Hard Equity Lending

Hard Equity Lending Company is one big scam! Internet

26th of Dec, 2010 by User988429

This company is a BIG Time scam operation. We are a company that specializes in residential real estate developing, we normally do cash transactions but our reserves were low so we attempted to do a Hard Money Loan. I checked this site and others and was weary about Hard Equity Lending since they had some negative feedback. I know this site doesn't justify some of the queries so it is not a definite scam just because a company is listed on this site. My broker informed me that he confronted David and forwarded me his email stating that the complaints were from a disgruntled employee posing as a former client so we gave them an opportunity. They were requesting $1,400 upfront for "processing" and that was a red flag but sometimes you have to gamble to see if someone is legit. My broker discussed our deal in depth before they took the deal to begin with, after they received a full packet they took almost 3 weeks to come back and let us know that the property appraisal we had was light and their appraisal was 11k less so the LTV would be too high and they would have to deny our deal the way it stood. We got the sale side to lower their sale price by 11k so we could be at an exceptable LTV. When we posed the new terms to David from Hard Equity he said we could close the deal by December 10th, it was December 1st when this occured. We had to get an extension and when the 10th came around he told the broker that they we were approved and they were getting a full packet and expecting a clear to close around the 12th of December. We weren't hearing anything and our broker was not getting timely responses from David (he never answers the phone, and never returns phone messages). After a series of emails from our company to David he responded back with more delays stating that our broker would receive a funding packet before the close of business around the 15th. The following day after the broker stated he didn't get anything, David states he was mistaken our deal for a different deal....A different deal? R U serious? He just kept saying the investor is looking at the packet, today is December 27th, 2010 David doesn't return emails and unfortunately they scammed a company that will expose their operation to the public and warn them so they don't have the same thing happen to them. Buyer Beware! I will post correspondences from David's email so you will know we were a real company doing business with them.

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