anywhere. You seem to be holding back some information, just a hunch!
I guess like any jerk can be a parent, anyone with access to a directory of commercial mortgage lenders can be a loan broker (Can I get a "Hell Yeah" Bethy?). I would love to hear how this loan with with Bethy plays out, but I can actually draw my conclusion, I´m pretty sure it ends up with a number of emails to lenders on her part (with no real clue what she is doing) and yet another unsuccessful closing. Watch yourself Bethy, these loosers on this site might start a blog about you.
Truthwire, you are out of your league in even writing blurbs to me. Just by judging from the void of any intelligence in your response, I will take it "what you do not know about capital markets, I can just about squeeze into the Grand Canyon". We closed our debt transaction with Bank of America and funded our equity with our own funds and a nationally traded REIT (there is a good defination for "REIT" on Wikipedia, you should read up about them).
Is it TRUE, is there REALLY 12 lawsuits against Remington. Seems pretty slim from everyone on here claiming to sue them and join a class action lawsuite by some attorney (no offense, this attroney has been barking about this class action suit on here for years now, probably not going to happen). How about an update on the status of the lawsuits, I´m pretty curious here to see some follow through, all I see is a bunch of wimps crying and hiding behind screen names.
Amuzed_Reader (me hiding behind my screen name).
by Amuzed_Reader August 29, 2008 12:00 AM
It is TRUE there are lawsuits against Remington... more than 12 filed against them in California alone...and these are NOT class action lawsuits. Each one is individual and they are ALL currently going very nicely. There are more in other states and more being filed against them on a weekly basis. I´m sure when decisions are handed down by the courts, there will be updates. Remington must hire lawyers in each state a suit is being filed against them if they want to defend themselves. Therefore, each decision for each case heard is decided upon on an individual basis. The judicial process is a slow one so all that can be said at the moment is that Remington is taking these suits seriously enough that they´ve hired attorneys to represent them every where a suit has been filed against them. When these cases are actually heard by the court will be after all continuations, delays and appeals are decided upon. Nothing more can be said at the moment because some of these cases still need to be heard and some Remington are appealing the courts decisions. I know all this because I´m obviously involved with these cases. Trust me...Remington and their officers are not happy at all. These cases are DEFINITELY not going in a direction they like.
by myland August 29, 2008 12:00 AM
Sduran, what are the Feds coming after me for?
1. Stupid, I do not have anything to do with Remington, I do not work with or for them, I was just smart enough to do my own due diligence on them before paying them. I learned the were BS, and did not move forward with them.
2. Who did I take advantage of? "Hey Sduran, maybe you can get some cream and rub it on what ever it is you have growing on you down there!" That was a pretty stupid comment by me, huh? Just as stupid and misinformed as you are with "You are so intelligent that your life revolves around taking advantage of those less than".
That was actually my only two points, I could go on for a number of points, but I see you have issues understanding the meaning of a number of words strung together in a sentence form. My mother is proud of me, and she once told me about someone like you, "you can´t cure stupid".
Now Myland, finally someone that seems to have knowledge, and it is actually good to have someone like yourself on here. I do understand from what you said about not being able to disclose, but anything you can in the future, I would love to read more about it.
I´m not about the fleecing of America, but when someone is looking for someone to essentially give them millions of dollars for a venture, and they are to "GD STUPID" to do their own investigation about a firm before handing over thousands of dollars, I can not feel one ounce of sympathy for you.
You want to tell me in a world of Internet and employers doing criminal background investigations and credit reports on potential employees, that no one on here found it odd they would not give out references or could have done a simple Google Search about the firm? Seriously!
The only reason I hope they do not get into trouble soon, is my fear this blog site will one day dry up and go away, then what am I to do?
I did read on another blog about Remington, that places like LenderLab (looked at this site tonight) and something called (pardon me as butcher the spelling and the name, going from memory) Scottsmans Guide still have Remington listed as a "lender" for brokers to send them business.
In a world already oversaturated by "wanna-be" commercial bankers / brokers, Remington must have an overload of stupid brokers just lining up to be had, like blind fish in a barrel.
Now, it might be just me here, but I would think if ya´ll went after them to have them removed (call me crazy here) maybe their deal flow would be greatly reduced and maybe they would begin to self-implode. I have to assume you all did not just stumble upon these fools, odds are you are a burned broker or were referred by a bad broker.
And if they do not remove them, you can all gather to start a new blog to keep me amuzed and probably piss them off when a thread like this shows up about their site supporting "scams" like RFG and Blue Stone.
That is the goal here, amuze me, find me more victims to come on here and air it out and see if you can actually all stop "the beast".
Unfortunately, I have to depart for the weekend, so I shall take me leave of you all to Tuesday...
Sduran, hope the cream works out, the burning should go away in a day or two.
by Amuzed_Reader August 29, 2008 12:00 AM
Amuzed Reader,
"what you do not know about capital markets, I can just about squeeze into the Grand Canyon"
Did your mom or dad not encourage you enough when you were a kid or something?
Seriously who talks like that....
I´ll give you some credit though you´ve got some good one-liners. I do get a good laugh when you write.
by truthwire August 30, 2008 12:00 AM
Hello,
my name is Beth,
And I only use my yahoo address for sites like this.
All I´m saying is I work with Lenders, and Investors with
no up front fees.
I hear of people paying money up front and getting ripped off.
I have closed 12 loans this year.
If you want help in getting a project funded, Please email me at
bethjennings8@yahoo.com
Looking forward to helping you get funded.
I don´t get paid till I get you Funded
by Bethy September 2, 2008 12:00 AM
I have a deal with (RF)them right now... We have´t paid them yet. Has anyone close anything with them recently. Please email me midt50@yahoo.com
by theshow445 September 2, 2008 12:00 AM
theshow445 - Don´t send them a dime.
Not even one dime.
by Just a broker September 2, 2008 12:00 AM
If you have information on them you can also call us on 314-345-0133... Cause we have a deal with them and we need information asap before we send them any money
by theshow445 September 2, 2008 12:00 AM
TheShow445
You need more information on Remington? You mean to tell me that the information on this thread is not enough for you to make an informed decision? Are you F´in kidding me!
You absolutely have to be stupid to such epic proportions to send them a dime or even ask for additional information about them. There is no way you are serious, but if you are, you deserve to be had.
I hope you pay the upfront due diligence and even stroke a check for the extended due diligence in a few weeks, and then come back and tell us how you did not get funded, and they did not return your calls and how you got screwed.
If you have been turned down by other lenders, trust me, Remington is not going to come through for you.
I do not know what wattage the powerlines were that you grew up under or the extent that lead infested paint chips you ate as a kid have rotted your brain, but you have clearly filled your belly with retard sandwhiches this morning to even write this request for references on Remington today.
For Pete Sake!
by Amuzed_Reader September 2, 2008 12:00 AM
It´s absolutely scary people would still consider sending Remington a dime after reading all these negative threads about them. Call the FBI if you think RFG is legit. Contact Special FBI Agent Corey Riley at 215 418-4173. While he legally can not confirm or deny an investigation is going on with Remington and BlueStone, he will tell you they´ve heard the allegations and take them very seriously.
Read the recent Wall Street Journal articles about them. I have to agree with Amuzed Reader...you deserve to be "had" if you give them a dime after reading all this! How much more evidence does any one need before they are convinced RFG will NEVER fund your deals? Don´t say no one didn´t warn you! Good luck!
by myland September 2, 2008 12:00 AM
theshow,
Come on? Really? There is not one mention as to a funded deal on this thread, don´t send them a dime. If you do send them money save this thread in your favorites, you will be the next one to be writing on here that you got taken. In addressing amuzed reader, when I researched RFG this thread did not pop up. Regardless, I made a mistake and paid for it, there is no one to blame but myself. I write on this thread for people doing their DD. You are a bit over the top in calling people stupid and what not since you don´t know us, but that is what freedom of speech.
by projectfunding September 3, 2008 12:00 AM
This proves that there are hundreds of people who are nothing more than tabulators of contact ino on commercial lending sources. They take your info, then call all the places YOU could call if you knew how to use google or a Crittenden Directory. They place themselves in the middle for a piece of the action. Anyone can do this. I could do it BIG TIME using a variety of professional looking websites that take ten minutes to build. Hundreds of regular brokers who know crap about commercial/hard would flock to me and Id take due diligence fees or maybe no fees like Bethy, which is a good thing, but still take a piece of the action for just being a glorified phone book. Jesus the Christ people! Learn how to contact real lenders.
by All the lenders in the world September 3, 2008 12:00 AM
hello,
Just to let you know all I did was say Remington can not do funding,
I have real lenders and Investors I work with.
I had people come to me who was ripped off by them,
thats all I have to say,
I´ve been doing this for about three years, Yes i did run a home base business call center, and loved it ok,
I don´t belive in ripping people off,
have turned away people with funding I can´t do.
All I´m saying I charge no up front fees, And my lenders and investors don´t either.
I like to help people.
have a nice day
by Bethy September 5, 2008 12:00 AM
Kennedy Funding, and Remington are all bad, but don´t forget about Ambit Funding Advisors, et. al. They are out of PA, but do most of their mtgs in Florida and don´t even have a license yet "advertise they have done $260 million in loans." So far i have found info that they do large loans on commercial properties that are higher risks, then load the fees and eventually take the property. there are several already taken in florida, plus they are being sued for RICO, USURY, CONSPIRACY and much more in Orange County, Florida. Interesting reading, although expensive to copy (200 pages at least). They are tied in with a broker out of Miami named Thomas D. Wood and Company who helped them with the scams. They also are trying to take properties in AZ and may have already taken one in Michigan just last month. If there is anyone out there that has had problems with Ambit Funding, please post a response. They put each loan into a separate LLC, but all roads lead back to AMBIT FUNDING ADVISORS I, LLC, or AMBIT FUNDING ORIGINATORS... For a great laugh, check our their principal Ben Shoval on the web. Try as he might, he just isn´t funny. They must have over 100 companies in Florida alone. Since they are not licensed, they have been getting away with it. but this lawsuit may bring things to light.
by STEVENS901 September 7, 2008 12:00 AM
Hello All,
I am a "client" who has a project and was referred to RFG by a broker. They sent me an LOI and requested the $7,500 and then there would be a further $15K for DD. I never intended on paying them and after reading this thread never would.
I have been looking for finance for my project for a long time and have dealt with many brokers and agents. It was interesting to read the differing opinions throughout this thread.
As a client I understand that DD costs money, but given the environment we live in today, with every other person wanting to rip you off, I don´t think companies like RFG can ask for non-refundable up-front fees on a "best efforts" basis, and expect to get them.
I agree with some on this thread that believe that brokers should screen their projects better. If they did then there would be fewer people throwing their money away!
In my opinion most brokers do not do their jobs! It is just a numbers game to most of them. They submit as many projects as they possibly can and hope they get paid!
I also think legitimate lenders, based on initial DD, will cover their own dd costs, and then reconsile at closing, but thats assuming you ever get close enough to a legitimate lender.
by Club66 September 8, 2008 12:00 AM
Keep this forum going!
How else would we get a "heads up" on these operators who have great web sites, superb pitches and no results?
Now, I am not saying these companies and individuals are bigger losers than Lehman, Bear, WaMu or all of the others that are falling....but the patterns are clear.
It is hitting the fan, now.
I have ONE trusted Merchant banker and ONE good contact for PPM´s and OM´s. I search for more quality contacts but most are exactly as described.
Everyone else I have spoken with, including some of those mentioned in the thread...are a waste of time. I say..hammer them with the truth.
I reach out to everyone to keep this thread alive....I wish I had found it sooner before I wasted my time with some of these goofs.
Never be intimidated by their lawyers. (They get paid anyway) Tell the truth. Do it here.
Are there any other great blogs out there?
My email:
netwealthbg@gmail.com
Here to help and make some money.
by Netwealth September 10, 2008 12:00 AM
Netwealth,
That is such a stupid post, we are all actually dumber for having read it.
