All Forum Posts by: Account Closed

I'll make this short..

We were shown a property, our reno numbers came in around $160,000

So we called the wholesaler and said were all set. They call us back and say hey we have a guy that can do it for $120,000 and we will be happy to provide you with his info. Which technically would make the deal work. So we put our faith in them and said okay lets do it. Signed the assignment contract and wired the $35,000 emd. Here we are days later, closing 10/12 and they have yet to provide us with the info for the GC and to better sweeten the pot, our hard money lender came back with a valuation almost $100k less than our est ARV which screws up our financing.

Long story short we are backing out based off mis-information from these guys. And they want to keep the deposit. I know its a dog eat dog world. and we are responsible for making our own decisions. But ultimately without them saying they have a guy for us, which made the deal work. We would have never entered into this deal. What are the odds we fight this and get our money back ? Kicker they are locking it up with another buyer today, so they are making their money either way. 

Any insight will be helpful. 

And again before I get bashed on here, I know this is my screw up. 

some red flags:

1. terms that are far below todays rates..  IE to good to be true but you dont know that.

2. Any kind of up front fee's

3. to anxious to prove they are legit by sending you a copy of their drivers license or articles of org for and LLC .. No lender does that.

4. Do not give up any private info until you establish that they are real.

Keep in mind fake private lenders with up front fee scams is currently a growth industry in the US and Canada.  These are run just like any other scam start small and just keep tagging you for more dollars until U give up and figure its not real.

I received a letter from Genie Investments. I have attached.  My reply back to them. 
My response to opt-in letter:
Attn: David HughesZOOMERALGENIE INVESTMENTS NV

David Hughes,
I will reiterate that I am open to a settlement involving a complete refund of the moneys. There was never a loan. When I receive my funds I will Remove all negative comments, I created and/or directed others to create about Genie/ZOOMERAL from the internet and/or social media platforms; And Continue any other lawsuit, legal action, legal proceedings, and/or class action against Genie/ZOOMERAL.
This is the only sort of settlement or agreement I am willing to sign. Otherwise, I will continue moving forward in seeking legal justice alongside other clients who have been victimized by the schemes and scams of multiple companies, including Zoomeral and Genie Investments NV. I have tried to work with David Hughes and have many threats verbal and in writing. I have committed no crime. My reviews are the truth and that's what reviews are there for. David Hughes has my deposit/moms life savings on a loan he could never provide. There is no threats here. I will continue to move on the path I am on unless I can receive my mothers savings back. There has been no loans paid and Zoomeral, Genie, David Hughes and Mcmann continue to take peoples money with 1000 of lies on text and verbal conversation I have recorded. I know other are suing for damages. At this point I just want what I am owed my deposit.
Sincerely,
Kipp Nash

 

Mcmann Commercial Lending, Zoomeral, and Genie Investments

We started the application process with McMann Commercial Lending for a BELOC loan December we wired a $7,900 application fee for this LOAN then we wired a $37,500 on a bridge loan. (On a loan we where told they SCC and it was secure) and 20,000 due diligence fee to Zoomeral/ David Hughes on 1/11/2023 At that point, We were verbally guaranteed, lots of emails, text as well as guaranteed within our contract, that we’d receive the funding of our first tranche (20% of loan) in no later than 75 calendar days and then the funding of our second tranche (80% of loan) in no later than 75 calendar days from the funding date of our first tranche. Around 75 days of waiting, we started asking about our funding. anytime we asked about our loan we received messages like this plus a text and e-mail updates. One of the e-mail updates sent on 3/23 stated that the bank had placed a hold on the account due to the size of the deposits coming into and going out of the account and that attorneys were working to get the hold released. Then we received an e-mail on 4/03 stating that the hold had been released. On 5/10 we were told through e-mail that McMann attorneys were handling a compliance issue and that it should be resolved by Friday 5/12 and that the funding should be happening the week of 5/15 to 5/20. We are currently at 8 months of waiting for the funding of our money. I have received many text message, verbal calls, and letters. Excuse after excuse. Michael Lanza with McMann Lending would not call me back I would text him and he would not respond but maybe every 30 texts later but never over the phone.

I have tried many times to get a refund. Walt Trock refuses saying 7900.00 was non refundable. You sold me this loan that you can’t get. I sent 57,500.00 to Genie Investments which now I find out David Hughes is the owner of Zoomeral the platform and Genie Investments. David Hughes does nothing but threaten me if I leave a review or speak with anyone regards this he will cancel my loan. That is why I have not posted up till now. I have personally received many threats of cancellation verbal and in letters from Mcmann Commercial Lending and Genie Investments/Zoomeral. Last week Walt Trock had admitted to me verbally and in text messages there is no money he totally blames Genie Investments/David Hughes. Walt Trock also told me he had not been paid off of 1 BELOC in over 2 years with David Hughes. I question why do I have all kind of proof that Michael Lanza saying he has never had to wait past 80 days? When there is people waiting 2 years? Up until this week Mcmann is still selling this loan. When I spoke to David Hughes yesterday If you express yourself he gets angry and refuses to listen and says he will block you and cancel your loan. As hard as it is I have been extremely patient with each of them. David Hughes offered me to give him another 3k and he may can get another loan. David Hughes also sent me a letter explain they are suing their capital provider. They refuse to tell you who is their capital provider and show proof . He saying he will try to get our deposit back or partial back threw a law suit to this capital provider. Ok, shut me up another couple of years to see if this law suit even comes to past. When you have my money. It should be in an escrow send it BACK! That is the right thing to do when you cannot give people what you promised but Mcmann Commercial Lending and David Hughes/Zoomeral/ Genie Investments refuses! I didn’t want to believe I was being scammed but my opinion is yes I have been. 

Leviticus 6:2

Is anybody on here sure this is a scam? 
We have been talking with Michael Lanza as well. We are purchasing a 72 unit apartment complex and are looking into McMann lending. We were approved for 4.2M and have sent in the 7,900 fee. 
Any feedback from prior investors that have used this company and been funded would be appreciated. 
our terms our 5% 15year Interest only