All Forum Posts by: Terri Absher

@Jay Hinrichs Yes, it was an interesting setup with them.  Never seen anything like it since.  But yes, I would find the houses, submit, get an offer from them with a signed PASA, take the loan through them, and after reno was complete, they would buy the house.  

@Chris Seveney Yes, thank you.  I believe that I have reached out to them as well.  

@Jay Hinrichs STOA was the lender and the end buyer.  I would find properties, submit them to their portal and they would tell me what they would offer when the house was completely remodeled.  They would also provide the funding and renovation funds at 7%.  Originally when they were known as FlipOS, they would split up the interest payments,so I would pay the remaining amount for the month the house was purchased and then the remaining balance on the sale of the home to them.  

And yes, I understand that they do not have to notify us if the note is bought out. However, when STOA first started going down the tank, they were negotiating with me on interest because selling them on MLS was a different entity at that time. I was holding approximately 20 of their properties at that time, so you can imagine that unexpectedly paying out 20 interest payments every month was impossible.

Dear Fellow Investors,

I hope this message finds you well. I am reaching out to connect with others who have encountered significant financial challenges due to our experiences with STOA/FlipOS and their recent transactions with Farraway SG.

In 2022, my company achieved a net profit of approximately $2.2 million through transactions with FlipOS. My team traveled to Arizona to meet with the FlipOS team, who had recently raised substantial funding—$136 million in 2021, followed by $50 million in May, 2022 and an additional $100 million in August 2022. During our discussions, we explored goals for growth in an indirect partnership. However, shortly thereafter, we began to experience delays in draws, mislabeling issues, postponed closings, and unreceived funds. Ultimately, these challenges culminated in widespread layoffs at FlipOS, which forced me into involuntary cancel contracts for properties originally earmarked for sale to them. Navigating these delays and organizational instability proved to be immensely challenging.

In my own investigation, I discovered that Farraway SG emerged as the new entity managing the loans, with its LLC tracing back to Tel Aviv. At the time of the cancellations, I found myself owning over 20 properties in partnership with various investors and joint venture partners. After multiple attempts to stabilize my operations, I was compelled to file for Chapter 11 bankruptcy. Regrettably, after eight protracted months, my case was converted to Chapter 7 due to insufficient equity.

Ironically, the trustee swiftly secured a buyer for all the properties that were to be sold to STOA/FlipOS—this buyer being Farraway SG, the same entity that acquired the loans held by STOA USA during a time when they were laying off employees and leaving us in a difficult position.

STOA never officially filed bankruptcy. I was never made aware that Farraway SG purchased my loans. It’s clear that this partnership was strategically kept quiet. 

This leaves me with the question….where did the $300 Million in funding go? Did they over leverage on purpose, knowing that they would eventually get the assets back at pennies on the dollar?  Who is Farraway SG? 

Given these circumstances, I believe there may be grounds for a class action lawsuit against these companies, and their owners. If you have experienced similar difficulties, I encourage you to consider collaborating with me. By uniting our voices, we can strengthen our case and seek justice for the challenges we have faced.

If you are interested in discussing this matter further or if you are aware of any attorneys who may be willing to take on this case, please do not hesitate to reach out. Together, we can advocate for our rights as investors.

Thank you for your time, and I look forward to hearing from you soon.

Sincerely,

Dr.Terri Absher