Between the failed attempt to be a Tony Robins motivational speech and the "Here to help and make some money", my IQ actually dropped.
And to compare Remington Financial (a slimey broker posing as a lender)and true financial institutions like Lehman Brothers, Washington Mutual or Bear Stearns shows your absolute lack of industry knowledge.
Sorry KID, like most on here, you got taken because you are trying to play at the major league level and you are clearly second string Pop Warner material.
Let me guess, just another broker with a supscription to LenderLab.com that could not hack in the residential lending world after the change of market and now trying to find riches in the commercial world.... or a small developer looking for a Joint Venture that costs millions, but you do not have a pot to piss in or a window to throw it out, and could not apply any equity of your own.
Don´t feel bad you got had and lost a bunch of money, you probably would have screwed it up anyway!
Stick to reading this thread, and leave it to those who have actually information to share, take some notes and see if you can "make some money", if we all get to a place where we need any help you can supply,....well, we will all be F´ed, so do not hold your breath.
by Amuzed_Reader September 10, 2008 12:00 AM
Now that´s funny! Been following this thread for a good while now--simply for the humor. I´m truly amazed at some of the intelligence levels of the posters.
Amuzed_Reader and Frogger have been my two favorite characters. You guys are great!
Frogger--we haven´t heard from you in while. Please come back!
by LMAO September 11, 2008 12:00 AM
Amuzed Reader!
Where´s the love, buddy?
Put down the pipe and tell me when you stopped beating your wife and kids.
You ASS_U_ME a lot.
I admit that no one can possibly be as smart and successful as you, Yoda, so why don´t you drop me an email...attach your NDNC...some tombstones...bone fides etc..and then tell me what you would do and where you would place all of this great business I have. Can you handle Development loans or are you just a shill for hard money?
I am just a simple Business Consultant with specialities in corporate structure, regulatory and taxation...how was I to know that the broker world, your "industry" was filled with such garbage? Never did residential. Don´t pick junk deals off the internet...oh..forgot the stint in journalism and law enforcement (which explains an earlier post)and it wasn´t my money that was lost. It was client money lost and of course, no commissions and no deals and frustration all around.
What I see in your "industry" is a defined pattern of behavior that is now in front of law enforcement in some cases.
Just looking for some help here.
If you can help, please step up. We´ll share the results.
If not, go ahead and post your next set of assumtpions, ramblings and insults and I will just ASS_U_ME that you are another one of those cynical people who´s lives are designed primarily to serve as a warning to others. I am not holding MY breath.
by Netwealth September 11, 2008 12:00 AM
To whom it may concern:
Since you continue to hide behind the anonymity of email( = chicken shit) let me advise you of a couple of facts ....................................................
1. (assuming that you are a note holder on the transaction of 2002 or 2004) You need to address your concerns to the individuals who you made the loans to i.e through Charlene Goodrich loan servicing Company to Reeder and Zuckerman. NOT TO ME. Furthermore I have assisted the Attorney Generals office in any way I could to help you people seek recourse. However i am regretting the fact that I have tried to help people such as yourself. SEE ATTACHED EMAIL FROM ATTORNEY GENERALS OFFICE!
2.I have worked on some of the most influential projects here in Southern CA. and am partners with several people with over 30 years in the development business. I was unaware of MR. McMullen´s issues yet he was cleared by the Ag´s office in Idaho, yet you fail to mention that.....dont you.
3. The things that you are stating as fact here on this blog ARE IN FACT FALSE !!!!!!!and be advised that I will pursue you in Court for the statements that you are making.
John,
Thank you for your cooperation with this investigation. The information you provided is helpful.
As far as your concerns, all I can say is that from the evidence I have seen so far (although I have not seen all the notes) it does not appear that you participated in the solicitation of funds from investors - and did not sign the notes. Our investigation is based mainly on possible securities violations (material misrepresentations/omissions in the offer and sale of the notes) so we are focused on lies/omissions at the time the investors first parted with their money. We have not yet determined if there were misrepresentations or omissions that rise to the level of criminal conduct - or who in fact is responsible for any such misrepresentations or omissions. Please let me know if you have any further questions or comments.
Kathryn J. Holguin, Investigator
Special Crimes Unit
California Department of Justice
300 S. Spring Street, 8N
Los Angeles, CA 90013
213-897-5836
213-897-2806 (FAX)
by jhorlieca September 12, 2008 12:00 AM
Dear Jhorlieca
What the hell are you talking about, nice to see someone on the other side of the battle line drawn on this thread weighed in, to bad not one person on here has any F´n clue to what you are referring..... Great Rebuttle, way to see it through!
I´m sure Kathryn Holguin will be impressed to have her name tied to this, and you gave out her contact info, I´m sure NO ONE on this thread will contract her, Good Call Buddy!
And to even openly admit you provided contact between investors and a bad investment opportunity, though no criminal conduct was done, does not leave out the fact your due diligence portion (the taking of monies only, no real background checks or looking into the feasibility of an investment being worthwhile) was bunk and investors took the brunt of the liability as you escape Scott Free.
True Fund Managers (for those of you wondering about my day job) take on acceptable risk and liability when making any investment into any security, whether publicly traded or private illiquid securities. Punk Bitches like your firm(s) who do not apply any equity capital of their own make me want to vomit. Your company should be forced to re-name it self to what its TRUE function is, "Remington Financial Brokerage".
I have reviewed submissions for equity from Remington Financial, they are some of the worst prepared packages and you do your clients a massive disservice.
And though I do not really feel bad for most of those you have ripped off (I used the word "ripped off", I just feel for the fees you charge you would have put together a better effort, so since the fee does not warrant the services rendered, it is a rip off), but since they did not do their due diligence on you or your firm, I generally feel it is just as much their fault they got had.
I find you to be just another crappy broker shotgunning submissions all over the board with no true effort to close one or a general clue to what you are doing. Your "agents" or "officers" are completely untrained and.... well, are idiots.... But represent you well. After a few months, they get the idea and they leave, and you again are looking for fresh bodies to take advantage of.
I will not be shocked the day I awake to the news story that you were all hatched or killed by some disgruntle client you have taken advantage of. Though I do not promote this action (or similiar actions like it), I will completely understand result.
To live, work (or lack there of) and breathe everyday knowing that that the other shoe of Johnnie Law will one day fall and you will find yourself being cornholed in some State Prison somewhere or that some disgruntle ex-client you took for a ride is planning on turning your insides out, must be a great feeling.
Just a word to the wise:
1. To survive in Prison (not that I would know), but you need to do one of two things. One, walk up to the biggest man on the yard, and whoop his ass. And the most likely for you (being a spineless dirt bag), walk up that same big man on the yard, drop your pants, bend over, spread your cheeks and know your place is on the bottom.
2. When that maniac comes after you.... Drop your pants, bend over and spread your cheeks..... I do not know if will work in this instance, but it does in scenario one, so what the hell, it is the only chance you have.
good to see you have options......
by Amuzed_Reader September 12, 2008 12:00 AM
Oh my God....Amuzed Reader is back on track.
As a simple Business Consultant and not a "broker" who is wise to the world of such sub-standard performance, I could not agree more with his statement.....as it was my own conclusion.
"I have reviewed submissions for equity from Remington Financial, they are some of the worst prepared packages and you do your clients a massive disservice."
Now, can you please follow through on my invitation to help me, my associates and clients navigate this brokerage minefield....
netwealthbg@gmail.com
by Netwealth September 12, 2008 12:00 AM
Dear Amuzed_Reader,
What I was referring to was the the comment Jimro only. I am not a broker. I am a developer that purchased some property and entities in late 2007. Jimro is apparently someone who invested in a loan servicing company in 2002 or 2004, who in turn made a loan to the guys that I made my purchase from.I did not accept his funds nor any other investors funds.
I offered my help in any way to the Atty. Generals office with any Documentation that was given to me from the sellers in the due diligence package. And I gave out the Info on the Investigator in the AG´s office because I have nothing to hide from. Maybe someone with have a brain will contact her to confirm the truth as opposed to just arbitrarily believing all that they hear and read as the truth.
Kind of like you did with your post in reference to me.................
by jhorlieca September 12, 2008 12:00 AM
Dear Amuzed_Reader,
What I was referring to was the the comment by Jimro only. I am not a broker. I am a developer that purchased some property and entities in late 2007. Jimro is apparently someone who invested in a loan servicing company in 2002 or 2004, who in turn made a loan to the guys that I made my purchase from.I did not accept his funds nor any other investors funds.
I offered my help in any way to the Atty. Generals office with any Documentation that was given to me from the sellers in the due diligence package. And I gave out the Info on the Investigator in the AG´s office because I have nothing to hide from. Maybe someone with half a brain will contact her to confirm the truth as opposed to just arbitrarily believing all that they hear and read as the truth.
Kind of like you did with your post in reference to me.................
by jhorlieca September 12, 2008 12:00 AM
I´m just miffed on where Remington Financial fits into this, please expand (I reall do hope they fit in here somewhere).
And I think I, along with most on here, will pass on contacting the Department of Justice in California... just a guess, but just maybe they are a bit to busy to verify some trivial fact posted on a blog about someone who apprears to be a bit of a shadey character (I will get to that statement).... but that is just me.
But, what has me confused the more is this that you said above, "Jimro is apparently someone who invested in a loan servicing company in 2002 or 2004, who in turn made a loan to the guys that I made my purchase from.I did not accept his funds nor any other investors funds."
So, 1. someone invested into a loan servicing company, 2. the loan servicing company made a loan to people you bought land from, 3. You refused their money.....?
Are you dealing Beeds? What the hell kind of transaction was this? I hate to blow my load prematurely here, but this sounds a bit rotten even using your own words.
So, let me guess, you are a developer with crappy credit and a Bankruptucy (maybe even multiple), and to coin this for the third time now on this thread, DO NOT HAVE A POT TO PISS IN OR A WINDOW TO THROW IT OUT.
So, you approach "idiots" to sign over land to you so you can use the "equity" in the property as an attempt to show a lender you have "skin in the game" and get financing for a project.
When the lender learns you are undercapitalized and not a good credit risk, you again go back to the "idiots" and try to make them take on additional liability by getting the loan for you.
I hear it all the time as a fund manager, "Ooooh, the bankruptcy, it is not my fault", "Augh, the bad credit is not my fault" and my favorite "look at the project, it has great returns".... yeah, what could possible go wrong?.. Dirt Bags like you are what is wrong!
Due Diligence son, I did mine on what was listed above, and I feel two things.
1. There are alot of claims up there you do not deny that are pretty slimey. I take it you own them, so I will give you one character point out of a possibility of ten thousand, but that is one more then I have give others, but still keep your head bowed.
2. Failure to register with the Department of Corporations in Sacramento, CA as an out of state company doing business in California is an actual crime in California and taken very seriously. By not doing so, tells me two things. One, you do not have an attorney, because they would immediately require this of you. Two, you definately are broke, the cost is $70 to register and a monkey can complete the form.
It hurts me you are in my home of LA (but, I´m westside.... actually coastal NW side to be accurate), so I´m doubting your shadey dealings will ever effect me, my clients, those who invest in our closed end funds or developers we invest in. I took the information from above though, and filtered it to other equity fund managers in the area and added those names from above to our black list.
You may want to read the "spread your cheeks" suggestions from above, you may also need them!
by Amuzed_Reader September 12, 2008 12:00 AM
I did have skin in the game sir, I was unaware of the actions of the sellers almost 4 years prior to my involvement, i did reghister with the sec of state in ca. this whole transaction was done by ticor tittle co. i have no bk´s on my record nor any with any of the entities that I own, and i never sought private investor funds I was using conventional means ( B of A, Wells Fargo) I DIDN´T RECEIVE A LOAN FROM THE IDIOTS AS YOU CALL THEM NOR FROM A PRIVATE LENDER!!!!
