Scammed by a Private Lender

[Adriana Rego]

Public Service Announcement

I was scammed by a company called Xplicit Home Loan they offered me a loan of $280K for an investment property I was looking into. They claimed to be a private money lender. After sending them all they requested (paystubs, W2, etc) they approved me for the loan at 6% with 1 point origination fee for the first deal and 2 points for any after. Once we were ready to proceed and I was under contract they requested I wire the origination fee $2800. He said after I do that the funds would be disbursed to my account. They did not and proceeded to tell me I needed to wire an additional $3600 for PPI premium insurance cost for the loan. I refused to do so as this amount should have been included from the beginning so I can send 1 wire with full funds. I told them to disburse the $280k and I would immediately wire the $3600. They said no. I then told them to refund the $2800 origination fee I wired them. They then told me to send them $480 - cancellation fee and then they would refund me. Of course I wasn’t sending these people anymore money. They have $2800 from me why wouldn’t they just deduct $480 and send me the balance. My own fault for not doing due diligence and not seeing all the red flags 🚩. I am going to go after them. Any advice would be appreciated but I will consult a lawyer I am posting this on ally the real estate groups I know I will go to the BBB also.