I am out about 1.5 million of my own funds. Next question or comment
by jhorlieca September 12, 2008 12:00 AM
And I am more then willing to post any and all docs here for people such as yourself who assume that someone is a dirt bag, prior to having all the information. that doesn´t sound like proper due diligence to me? You are making assumptions and furthermore why don´t you state which hedge fund you represent so I and my Atty. can have an in depth conversation concerning your professionalism and ethical misconduct.
by jhorlieca September 12, 2008 12:00 AM
And I am more then willing to post any and all docs here for people such as yourself who assume that someone is a dirt bag, prior to having all the information. that doesn´t sound like proper due diligence to me? You are making assumptions and furthermore why don´t you state which hedge fund you represent so I and my Atty. can have an in depth conversation concerning your professionalism and ethical misconduct.
by jhorlieca September 12, 2008 12:00 AM
Nope, not buying it, but I will completely take you up on your offer where you said you will "post documents to clear your name", and I accept on behalf of everyone on here to sit in judgement.
All you have to do is go to Yahoo, find an available domain name and purchase their "business webhosting package". For a mere $10, they will give you the domain and a simple to use web builder tool, if you can post a blog, you can build a simple web page. On that page, you can add hyper links to the documents for all of us to see.
You offered, and we accept!! Put up or shut up!!
As far as you and your attorney and my supposid lack there of ethics go... SNORE! Infact, here is a quote, "You and your attorney can BLOW ME!" I have not at any time slandered you, and all comments to you were through a door you opened on a public site, I only gave INSIGHTLY COMMENTS. But your attorney is welcomed to join the conversation, infact you should print this out and run it over to his office. Let me know how fast he tells you there is nothing he can do.
Plus, if you were serious, you would be very actively persueing those who left the direct slanderous comments above, so keep your empty ended threats to yourself, they are of no effect here.
The posting above seems to have gone without a response from you for a long time, and in your initial posting form earlier today, you did not even mention that the additional facts posted above were false, you instead went on some tangent about some crap none of us were even aware of. I´m not buying what you are selling, if those were false to the degree you are claiming, you would be persueing those parties to the fullest, and since you apparently are not, I believe you are full of SH**!
But I fully welcome, as I´m sure all the readers of this blog (which I´m sure reaches into the 100´s per day), you the chance to clear your name as you have offered to do. So lets see it, though I bet you will slither back to your hole never to be heard from again (with your lies of losing money and having no wrong doing here), or will come up with some pathetic excuse to why you do not need to or are not going to. You said you were will to, so pony up!
I would also just love to hear from the original poster that caused you to get your panties all in a ruffle to weigh back in!
by Amuzed_Reader September 12, 2008 12:00 AM
I believe that you stated that I where black listed and that is a form of damage and I will take the challenge and post the docs. I your hope you as free with your eating crow as you are with judgmental statements.
PS i am pursuing the issue that´s why their statements were removed from other sites.
PSS i am transparent with my behavior, why aren´t you as you sit in judgment on others behind an empty label (amuzed reader)
by jhorlieca September 12, 2008 12:00 AM
better yet
my name is j. horlieca
you can email me at jhorlieca@att.net email me and i will send them to you, You Chicken S!!t
by jhorlieca September 12, 2008 12:00 AM
PSSS I also am one of the ones in litigation with Remington
by jhorlieca September 12, 2008 12:00 AM
In 2005, Jim Rogers (aka Jimro), investor in Santa Rosa, California, fell victim to a real estate scheme. Mr. Rogers invested money through Charlene Goodrich, a broker in Santa Rosa, to provide a construction loan to entities created by Steve Reeder, Chuck Reeder, Robert Zuckerman and Steve Talbot. The borrowers made payments in the first six months of the loan from an escrow account where the note holders had deposited funds but stopped paying the subsequent months. The borrowers were paying the note holders with their own funds.
On November 14, 2007, Croft Holding Corporation purchased the entities that own the Malibu property from the original borrowers of the construction loan. Croft purchased the entities that owned the Malibu properties through the services of Ticor Title Company and legal councils: Alan Ralston Esq., David Haberbush Esq, and Tim Smoot Esq. Croft became the new borrower and Steve Reeder, Chuck Reeder, Robert Zuckerman and Steve Talbot became sellers.
Mr. Rogers has not been able to recover his loss and has been publicly lashing out against the current owner of the entities, Croft Holding Corporation. Since he has not been able to hold the original borrowers accountable, he has focused his attention on the current owners of the entities. He has posted his defamatory and libel press releases on web pages such as PRlog, Corporatewire.com, Thoughts.com, WordPress.com and now on brokeruniverse.com. All sites but WordPress.com and brokeruniverse.com have complied with Croft’s request that they block Mr. Rogers’ privileges due to his abuse and violation of their Terms of Service. Croft has sent Mr. Rogers numerous notices to stop his libel posting and have not received a response. Mr. John Horlieca comments, “I understand his frustration because I too am a victim but he is out of line.” Mr. Rogers has posted numerous lies about Croft on his blog:
http://maliburecoveryllc.wordpress.com/2008/08/30/horlieca-defaults-files-bankruptcy/
http://wordpress.com/tag/horleica/
http://maliburecoveryllc.wordpress.com/
Contrary to Mr. Rogers’ statements, Chuck Reeder was the individual who filed bankruptcy in 2008. When asked about Mr. Rogers’ “quotes”, “I have never spoken with Mr. Rogers. I wrote a letter to the note holders notifying them that I had not paid and will not pay a single cent to the sellers until the note holders were paid. When I said the sellers, I was referring to Reeder, Talbot and Zuckerman. Mr. Rogers is a note holder. He has completely twisted every word I said.”
This wasn’t the first time the facts were not accurate reported. A story done by the Los Angeles Times uncovered the scheme that took place but fell short on its due diligence to completely research and report accurately. In May, The LA Times did contact Mr. John Horlieca and Croft’s attorney, Alan Ralston Esq., and were given the opportunity to view documents that showed the transfer of the entities to Croft Holding Corporation and when it took place. They were informed that this was a transaction based solely on the value of the land. The LA Times declined the offer and arbitrarily named the entities currently owned by Croft in their article as being involved in the scheme. LA times failed to make the distinction that the entities were transferred to new ownership in November 14, 2007. Through a series of conversation with representatives of the LA Times, they still stand by the article as being completely accurate. When asked of what Mr. Horlieca’s relationship is with the sellers, Mr. Horlieca stated, “I didn’t even know these guys in 2004/05. Like the note holders, I answered an advertisement in the Wall Street Journal, offering properties in Malibu. I’ve tried to contact the Times numerous times and they didn’t care or couldn’t be bothered.”
http://www.latimes.com/classified/realestate/news/la-fi-malibu1-2008jul01,0,549838,full.story
(LA times has removed the article from the internet on 09/02/08)
Mr. Horlieca has fallen victim to Mr. Rogers defamatory press releases, web-blogs and posting and the inaccurate reporting from the LA Times. “I have tried to work with Mr. Rogers and the LA Times but have been stonewalled. How can they do this to an innocent man?”
Not being able to reach a resolution to the inaccuracies of the LA Times and defamatory statements, Croft has contacted the California Attorney General Office to provide any and all documentation that would vindicate Croft Holding and Mr. Horlieca.
Now Mr. Horlieca has to deal with parsimonious dim wits like Amused_Reader just because Amused_Reader had an unhealthy childhood and needs to take it out on everyone. In addition, Mr. Rogers signed a declaration of investment certifying that his investment is only 5% of his net worth. It turns out that he invested more than 5% which makes him the person who committed the fraud when he signed the declaration.
by JohnnyinOC September 13, 2008 12:00 AM
This is a conversion from a pdf to a word format. Please excuse the unformatted text as OCR does not always recognize the character. I did not want it to be said that I altered it in any way.
• TICOR TITLE COMPANY OF CALIFORNIA
18302 Irvino Blvd .. Suita 100· Tustin, CA 92780
(714) 289-3300. FAX (7141230·3777
DATE: December 12, 2007
ESCROW NO: 525915-LL
ESCROW OFFICER: linda Lastelic
TIME: 02:23:15
CLOSING DATE: November 14, 2007
BUYER FINAL CLOSING STATEMENT
SEllERIS): Charles Reeder, Stephen Talbot, et al
BUYER(S): Croft Holding Corporation
STOCK TRANSFER AND MEMBERSHIP TRANSFER IN THE FOLLOWING ENTITIES: Stoney Hieghts,
LLC and Triple J´s Corporation and Green Lower Broad Beach. LLC and Canyon Greene, LlC and
Malibu Beach View, LLC and Greene Broad Beach, llC and Malibu Beach View. LLC and Greene
Malibu View Corp. and Green Malibu Valley Ranch Corporation and Greene Malibu 3 Corporation
OF WHICH THE ONLY ASSETS HElD BY THE ENTITIES AQUIRED IS: Real Property· Vacant Land,
Malibu, CA
$ DEBITS
FINANCIAL:
Total Consideration 10,205,000.00
Deposit· Croft Holding Corp
Deposit· Croft Holding Corporation
New 2nd Trust Deed to First RC Corp, Perris 40
Corp, et al
New 3rd Trust Deed to Charles R. Reeder
Existing 1st Trust Deed to Existing Encumbrances
of Record Total
TOTAL Taxes f Outstanding & prorated
$ CREDITS
10,200.00
6,200.00
1,582,754.74
5,000.00
8,520,699.16
96,546.10
ESCROW CHARGES
Escrow Fee
Express Mail
Notary Fees
MISCElLANEOUS CHARGES:
Lori Shnayderman for Notary/SigningfTravel Fee
Ruiz Mobile Notaries for Notary/Signing Fee
Secretary of State of Nevada for filing fees
Secretary of State of Nevada for filing fees
Secretary of State of Nevada for filing fees
Secretary of State of Nevada for filing fees
Secretary of State of Nevada for filing fees
Secretary of State of Nevada for filing fees
Secretary of State of Nevada for filing fees
Secretary of State of Nevada for fHing fees
Secretary of State of Nevada for filing fees
BUYERS REFUND $
10,200.00
35.80
100,00
175.00
150.00
325.00
400.00
400.00
400.00
900.00
900.00
900.00
900.00
450.00
164.20
TOTALS $ 10,221.400.00 $ 10,221,400,00
SAVE THIS STATEMENT FOR INCOME TAX PURPOSES
fO TICOR TITLE COMPANY OF CALIFORNIA
12062 Valley View 51. Sts 101 • Gardon Grove, CA 92845
(714) 230·3770· FAX 1714) 230-3777
DATE: September 17.2007
ESCROW NO, 526160·LL
ESCROW OFFICER: linda lastelic CLOSING OATE, July 16. 2007
BUYER FINAL CLOSING STATEMENT
SELLER(S): Creekside Ranch LlC and Meadowlands Ranch. LlC
BUYERIS): Creekside Ranch. llC and Meadowlands Ranch. LLC
ASSETS OF THE LLC´S: Vacant Land fA.P. No.´s 4457-013-056 & 4457·013-057), Malibu. CA
90265
$ OEBITS
FINANCIAL:
Total Consideration 550,000.00
Deposit - John T. Horlieca
Deposit - Steve McMullen
Existing 2nd Trust Deed to First RC Corporation
PRORATIONS/AOJUSTMENTS,
Unpaid County Taxes at $444.63 Semi-Annual from
07/01/07 to 07/16/07
Unpaid County Taxes at $641.61 Semi-Annual from
07/01/07 to 07/16/07
$ CREOITS
5.000.00
17.900.00
330.000.00
200.000.00
37.05
53.47
TITLE CHARGES:
ALTA Loan Policy l1992l for 330,000,00
Recording Trust Deed(s}
Request for Notice
Recording - Subordination Agreement
ESCROW CHARGES
Escrow Fee
loan Tie-In
Notary Fees
MISCELLANEOUS CHARGES,
Secretary of State of California filing fees- LLC
forms for LLC to conduct business in CA
Secretary of State of Nevada for filing 2 Cert of
Change of Agent/Agent Address)
Secretary of State of Nevada for filing
•AmendmentR to Articles of Organiztn (2 @ $175)
Secretary of State of Nevada filing fee· ·USt of
Managers or Managing Members· LLC form
John Horlieca and/or Steve McMullen for refund
from deposit into escrow
TOTALS $
100.00
40.00
9.00
36.00
1.267.00
150.00
40.00
140.00
120.00
350.00
250.00
488.52
552.990.52 $ 552.990.52
SAVE THIS STATEMENT FOR INCOME TAX PURPOSES
B7/12/2B07 21:43 7142889572
NOTE AND DEED OF TRUST MODIFICAnON
PAGE B2/B4
WHEREAS ThIs Note Modlflcatlon dated this 11th day of July, 2007, amending the terms of
that certam original Note dated February 16, 2006. secured by a Deed of Trust of even date and
recorded February 21, 2006 8S Instrument No 2006·0377144 In the County of loa Ang.Ju, St.t.
of Califomia, executed by Creekside Rench. llC, a Nevada limited liebili1y Company, and
Meadowlands Ranch, LLC. a Nevada Limited Liability Company as the ~Trustor- fBorrower) and in
favor of First RC Corporation as the -BeneficIary- (Lender)
WHEREAS the BenoftcislY (Lender) and the Trustor ( Borrowerl do hereby acknowledge and
consent to amend/rnodifiy the terms of said original Nole in the following particulars only:
WHFRFAS IhA llnfli´lld princpal balance on the Note Ghall be adiuGted to $2.00,000.00.
WHEREAS there shall be NO interest to accrue on the unpaid balance and NO monthly
payments due thereunder.
WHEReAS the "maturity date- shall be on July 31, 2007. or upon the ~Trustor~´s
successful acquISItion of the entitles which hold title to 14 vscam lou In Malibu, California as mOle
particuarlily described in that certain "Purchase Agreement- and escrow instructions with Ticor Title
referenced a~ Escrow No. G26915-LL, at which tIme the entire uJ\paid balance of princpal only Ghall
become immedIately due and payable
All othl´lr terms and conditions of the original -Note" shall remain In full force and eHect.
Witness hereof the sIgnatures of the Beneficiary (Lender´ and Trustor (Borrower) this /;(
day of July, 2007.
Beneficiary (Lender) Trustor (Borrowerl
Creekside Ranch, LLC, a Nevada LLC
By:
Hig´h~I.-n-d´""´Fi~n-.-n~d~.~I.~l~l~C~.-.""´C~.~lif""-Ll~C"""´b-YSteve
McMullen, Managing Member
Meadowlands Ranch, llC, a Nevada LLC
BY;--´-´---C--""´--"´-""7;-;-:--John
Horlieca, MlInltging Member
By. _
HIghland I-lnanciaL LLC. a Cahf LLC by
Steve McMullen. Managing Member
NOTE AND DEED OF TRUST MODIFICATION
WHEREAS This Note Modification dated this 11 th day of July, 2007, amending the terms of
that certain original Note dated February 16. 2006. secured by a Deed of Trust of even date and
recorded February 21,2006 as instrument No, 2006-0377144 in the County of Los Angeles. State
of California, executed by Creekside Ranch. LlC, a Nevada limited liability Company, and
Meadowlands Ranch. llC. a Nevada Limited liability Company as the "Trustor" (Borrower) and in
favor of First RC Corporation as the "Beneficiary" (Lender)
WHEREAS the Beneficiary (Lender) and the Trustor ( Borrower) do hereby acknowledge and
consent to amend/modifiy the terms of said original Note in the following particulars only:
WHEREAS the unpaid princpal balance on the Note shall be adjusted to $200,000.00.
WHEREAS there shall be NO interest to accrue on the unpaid balance and NO monthly
payments due thereunder.
WHEREAS the "maturity date" shall be on July 31, 2007, or upon the "Trustor"´s
successful acquisition of the entities which hold title to 14 vacant lots in Malibu, California as more
particuarlity described in that certain RPurchase AgreementRand escrow instructions with Ticor Title
referenced as Escrow No. 525915·ll, at which time the entire unpaid balance of princpal only shall
become immediately due and payable.
All other terms and conditions of the original RNoteRshall remain in full force and effect.
Witness hereof the signatures of the Beneficiary (lender) and Trustor (Borrower) this _
day of July, 2007.
Beneficiary (lender)
First RC Corporation
By:---------
Trustor (Borrower)
Creekside Ranch, llC, a Nevada LlC
B~\~~
JotiHOrlieCa, Managing Member
By JL 41Y´?f´.4. ---f
Highland Financial, LLC, a´Idaho LL by
Steve McMullen, Managing Member
ByA2l/~c~
Highland Financial, llC, a (dahOLLCY
Steve McMullen, Managing Member
by jhorlieca September 13, 2008 12:00 AM
This blogg appears to have suddenly become a forum for jhorlieca,johnnyinoc and Amuzed_Reader. I thought it was supposed to be about Remington and BlueStone. Gentlemen, whatever your arguments are about, can you please take it elsewhere? I think it´s far more important the readers of BU be aware that there is currently an FBI investigation going on re: Remington/BlueStone and all complaints regarding them should go to FBI Special Agent Corey Riley at 215 418-4173 or corey.riley@ic.fbi.gov. I´m sure Remington/BlueStone are thrilled the focus of this blog is no longer about them and you are diverting everyone´s attention to entirely different issues not even concerning them. Please, let´s bring it back to Remington/BlueStone and either find another forum or create a different thread for you to argue on. Thank you.
by myland September 13, 2008 12:00 AM
JonnyinOC,
I did not go looking for JHorlieca, he brought this to this site, I did not go looking for him or this information. He could be run down by a bus, my life would not miss a beat.
Okay Horlieca, I have questions.
You are registered on GoBigNetwork soliciting funds for what you claim is a California Corporation called Croft Holdings that was founded in 2007. I did a search for Croft Holdings on the Department of Corporations website, and guess what..... There is no current or disolved corporate identity under the name Croft Holdings. I checked Nevada as well, no Croft Holdings there either. I guess when you said "I registered with the Department of Corporations in California" was just an oversight on your part. Did you even file papers to form a legal corporate identity? Maybe just a an oversight, I can see how that can happen.
As I probe a bit more, sure sh**, another Croft Holdings ad on GoBigNetwork from you as the CEO of Croft looking for $100M to purchase foreclosed homes.... Bet there was lot of takers on that one.
So, please explain the BK filings for J Horlieca on PACER (the public portal for bankruptcy filings), seems pretty legit.
And maybe I´m mislead here, how in the hell did you supposidly loose $1.5M of your own money. You acquired a property for which you paid zero dollars (bare with me, I have been piecing this together), where did you loose money?
To say there are a lot of blogs out there to read about you is an understatement.
As far as you wanting to communicate with me directly, not sure if you want to shower with me or what, but I will take the pass. I do not care about you, I do not want to get to know you, you seem to attact unsightly characters and bad things seem to follow you around. I would just assume not have my name ever directly associated with yours, something about lying down with dogs and getting flees.
So, so far, you say you have NEVER filed a BK, there just must be someone with your very same name living in your backyard that did. You claim to have filed all your corporations with the Department of Corporations in California, but that seems to not be the case. You claim to have lost $1.5M of you own money, which I´m highly doubting (I´m even doubting more you ever had $1.5M to your name).
There are multiple stories and blogs out there that paint you in an unfavorable light (posted by more than one person), but I´m sure you are being misrepresented and treated unfairly, like all the innocent people in prison.
JonnyinOC,
As to your last comment about my childhood being unfilling, that is true, it was quite boring. Somewhat shy and smart, and not quite part of the "cool crowd", but after eight years of college and a mid to high six figure year salary with performance bonuses and profit sharing, I´m getting the last laugh. But that has nothing to do with this thread, and though your posting was pretty insightful, it still leaves the questions above lingering out there and Mr. Horlieca providing answers to questions not asked.
In closing, what in the Blue Hell does this have to do with Remington Financial?
by Amuzed_Reader September 13, 2008 12:00 AM
well as it stands you are incorrect about a few things, but I will get those in a min. I am one of the ones that has filed against Remington, if you do your Due
Diligence you will see that I even went as far as to post some of there correspondence on this site. Furthermore this was started by a jimro who made comments about this crap I was only defending my good name. And please read the converted doc you will see that we have applied to the dept. of corp. here in ca. oh by the way thanks for the heads up about the gobignetwork that is not my doing so it will get removed.
And finally I only offered to send emails back and forth so I could send you the pdf. docs for you to see, I dont want to shower with you. I have better taste then that.
by jhorlieca September 13, 2008 12:00 AM
Amused Reader,
You are such a liar! I looked up Horlieca on PACER and didn’t find anything. So what’s the doc. Number?
By the way, who goes on line and boast about how much they make now? You are still obviously trying to prove that you are better than the people who made fun of you. Ironically, you’ve turned into one. You were a loser then and still a loser now. The only difference is you can now afford help.
Stop being bitter and let us all get back to why we are here, Remington! If you don’t have anything helpful to say, don’t contribute. No one likes your self-hating and verbally abusive language.
by BizStuCSULB September 13, 2008 12:00 AM
BizStuCSULB
WWWAAAHHHH, WWWAAAAAHHHH..... WWWWWAAAAAHHHHHHHH!!
Sorry, I do not have time to give you a tutorial on Pacer.
I´m not bitter, just an elitest, but I´m a bit miffed why you did not give me my fries with my burger today, but I will move passed it for now. I know the whole drive through head set, making change and following the order on the lable can be a bit daunting for someone like you (special needs and all). Did the guys at Remington not tip you or something, is that why you are on here?
WWWAAAAHHHHH "talk about Remington"... WWWWAAAHHHHHH "Get back on Point!".... WWWWWAAAAAHHHHH....
I guess the points to Horlieca where I say, "What does this have to do with Remington" was to much for you to understand. It is because of people like you I can tolerate a person such as yourself.....moron.
Yeah, like this blog is going to stop Remington, as long as this world is filled with mental midgets like you, they will always have a crop of victims to choose from, and I will always have this blog to sit back and laugh at each of you on!
WWWWWWWAAAAAAAAHHHHHHHHH!
by Amuzed_Reader September 13, 2008 12:00 AM
Myland,
Yeah Yeah, okay, we know the FBI agent´s name and his information, it is only on here like 50 times.
Infact, here it is again...
FBI Special Agent Corey Riley
215 418-4173
corey.riley@ic.fbi.gov
Can we finally stop with it already, if they were going to do something it would have been done by now.
by Amuzed_Reader September 13, 2008 12:00 AM
Does anyone on here have a real job? Outside of amuzed reader...at least now we know where the graduates of Romper Room went when they grew up.
johnnyinOC.....what the hell IS johnny doing in the OC? probably can´t talk as his mouth must be filled with a load from jhorlieca after he came running in from recess to protect his little butt buddy.
You two, along with all of the other idiots who were hoping to have found salvation with remington financial, are morons.
Seems as though some on this blog are capable of finding this particular site, but lacked any other skill or measurable level of intellect in how to "google" remington before sending off mommy and daddy´s allowance money that you worked so hard to for and saved all year.
Based on this blog and all the ramblings of each of you "bootcamps"....I give you all,(drum roll please) outside of amuzed reader........a collective IQ total of 2. (music in the background).
"bootcamps" .....march all of your asses down to DMV and ask for your jobs back. Do it!!! Do it now!!!
by can't stop laughing September 13, 2008 12:00 AM
Amused_Reader,
I just did another search on Pacer and paid the $.08/page and this what I found (Nothing). You are so full of yourself and a lier. Still a loser!
Sorry, no person found
--------------------------------------------------------------------------------
PACER Service Center
Transaction Receipt
09/13/2008 22:32:48
PACER Login: cb4813 Client Code:
Description: Search Search Criteria: Last Name: Horlieca First Name: John
Billable Pages: 1 Cost: 0.08
by BizStuCSULB September 14, 2008 12:00 AM
Amuzed_Reader:
If your such an elitest, why do you waste your time posting on this message board? What are you trying to prove...other than that you have some kind of axe to grind against people who used Remington Financial Group.
You have the gift of presenting yourself in a very unprofessional mannor. With all the comments you make about how stupid everyone is on this board, it makes me wonder if you´re just as stupid...or perhaps you are irked because you are working one of those dead-end jobs you listed.
You need to stop blowing "hot air" around this board, because that´s all it is coming from you. You are out-numbered here anyway. So go back to YOUR job of serving those fries and stop disrespecting people on this board.
People like "Myland" and "Truthwire" and everyone else who worked with Remington and was burned knows the real truth and nothing you say can change that.
by garfunkle35 September 14, 2008 12:00 AM
garfunkle35 clearly didn´t add a single point to the overall IQ score total....shocking.
hey garfunkle35....your turn to take a mop to the restrooms, and tell "myland" to go on break.....and your nutbuddy Truthwire has the mop now....so take over for that loser too.
by can't stop laughing September 14, 2008 12:00 AM
OMG--I think I´m in love with this blog! Thanks guys, adding a few beers to this reading material makes for a good Sunday night. Oh, and the Browns are getting their butts kicked.
BTW, I also just did a PACER check on J Horlieca. I need three bloggers to guess what I found, then I´ll reveal the truth.
Let the suspense begin....
by LMAO September 14, 2008 12:00 AM
Let me guess, three suits with Horlieca as the plaintiff and the last one closing in September 2007 all filed in San Bernardino? Nothing to do with Bankruptcy though.
by JohnnyinOC September 15, 2008 12:00 AM
Yeah, I ran across the same one. But I am guessing it is his son since it was filed on behalf of Horlieca Jr. What a waste of time.
Since the corp is in Nevada, they would had to file the bankruptcy docs in Nevada or one of the designated federal bankruptcy courthouses, even a business undergraduate would know that.
I am over this site. Immature people like Amused_Reader and Can’t Stop Laughing don’t seem to have a real job and do nothing but sit around all day making nasty comments about people. I was here to do research on Remington but it has turned out to be a waste of time. LMAO, WTF? Were you going to post someone’s information on this site? How big of an a-hole are you? Thank god I’ll never have to work with you people.
his site. The level of adult immaturity and hatefulness
by BizStuCSULB September 15, 2008 12:00 AM
Ladies and Gentlemen,
If you have comments and or statements for or about me that´s fine, however, I would appreciate that you leave my family out of this. There is no reason to drag John Jr. into this he has enough problems as it is.
by jhorlieca September 15, 2008 12:00 AM
BizStuCSULB....why did you pipe in? Now look what you did. Don´t you realize all of the information you are so afraid to have revealed is PUBLIC info?? Because of this obvious blunder, I´m going to deduct a point from the collective IQ score that the morons on this blog have been working so hard to push up to a score of 3.., take your bow (the audience boo´s).
you certainly aren´t making many friends here.
As far as for working with any of us.....sorry, not hiring college dropouts working the corner with his "special sale" sign that you spend weekends spinning and flipping to grab our attention as we drive by. Stick with that line of work....sounds like it would be challenging for you.
Jhorlieca....save the tears. Not gonna work.....he´s fair game. I think we all know now that the apple didn´t fall too far from the tree. Problem is.....I bet it hit every branch on the way down.
by can't stop laughing September 15, 2008 12:00 AM
BizStuCSULB,
Yeah, all the information about financial securities and capital markets, I just read up on this on my break at Mickey D´s. Seriously, I think it is quite evident (to those with some literary ability, which does probably exclude you there farmer) to anyone on here that I "truly" work in the financial markets, and not some some "poser mover and shaker" as yourself.
BizStuCSULB, I have some Good News and some Bad News for you. The Good News is you are half way to being a true Idiot Savant. The Bad News is, well, your only an idiot!
JohnnyinOC, I do give you credit, that is to the extent the information was found, and nice to see you step forward and straighten it out, it was actually quite brave to do so on a public forum. To be honest, I really do not care about the issue with you, your father and some bunk land deal, it does still sound fishy and I firmly believe there is your story, the other parties story and the truth lies somewhere in the middle.
Garfunkle35, same as I wrote about to BizStuCSULB and you should just shut your mouth when you speak to me. What did you think this would become, an open forum where "business professionals" trade industry experiences. Get serious, if you do not like the fact I now own this thread, take your ball and go home (I highly doubt you have a pair).
Do you think people are reading this to simple read about Remington, NO, they are hear to read my musings and cleverly whitted insightly comments to bone headed idiots like you and BizStuCSULB.
I called you both farmers earlier in this post, because if you live somewhere between LA and NY, you are a farmer. I´m not putting down all farmers, just you. You probably live somewhere in the Midwest (that is where the dumbest Americans seem to gather), and are probably that same idiot that seems to get trapped on his roof every year in the spring time floods, and is not smart enough to even own a motorboat.
You can complain to the webmaster about my content, but they protect "the talent" here, and frankly, they know I alone drive up daily readers and daily web traffic. So, I will keep on keepin on, and you just keep WWWWWWAAAAAAAHHHHHHHing!
by Amuzed_Reader September 15, 2008 12:00 AM
Hello All,
For those demanding references, credentials, or tombstones of RFG I urge you to read both of these Business Wire articles:
http://findarticles.com/p/articles/mi_m0EIN/is_2007_March_1/ai_n27308562
http://findarticles.com/p/articles/mi_m0EIN/is_2006_Oct_2/ai_n16833782
There are countless others, discussing similar transactions but for brevity purposes I will try and keep this short.
Let me start off by saying 3 things: 1) Yes, I am an affiliate of RFG 2) Yes, I understand the frustration that many of you have exhibited throughout this thread, and lastly 3) No, the overt denouncement of RFG is not warranted.
For starters, as aforementioned, it is YOUR job as a borrower to do your own Due Diligence on a firm you are seeking financing from. Especially considering the majority of deals out there wherein developers/business owners/etc are seeking alternatives to the Big Shops that simply won´t offer them financing as a result of various reasons linked to the credit crunch. MOST of you have subpar credit, are looking for exorbitent LTVs amongst a host of other overly high, misplaced expectations given your current status. Truthfully, yes, based on the nature of many of your deals you WILL encounter certain fraudulence by companies hoping to take advantage of your less-than-steallar situation. However, RFG is NOT one of those companies.
With that said, RFG has been in existence since 1993 "having become synonymous with high profile financing mandates for developments and properties in the region and across the country. A few examples in the Philadelphia area include: The Edge at Avenue North, Westin Hotel, Drexelbrook Apartment Complex, Presidential City Luxury Apartment Complex, Einstein One Medical Center, Plymouth Meeting Office Park and Korman Christina Mills Apartment Complex." - Business Wire (March 1, 2007)
Now, assuming for a moment that every single person in this thread, for whatever reason, did not receive funding, how many cases would that constitute? 15, 20 at the most?? HUNDREDS of deals come across RFG´s desks every single month. Earlier in this thread, along with being mentioned in the WSJ, it was quoted by Chariman Andrew Bogdanoff that the firm closes 15-20% of its deals. Considering the #, and nature of potential deals circulating through this office I would hardly call this a weak performance. And again, as I´m sure you are all aware of, every borrower is, for the most part, convinced that their project is not only a cash-cow, but deserves funding immediately. It does not work like this.
When securing permanent financing for projects like the 60.8MM Edge at Avenue North student housing complex (http://findarticles.com/p/articles/mi_m0EIN/is_2006_Oct_2/ai_n16833782) in Philadelphia, or 142MM in debt and bridge equity financing on behalf of a nationally-focused joint venture (http://www.allbusiness.com/real-estate/commercial-residential-property/5353116-1.html), it would seem imperative that RFG (or ANY participating co. for that matter) incorporate a sound DD process. This costs money. To go a step further, for arguments sake, lets say your deal does not go through after RFG has gone through several phases, having sent out an inspector, repackaged your entire proposal and made it 100xs more attractive, why should the company not be compensated? The answer is: any firm offering full-services (structuring, delivering debt & equity capital) to you is justified in charing fees. RFG does the legwork, the presentation, opens the correct lines of communication, and much more.
Again, I am not devaluing any of the complaints floating throughout this page, but am instead offering an informed/researched statement. I fully understand the aggravation associated with being denied a loan. I myself have been in the same boat. This is not meant to criticize your stories. Rather, I´m asking you all to take a deeper look into a company which you claim has no recorded deals, relationships, and overall funding capabilities. A company that, in truth, has financed billions of dollars in commercial/residential real estate across the globe.
I am not here to argue, and actually encourage rebuttals, questions or comments.
For contact purposes, I have created a gmail account that I will use on this site. Feel free to contact me.
NixonRFG@gmail.com
by RFG_Affiliate September 16, 2008 12:00 AM
RFG Affiliate: You should be ashamed of yourself! With the world market falling apart, this is another obvious ploy of RFG to solicit new "victims" that don´t do their homework. It is ridiculous to assume that the FBI, California Dept. of Corporations and 4 Attorney Generals would investigate any company because of just 15-20 cases that didn´t get funded. There are atleast that many cases currently suing RFG for fraud, RICO, etc.
(Andrew Bogdanoff is also individually named in these suits. If anyone investigates him, they will find he does have a questionable past. He is NOT the pillar of integrity he wants us to believe). Clearly you are assuming we are all stupid. As far as stating RFG closing 15-20% of their deals, ALL of your tombstones were investigated, and they all proved to be bogus. That is a fact that can be proven. The 2 you are mentioning are questionable as to RFG´s participation. There is no argument here. All will be settled in a court of law and the results will determine RFG´s veracity. It is my hope no one buys your "friendly, innocent, who us?" thread. That´s how we all got suckered into going to RFG in the first place! We believed your smoothness. MANY of us did present RFG with great deals and had great credit ratings, etc. We also know for a fact, RFG NEVER did a minute´s worth of DD and just took our money. I just hope potential "new victims" stay away from you and trust all the other threads and comments they will find all over the internet and newspapers if they just continue to do their homework.
by myland September 16, 2008 12:00 AM
by RFG_Affiliate September 16, 2008 12:00 AM
I´m completely with RFG and their....key word, being "their" articles..... sorry dip shit, those were not written by "independent third parties" about your firm, but by a PR agent and placed in those publications.... but you are probably to stupid to know that...
Oh yeah, where I left above....AUHM.... articles, as a published author myself, I know the work of a good PR firm when I see it, GOOD JOB RFG!
Good to see you are spending those Due Diligence dollars wisely!
Remember, keep them cheecks spread!
by Amuzed_Reader September 16, 2008 12:00 AM
Let me begin by saying that anyone who is truly involved in real estate does not pay attention to pointless, babbling blogs like this.
The only people who seem like they are worth ANYTHING are the people from RFG, doing what seems to be some sort of damage mitigation.
Other than that, it sounds like a group of whiney non-established brokers/developerhopefuls. The ONLY reason I am in here is because a client of mine, that I recommended to Remington stumbled on this nonsense.
To set the record sraight, I´ve sent several clients to Remginton and have never had a problem, whether or not they kept our retainers, DD fees and so on. To any real investor, spending 5-25k on getting a project moving in the right direction is no shocker. I hate to break it to everyone in here.
Currently, I have been moving alot of my business to Wachovia, but like I said, RFG has never presented me with any problems, nor my clients.
But carry on, it is humerous to watch you all bitch-and-moan about developments that probably went no where.
People who use sites like this to do business urk the very center of my soul.
You
Morons.
by mrindifference September 16, 2008 12:00 AM
by mrindifference September 16, 2008 12:00 AM
Oh, and this amusedreader? character you are all so enthralled with, are you even in this business??
by mrindifference September 16, 2008 12:00 AM
and lastly, who is this about...Somebody Horleica?:
TICOR TITLE COMPANY OF CALIFORNIA
18302 Irvino Blvd .. Suita 100· Tustin, CA 92780
(714) 289-3300. FAX (7141230·3777
DATE: December 12, 2007
ESCROW NO: 525915-LL
ESCROW OFFICER: linda Lastelic
TIME: 02:23:15
CLOSING DATE: November 14, 2007
BUYER FINAL CLOSING STATEMENT
SEllERIS): Charles Reeder, Stephen Talbot, et al
BUYER(S): Croft Holding Corporation
STOCK TRANSFER AND MEMBERSHIP TRANSFER IN THE FOLLOWING ENTITIES: Stoney Hieghts,
LLC and Triple J´s Corporation and Green Lower Broad Beach. LLC and Canyon Greene, LlC and
Malibu Beach View, LLC and Greene Broad Beach, llC and Malibu Beach View. LLC and Greene
Malibu View Corp. and Green Malibu Valley Ranch Corporation and Greene Malibu 3 Corporation
OF WHICH THE ONLY ASSETS HElD BY THE ENTITIES AQUIRED IS: Real Property· Vacant Land,
Malibu, CA
$ DEBITS
FINANCIAL:
Total Consideration 10,205,000.00
Deposit· Croft Holding Corp
Deposit· Croft Holding Corporation
New 2nd Trust Deed to First RC Corp, Perris 40
Corp, et al
New 3rd Trust Deed to Charles R. Reeder
Existing 1st Trust Deed to Existing Encumbrances
of Record Total
TOTAL Taxes f Outstanding & prorated
$ CREDITS
10,200.00
6,200.00
1,582,754.74
5,000.00
8,520,699.16
96,546.10
ESCROW CHARGES
Escrow Fee
Express Mail
Notary Fees
MISCElLANEOUS CHARGES:
Lori Shnayderman for Notary/SigningfTravel Fee
Ruiz Mobile Notaries for Notary/Signing Fee
Secretary of State of Nevada for filing fees
Secretary of State of Nevada for filing fees
Secretary of State of Nevada for filing fees
Secretary of State of Nevada for filing fees
Secretary of State of Nevada for filing fees
Secretary of State of Nevada for filing fees
Secretary of State of Nevada for filing fees
Secretary of State of Nevada for fHing fees
Secretary of State of Nevada for filing fees
BUYERS REFUND $
10,200.00
35.80
100,00
175.00
150.00
325.00
400.00
400.00
400.00
900.00
900.00
900.00
900.00
450.00
164.20
TOTALS $ 10,221.400.00 $ 10,221,400,00
SAVE THIS STATEMENT FOR INCOME TAX PURPOSES
fO TICOR TITLE COMPANY OF CALIFORNIA
12062 Valley View 51. Sts 101 • Gardon Grove, CA 92845
(714) 230·3770· FAX 1714) 230-3777
DATE: September 17.2007
ESCROW NO, 526160·LL
ESCROW OFFICER: linda lastelic CLOSING OATE, July 16. 2007
BUYER FINAL CLOSING STATEMENT
SELLER(S): Creekside Ranch LlC and Meadowlands Ranch. LlC
BUYERIS): Creekside Ranch. llC and Meadowlands Ranch. LLC
ASSETS OF THE LLC´S: Vacant Land fA.P. No.´s 4457-013-056 & 4457·013-057), Malibu. CA
90265
$ OEBITS
FINANCIAL:
Total Consideration 550,000.00
Deposit - John T. Horlieca
Deposit - Steve McMullen
Existing 2nd Trust Deed to First RC Corporation
PRORATIONS/AOJUSTMENTS,
Unpaid County Taxes at $444.63 Semi-Annual from
07/01/07 to 07/16/07
Unpaid County Taxes at $641.61 Semi-Annual from
07/01/07 to 07/16/07
$ CREOITS
5.000.00
17.900.00
330.000.00
200.000.00
37.05
53.47
TITLE CHARGES:
ALTA Loan Policy l1992l for 330,000,00
Recording Trust Deed(s}
Request for Notice
Recording - Subordination Agreement
ESCROW CHARGES
Escrow Fee
loan Tie-In
Notary Fees
MISCELLANEOUS CHARGES,
Secretary of State of California filing fees- LLC
forms for LLC to conduct business in CA
Secretary of State of Nevada for filing 2 Cert of
Change of Agent/Agent Address)
Secretary of State of Nevada for filing
•AmendmentR to Articles of Organiztn (2 @ $175)
Secretary of State of Nevada filing fee· ·USt of
Managers or Managing Members· LLC form
John Horlieca and/or Steve McMullen for refund
from deposit into escrow
TOTALS $
100.00
40.00
9.00
36.00
1.267.00
150.00
40.00
140.00
120.00
350.00
250.00
488.52
552.990.52 $ 552.990.52
SAVE THIS STATEMENT FOR INCOME TAX PURPOSES
B7/12/2B07 21:43 7142889572
NOTE AND DEED OF TRUST MODIFICAnON
PAGE B2/B4
WHEREAS ThIs Note Modlflcatlon dated this 11th day of July, 2007, amending the terms of
that certam original Note dated February 16, 2006. secured by a Deed of Trust of even date and
recorded February 21, 2006 8S Instrument No 2006·0377144 In the County of loa Ang.Ju, St.t.
of Califomia, executed by Creekside Rench. llC, a Nevada limited liebili1y Company, and
Meadowlands Ranch, LLC. a Nevada Limited Liability Company as the ~Trustor- fBorrower) and in
favor of First RC Corporation as the -BeneficIary- (Lender)
WHEREAS the BenoftcislY (Lender) and the Trustor ( Borrowerl do hereby acknowledge and
consent to amend/rnodifiy the terms of said original Nole in the following particulars only:
WHFRFAS IhA llnfli´lld princpal balance on the Note Ghall be adiuGted to $2.00,000.00.
WHEREAS there shall be NO interest to accrue on the unpaid balance and NO monthly
payments due thereunder.
WHEReAS the "maturity date- shall be on July 31, 2007. or upon the ~Trustor~´s
successful acquISItion of the entitles which hold title to 14 vscam lou In Malibu, California as mOle
particuarlily described in that certain "Purchase Agreement- and escrow instructions with Ticor Title
referenced a~ Escrow No. G26915-LL, at which tIme the entire uJ\paid balance of princpal only Ghall
become immedIately due and payable
All othl´lr terms and conditions of the original -Note" shall remain In full force and eHect.
Witness hereof the sIgnatures of the Beneficiary (Lender´ and Trustor (Borrower) this /;(
day of July, 2007.
Beneficiary (Lender) Trustor (Borrowerl
Creekside Ranch, LLC, a Nevada LLC
By:
Hig´h~I.-n-d´""´Fi~n-.-n~d~.~I.~l~l~C~.-.""´C~.~lif""-Ll~C"""´b-YSteve
McMullen, Managing Member
Meadowlands Ranch, llC, a Nevada LLC
BY;--´-´---C--""´--"´-""7;-;-:--John
Horlieca, MlInltging Member
By. _
HIghland I-lnanciaL LLC. a Cahf LLC by
Steve McMullen. Managing Member
NOTE AND DEED OF TRUST MODIFICATION
WHEREAS This Note Modification dated this 11 th day of July, 2007, amending the terms of
that certain original Note dated February 16. 2006. secured by a Deed of Trust of even date and
recorded February 21,2006 as instrument No, 2006-0377144 in the County of Los Angeles. State
of California, executed by Creekside Ranch. LlC, a Nevada limited liability Company, and
Meadowlands Ranch. llC. a Nevada Limited liability Company as the "Trustor" (Borrower) and in
favor of First RC Corporation as the "Beneficiary" (Lender)
WHEREAS the Beneficiary (Lender) and the Trustor ( Borrower) do hereby acknowledge and
consent to amend/modifiy the terms of said original Note in the following particulars only:
WHEREAS the unpaid princpal balance on the Note shall be adjusted to $200,000.00.
WHEREAS there shall be NO interest to accrue on the unpaid balance and NO monthly
payments due thereunder.
WHEREAS the "maturity date" shall be on July 31, 2007, or upon the "Trustor"´s
successful acquisition of the entities which hold title to 14 vacant lots in Malibu, California as more
particuarlity described in that certain RPurchase AgreementRand escrow instructions with Ticor Title
referenced as Escrow No. 525915·ll, at which time the entire unpaid balance of princpal only shall
become immediately due and payable.
All other terms and conditions of the original RNoteRshall remain in full force and effect.
Witness hereof the signatures of the Beneficiary (lender) and Trustor (Borrower) this _
day of July, 2007.
Beneficiary (lender)
First RC Corporation
By:---------
Trustor (Borrower)
Creekside Ranch, llC, a Nevada LlC
B~\~~
JotiHOrlieCa, Managing Member
By JL 41Y´?f´.4. ---f
Highland Financial, LLC, a´Idaho LL by
Steve McMullen, Managing Member
ByA2l/~c~
Highland Financial, llC, a (dahOLLCY
Steve McMullen, Managing Member
I only ask becuase person I am close with closed a deal with a Jonathan Horleica a few years ago and I´m wondering
if you are all bashing this fellow as well.
by mrindifference September 16, 2008 12:00 AM
by mrindifference September 16, 2008 12:00 AM
one more thing, I know for a fact that RFG was heavily involved in the Edge at Avenue North project in Philly.
by mrindifference September 16, 2008 12:00 AM
mrindifference....now you pipe in. What gives? You bumble around with nonsense that means nothing to you nor the rest of us. Based on your initial ramblings I thought of moving the collective IQ score up a point or 2. But then you ended all of your nonsensical babble confirming that you know nothing about Remington.....you are the epitome of a complete and total putz. Nice work. Now get back to the phones....your boss is probably on the verge of firing you for insubordination. And what probably rings true for you and your pathetic life is that it wouldn´t be the first time.
by can't stop laughing September 16, 2008 12:00 AM
This above thread (Oh I´m so hot...) was not written by me. Someone has obviously used my handle. I will therefore change it immediately and contact BU to find out who used my handle. It´s pathetic and disgusting someone would have to go so far as to fraudulently use someone elses handle. Get your own life!
by myland September 16, 2008 12:00 AM
The thread is now polluted with paid shills from RFG and Bluestone.
Their lame posts by their lawyer and personal threats of "legal accountability" passed to clients who complain in public must not be working.
So now, it´s a challenge to make this thread and others like it irrelevant and full of nonsense, so as to challenge its veracity.
Hey, game on.
Let the FBI and FTC deal with them.
by Netwealth September 16, 2008 12:00 AM
Myland,
My "handle", what are you, some trucker? It is to funny to even comment on, 10-4 Big Buddy.... Got your ears on.... F´in Farmer!
Netwealth, OOOOOHHHHHHH, let the FBI and FTC deal with them. They aint gonna do sh**! Go Republicans!!! Deregulate more!!
Oh yeah, Sarah Palin is going to clean up WallStreet. Oh yeah, why should I questions that from a chic who was the Mayor of Twittle my Ball Sack, Alaska two years ago. I would love to hear exactly what she is going to do, given her vast knowlege of the markets. Maybe some of you losers on here can weigh in and direct her, given your vast knowledges..... what could possibly go wrong!
I´m with mrindifference, he has a clue and makes some sense. No I´m not in the business, I just write in depth commentary of the financial markets... You know, just a bloomberg watcher.... I make my living as an advisor to Remington Financial on ways to collect due diligence fees from clients, I appreciate you sending clients their way, I get a percentage of all upfront fees.
by Amuzed_Reader September 16, 2008 12:00 AM
Geez, Amuzed....once again...put down the pipe! Please.
Clearly you have no legal education and are clueless on regulatory issues. You seem depressed. Angry. Losing focus. Sorry to hear that.
A "fund manager" is your day job?
Running a fund for whom?
How is you fund?
What have you done lately?
Do you ever ofer to help anyone?
Did your wife leave you?
Call Oprah or Dr. Phil.
And pardon me again, why do you post here?
To make fun and mock people who have been hurt because they are not as self-professed savvy as you?
Watch this space. The feds do.
And wash your mouth out with soap (if only in respect for your mother)
by Netwealth September 17, 2008 12:00 AM
Netwealth,
I will take it you are just some little mortgage broker piping in, what, get a membership to a commercial lender database and read a few market snapshots on the web?
1. The Feds do not watch this site, there is very limited oversight on commercial lending and even less in the Financial Securities world. You are out of you league here, I think you should stick to your leads and cold call lists.
I do not need to have much of a legal background to figure you have all been on here saying "Remington is going down" and blah, blah, blah.
And guess what, not a thing has happened and it not going to happen...... huh, wonder why, probably because you do not know what you are talking about.
Why do I post here, I wanted to converse with the dumbest people on the planet, and here you all are!
by Amuzed_Reader September 17, 2008 12:00 AM
From what I see in several threads and from my own recent, personal experience, the problem is mostly NON REFUNDABLE DUE DILIGENCE FEES and people losing them when the programs dont work. I just submitted a deal that is admittedly an unpopular type given the current market/mindset, but it is LOW loan to cost and makes sense. My borrower is even willing to give a partner position, yest they wanted a $7,500 fee then ANOTHER fee of ´up to 15,000 not including travel expenses´. That would probably take the whole thing to about $27,000 with NO accountability from the lender. There were no conditions. Nothing for the borrower to approve or watch, so the funds could be spent as the receiving party wished. No contingencies. No conditions. No accountability. That could mean my borrower would be out another month AND $27,000 then have nothing.
Thats the main complaint I see when doing web research on RFG. Its the main complaint I see PERIOD when researching most commercial funding sources.
Its a part of the commercial lending system that needs attention and rules to protect the consumer. I think its something that should be addressed on a state level with new protection laws to govern what can be done with borrowers cash. Maybe that will be my new hobby.
by JustplainMarvin September 17, 2008 12:00 AM
JsstplainMarvin,
Maybe you should try Autoeroticasphyxiation, it is funner and you will probably get more out of it. There is NO problem with a company charging a non-refunable deposit if that is what they choose to do, in America the consumer can make their own decision whether to take on that financial risk or not. A problem on this site is personal accountability for their own actions and choices. I agree, we are becoming a country of whimpering B**ches.
If you do not want to pay upfront fees, THEN DO NOT PAY THEM! If someone chooses to pay them, they know the risk. If I get a two dollar hooker south of the boarder, I would know the risks of doing so, I would not blame the Mexican Government if I get a burning case of Gonnaherpasyphillus.
My action caused an unfavorable reaction, and the only one I would have to blame is me.
Anyone else want to chyme back in with their pathetic stories.....
by Amuzed_Reader September 17, 2008 12:00 AM
Marv - you are on the right path not sending them any money and leading your client in another direction.
by Just a broker September 17, 2008 12:00 AM
I am being quite sincere when I tell all brokers/lenders who´ve spent time in threads like this to either find business or assess potential business, that you are wasting your time and $.
Honestly. I, shamefully, visited this thread last night again and saw joking, gay commentary (but was subsequently erased) going on and thought how easy my job is with so many pretenders posing as my competition.
I stand with my earlier comments: the only "professional" people it seems that have visited this thread are the RFG affiliated people who are trying their damndest to operate a business by reversing the noise (and thats all you have made). This company plays on the international stage, what do you do??
I´ve actually done REAL homework on RFG. Whoever the RFG_Affilate is, assuming these people are actually with the company, he/she was absolutely correct in saying they have funded/helped fund billions (yes, billions) of dollars in capital. Its really not that hard to find out people. CALL THE PROJECTS THEY LIST!!! Figure out who you need to speak to to find out the investors, owners, what ever! Do. Your. Homework.
It may sound old fashioned - but sitting at your cpu and playing mr. bigshot will get you nowhere in life.
Don´t sob and take whoever´s word for it that they weren´t involved with their tombtones. Whether its RFG or one of the large institutional lenders. "I heard its been proven they weren´t involved in that project". Well, if you are willing to take everything you hear for truth then I wish you luck in this world.
I could complain all day about my Merril Lynch broker from years ago who took me for roughly 15k because of poor asset allocation, and a shitload of transaction fees. Thats all he was about. I switched brokers, to another closer friend of mine with Merril and not only made that money back but banked an additional 30k within a few months.
Get my drift?
I think this will be my last post here.
by mrindifference September 18, 2008 12:00 AM
It makes little difference either way. The dismal capital markets will weed out the clowns in due time.
by mrindifference September 18, 2008 12:00 AM
by mrindifference September 18, 2008 12:00 AM
1/2
You stupid F**K, if you do not want to pay upfront fee, F´ing don´t and move on! I do not believe mortgage brokers should be paid a commission!
by Amuzed_Reader September 18, 2008 12:00 AM
I will contribute nothing of substance, I merely wish to help get this post up to 1000 replies.
Thank you all for your continued efforts.
by StephenPassio September 18, 2008 12:00 AM
SAVE HOUSTON!!!
http://www.helphoustonfight.com/
by Amuzed_Reader September 18, 2008 12:00 AM
I´m not a broker or a lender there 1/2. You may claim to be 1/2 but you are a complete retard!
by Amuzed_Reader September 18, 2008 12:00 AM
I´m very concerned, the hole tone of this thread has seemed to change...... CHANGE FOR THE BETTER! Who cares about Remington Financial Group, let´s talk about Saving Houston! Do not pay DD fees, give Houston the Economic Stimulus package she needs, after all, she has stimulated my package a few times!
Save Houston!
http://www.helphoustonfight.com/
by Amuzed_Reader September 19, 2008 12:00 AM
So,,,,,,,,, Theres this car,,,,,,,,It runs on water.
by StephenPassio September 19, 2008 12:00 AM
I may be just an echo but here are the facts.
RFG has a two step due del policy which they could easily combine into one, but they want it to seem as if the borrower has obtained some kind of advance preapproval. They have slick come backs like : all of the big guys have complaints against them ... Anyhow its all legal but My opinion having worked with them is STAY AWAY! They know when getting your file if they are going to fund BUT will not tell you this until they milk you for appx 25K in upfront fees used to keep them fat. I hate their business model and I could never work for or with someone that works the way they due. Everytime I see there ads I want to throw up. I hear they close deals I sure would like to see the percentages of deals in and deals closed. They have a bait rumor of that they can get you a 8% hard money loan so they get plenty of traffic. In a word , Yikes! On e can only deal with lenders that want to close loans and not interested in this 2nd stream of income derived from the desparate borrowers trusting and hoping they are in good hands
by From The Heart September 22, 2008 12:00 AM
I heard that Remington is closing most of their deals now and that is why this thread is slowing down!
by Amuzed_Reader September 23, 2008 12:00 AM
Mr. Horlieca represented that he had loan commitments from the following sources:
Tom Boeggeman and Atom Miller
Tigress Inc.
101 Convention Center Drive,
Las Vegas, NV 89109
This company has no listed telephone number, nor a business license with the City of Las Vegas. It´s a ghost company created by Mr. John Horlieca himself to fool others into believing his stories.
Others that Horlieca claimed were going to finance him:
Alex Kim of Askew Kabala and Company
Rich Matson of Cox Castle and Nicholson Law Firm
Rich Gottfried of Crest Investments, LLC
Mark Jones of The Hard Money Lab (but he has no license)
Craig Bishop of CCL Investments
Thomas Kinkade Developers
Danny Marchione of The Walden Group
Carolyn Jackson of JR Consulting LLC
Kyle Arbuckle Financing Consultant
Hector Montes of Titan Funding
"a private source associated with the marketing group at Sotheby´s International Realty"
Otha D. Liggins, of Custom Financial Inc. & Accelerated Life Equites Inc. in Phoenix AZ (strangely her telephone number is 909, in Riverside CA not Phoenix)
Obviously, these are all brokers, not lenders. They either don´t appear to have any licenses nor have actually have any funds to give to Mr. Horlieca. Horlieca was passing off letters from some of these people on their letterhead showing that they gave Horlieca a loan committment.
Horlieca plays the same game as he´s claiming about Remington.
by Jimro September 27, 2008 12:00 AM
John Horlieca aka as John Pritchard, is a partner of Stephen Reeder, a convict for bank fraud now in Federal prison.
by Jimro September 27, 2008 12:00 AM
As for those Ticor Title documents above,
you will see that Horlieca paid 0 dollars and 0 cents for the shares in these Nevada Corps and LLC´s, and gave an IOU instead.
by Jimro September 27, 2008 12:00 AM
...
About John Horlieca:
Pick up the phone and call John Horlieca´s prosecutor Mr. Tristan Svare at Ranccho Cucamonga office, 909-989-0056
and or
his probation officer, Ms Campbell at 909-945-4001
John Horlieca is convicted criminal who is ON PROBATION !!!!
Go to: http://www.co.san-bernardino.ca.us/Courts/flash.asp
then to: "Case Information Online" Go to Criminal case information
or click here:
http://170.164.31.10/openaccess/mcnmsearch.asp
Last name: Horlieca
Look up his case, and more, his PROBATION terms.....
Know who you are dealing with!!!! Stop him before other people get hurt by him!!
...
...
...
John Horlieca´s probation:
Click here:
http://170.164.31.10/openaccess/criminal/probatio.asp?casenumber=FWV032924&courtcode=X&defnbr=1969125&defseq=1&otnmseq=0&dsn=
by FrankMc September 28, 2008 12:00 AM
Save Houston!
http://www.helphoustonfight.com/
by Amuzed_Reader September 28, 2008 12:00 AM
I claim this thread officially dead, feel free to thank me individually!
I rule!
Long live Remington!
by Amuzed_Reader September 30, 2008 12:00 AM
Mary,
Tell me you didn´t send that condo project on the Oregon coast to RFG. Low LTC-LTV doesn´t matter in this market or niche. It´s exit strategy. If you have firm commitments with large deposits then you might have a chance.
Going RFG with a Condo request on the Oregon coast is like going to Home Depot for lunch. It´s just not right.
Granted their dogs are good.
by SPICOLLI October 3, 2008 12:00 AM
Master Commercial Broker,
Would you be willing to share which investor/lender you´ve used for the movie deal you´ve funded? I have this type of deal and would appreciate you sharing your contact with me.
Thanks,
bjmir
by bjmir October 7, 2008 12:00 AM
Master Commercial Broker,
Would you be willing to share which investor/lender you´ve used for the movie deal you´ve funded? I have this type of deal and would appreciate you sharing your contact with me.
Thanks,
bjmir
by bjmir October 7, 2008 12:00 AM
Why is every mortgage broker now trying to broker equity capital? You do not know what you are doing, how about learning SEC rules and regulations for private equity and starting your OWN private equity fund?
If a day does not go by when I now have some failure from the mortgage industry sending me a business plan from some company he found on a message board looking to fund some private equity transaction.
Dear bjmir, I will give you a hint, it is illegal for you to make a commission from equity funds raised if you do not have a securities license. Odds are 10 to 1 the people you are looking for equity for do not have money to pay you, and as a fund manager, I would be damned if I was going to pay you for bullshit ´deal flow´.
sad.....
by Amuzed_Reader October 8, 2008 12:00 AM
by KDR October 11, 2008 12:00 AM
by KDR October 11, 2008 12:00 AM
I found a great article claiming members of Remington are tied to the Russian Mob.
Kinda funny, the link is below....
http://www.scam.com/showthread.php?t=46988
Save Houston!
http://www.helphoustonfight.com/
by Amuzed_Reader October 12, 2008 12:00 AM
BLUESTONE IS A SISTER COMPANY SO DON´T BELIEVE WHAT THEY SAY
by LoanDoctor11 October 21, 2008 12:00 AM
http://online.wsj.com/article_email/SB121487218665117885-lMyQjAxMDI4MTM0MDgzNzAyWj.html
Last week, The Wall Street Journal reported that two Philadelphia firms -- Remington Financial Group Inc. and a related firm, BlueStone Real Estate Capital -- are under investigation by regulators in California and Pennsylvania over allegations that more than 100 prospective borrowers lost millions of dollars after the firms collected upfront fees for real-estate development but didn´t find any funding. The FBI says it is looking into the allegations. Executives at Remington and BlueStone deny any wrongdoing.
No virus found in this incoming message.
Checked by AVG.
Version: 7.5.549 / Virus Database: 270.8.2/1735 - Release Date: 10/20/2008 2:52 PM
by doesn't matter October 21, 2008 12:00 AM
The article if from July first there Sherlock!
by Amuzed_Reader October 21, 2008 12:00 AM
Learn more about Bluestone/Remmington at the following thread:
BLUESTONE/REMINGTON and other UPFRONT FEE SCAMS. Facts and information only please.
www.brokeruniverse.com/grapevine/thread/?thread=543439
Information provided on this thread may provide the basis for a class action suit against Bluestone/Remmington.
You can also email your information to theloanscam@gmail.com
by providence900 October 22, 2008 12:00 AM
ATTN: UPDATE: TO ALL VICTIMS OF REMINGTON FINANCIAL/BLUESTONE (FBI INVESTIGATION). Anyone with intimate knowledge of Remington Financial Group and BlueStone have been asked to contact FBI Special Agent Leah Chambers at 215 418-4497. She is the FBI Agent continuing the current ongoing investigation into both these companies and wants to hear everyone´s complaints... no matter how large or small the amount of money scammed. Thank you.
by myland November 12, 2008 12:00 AM
Has anyone funded a deal with RFG recently? They have been excellent so far, responsive, transparent, sent us a long list of deals they´ve done (but we can´t tell when they were funded although they said they were done in 07-08, etc. We are comfortable at this stage but would still love to know if anyone has funded a deal with them recently? In this market it´s just important to know that deals are actually closing. Would love feedback. Thanks!
by thn6r9 November 13, 2008 12:00 AM
Thn6r9,
Please read through this thread and make an educated decision, that is why it is here. Good luck!
by projectfunding November 14, 2008 12:00 AM
WOW...what a long and informative thread! I received as response to a funding request on GO BIG from Remington and in doing a little DD, found this! Since you cannot read this thread and then go with Remington (although it appears some have), any thoughts on where to go? Looking for private equity or limited partners for a wine storage facility in Santa Barbara County. Need 4 to 5 million dollars. Any ideas? Thanks....looks like there are some smart folks on this thread.
by squibblips December 1, 2008 12:00 AM
I worked at Remington as an employee for several years.
They are very shady and do not reccomend anyone doing business with them. Account Executives live off the commissions that are paid to them on LOI´s and are taught to agressively push them even if they know the deal wont go past due dilligence.
Dan Gura is not trained to do any type of underwritting whatesoever; he just wants the extra fee he will get.
The McManus brothers the most dishonest thieves I have ever met in my life. They belong behind bars.
by canhane December 1, 2008 12:00 AM
canhane: Thank you for coming forward. Why not contact FBI Agent Leah Chambers at 215 418-4497 and tell her what you know? I´m sure the FBI would appreciate whatever information you give them and will help in their continued criminal investigations on everyone at Remington and BlueStone. I think we all can agree with you...they belong behind bars.
by myland December 1, 2008 12:00 AM
I wonder if Remington is hiring?
by Amuzed_Reader December 2, 2008 12:00 AM
I HAVE BEEN DRUG AROUND BY RFG, BUT LIFE GOES ON. I HAVE 3600 CLASS B/C MULTIFAMILY IN THE MIDWEST AVAILABLE FOR 74MIL. CURRENTLY GROSS 19MIL WITH NOI OF 10MIL BEFORE DEBT. THE UPSIDE WITH CLEANUP(NO REHAB) THERE WOULD BE 30% INCREASE IN GROSS WITH NO ADDITIONAL EXPENSE. IF ANYONE HAS ACCESS TO PRIVATE/QUICK MONEY PLEASE SEND ME AN EMAIL TO: mjiran@bellsouth.net
by exausted December 3, 2008 12:00 AM
I had a larg loan with Remington. 106m my cliant came in with 50.5m every bit of info needed and after 27k in fees. and they said they had the lender in place. and after the sight visit, after 7 months, after phone calls galor. they had no lender. I asked for a afidavid no call back. "Ever"
We now have IRB going, and where on the way.
Just so you know the FBI is still looking into them.
Special Agent Corey Riley
600 Arch Street
Phila, PA.19106
Direct Line 215-418-4173
corey.riley@ic.fbi.goc
by Giterdone December 10, 2008 12:00 AM
by Reel time December 10, 2008 12:00 AM
Giterdone ...
I may have some info for you relating to the above post.
Feel free to e-mail me at postuprite@aol.com
RT
by Reel time December 10, 2008 12:00 AM
Giterdone: Your contact info for the FBI is incorrect. FBI Agent Leah Chambers has taken over for Agent Corey Riley. Corey Riley is no longer with the FBI. Agent Chambers can be reached at 215 418-4497. The investigation into Remington/BlueStone is currently ongoing and any information or complaints victims have, please feel free to contact her.
by myland December 11, 2008 12:00 AM
I just found this site today and feel very fortunate. I would like to thank projectfunding, ProComBroker, lancerhan, myland, and other people keeping this blog alive to warn people who are doing their DD to beware. Please do not stop warning people about these bad seeds. Please do not let people like Amuzed_Reader try to ruin the blog by ranting. I am not a broker but simply a owner trying to get my deal refinanced on a bridge loan. I have received the famous (or infamous)LOI with $15,000.00 for "Phase I" and an additional $10,000.00 for "Phase II" you have saved me from making a terrible mistake.
Thanks again and keep up the good work.
by thankful December 17, 2008 12:00 AM
Folks,
I was about to send money to RFG this Monday and according to what you´ll said, I am forced to halt this transaction.
Does any one up here know about any good lender for International projects? Prefer one to be paid at closing.
I have a very profitable Cement project in Africa I am looking funding for. Has a return rate of more that 10% but requires large loan and I have been looking for a good lender for couple months but Remington was one of my serious ones I was going to send money to!!! < That means I didn´t do a good homework until now>.
If you know of any good one (or you are one) with good references, Please contact me as soon as possible:
My email is: etuyi2020@gmail.com
by Ematata December 21, 2008 12:00 AM
Have a letter of Interest on my Desk fron Remington, sure glad I did my Due Diligence, before sending any Money. Thanks for all the info on this website.
by pbf December 23, 2008 12:00 AM
by Diamondman December 25, 2008 12:00 AM
Just another victim of Remington Financial Group. Beware they are worst than the Nigerian scam artists. Casey Metz from Arizona send us many e-mails confirming funds are available from Northbridge Capital, a division of Remington Financial Group. Andy Bogdanoff and their lead annalist Jeremiah confirmed our project was one of the best projects they have seen for a long time. We past phase 1 and 2 and then they were to provide us with a letter of commitment to fund within 20 to 60 days. Dan Gura from Philadelphia send us an e-mail they have an investor with a severe appetite for our project, time went by their promised phone calls, never happened and we had to call and landed up speaking to Andrew McManus which also promised us the investors is there. At this point we were smelling fish for a long time. Eventually Andrew McManus referred us to another broker in Great Britain for which we had to pay another 100,000 Euros plus 8,500 GB pounds. After we have already paid US$37,500 to Remington Financial Group. For 10 months it was promises week in and week out they shall find an investor. McManus kept on requesting additional information, that was included in the business plan, and we came to the conclusion they have never read the business plan, which was in access of 400 pages. When we mentioned we have to forward all paperwork to the FBI, they responded not to be threatened and send us their Lawyer´s letter, who apparently did not complete high school as the letter was of a grade 7 standard Lawyer. We have wasted many months and money and at the end lost the project. The FBI or any authorities in the USA, is either on their pay roll or they are waiting for another victim to commit suicide as in the Madoff case,this shall eventually happen before they might take it serious and consider investigating and have Remington Financial Group behind bars, as management starts from the bottom up. Again, Casey Metz and Andrew McManus were taught by the best Nigerian fraudsters out there, BEWARE.
by Diamondman December 25, 2008 12:00 AM
Diamondman: Please call FBI Agent Leah Cahmbers at 215 418-4497. She´s the real deal and the FBI IS investigating them. Also, Remington is currently ready to be deposed and set to go to trial in California for 12 civil lawsuits against them for fraud, RICO, conspiracy to do fraud and extortion. They lost their appeal to have their cases arbitrated in either PA or AZ because their contracts were found to be illegal and thereby null and void. They also are being sued for the same civil charges in Florida. They´re going down. It´s only a matter of time.
by myland December 25, 2008 12:00 AM
myland, how do you know this? Are you part of the lawsuits or are you just guessing? Any insight on why there is a new person on the ´case´?
by mortgageman44 December 29, 2008 12:00 AM
mirtgageman44: To answer your questions: yes, no, because Remington is losing.
by myland December 29, 2008 12:00 AM
I´m guessing that its more propaganda on your end than facts. I think you are misinformed about what is fact and what is fiction.
by mortgageman44 December 30, 2008 12:00 AM
Mortgageman44: No, I´m not. All of my information can be verified 10 times over for its accuracy and credibility...but of course you are free to believe whatever you want. Nothing will or can change the facts...nor is there anything to debate. It´s o.k. with me if you (or anyone else) want to believe this is propaganda. It´s obviously your choice.
by myland December 30, 2008 12:00 AM
Great, please tell me where we can verify your information. And keep in mind, I´m not on anyone´s side. I just want to know what´s the truth and what´s just people venting on some board.
by mortgageman44 December 30, 2008 12:00 AM
Mortgageman44: Broker Universe does not allow naming the attorney on record representing all the lawsuits, but you should be able to find the information on the internet. Remington is being sued civily for fraud, conspiracy to do fraud, RICO and extortion by a dozen plaintiffs. All the cases have been consolidated and being heard in Southern California. You might also be able to get more information by contacting the editor of the Wall Street Journal articles (Steve Stecklow) re: Remington as I know he spoke to the attorney. Also, contact FBI Agent Leah Chambers at 215 418-4497. She also knows the attorney representing the CA victims. I´m not sure if she will give you that information, but you can certainly try. That´s the best and the most information I can give you on this site. However, I´m sure if you wait a little longer, more news stories will probably be published once we receive a disposition... whether it be a settlement or trial. I don´t have time to waste on propaganda or lies so I can assure you once you do a little digging on your own, you´ll find everything I´m saying to be the truth...the whole truth and nothing but the truth...so help me God.
by myland December 30, 2008 12:00 AM
Would you be able to email it then since it can´t be posted here?
by mortgageman44 December 31, 2008 12:00 AM
Sure. Just give me your e-mail address.
by myland December 31, 2008 12:00 AM
I dealt with Remington a couple of months ago. They were going to fund a NNN Lease that I was looking into at 100%. 6% for the first 5 years and then 50% Equity there after. They made everything look very good and then told me they wanted a Due Diligence fee of $10,000.00 for the first phase ad then $15,000.00 for the second phase. Obviously I told them that i was going to take my business somewhere else. Austen Metz was the guy that I spoke with there. He seemed to know the business, but the fee turned me off right away. If anyone knows of any other funding sources out there that will do a 100% financing program out there let me know. I realize that is not easy to find, but I know there are some that do. Even a Funding source that will help me with down payments would be nice also. Has anyone ever dealt with a gentleman named Marc She