Verifying Private Lender Credentials - Real Estate Finance2024-03-29T16:03:50Zhttps://realestatefinance.ning.com/forum/topics/verifying-private-lender-credentials?id=6517464%3ATopic%3A250095&feed=yes&xn_auth=noDavid Lipp is operating a sca…tag:realestatefinance.ning.com,2016-08-07:6517464:Comment:2766902016-08-07T06:41:38.802ZLorie Dotsonhttps://realestatefinance.ning.com/profile/LorieDotson
<p>David Lipp is operating a scam. I contacted David through this site. David has a business license and seemed to check out. After a few weeks of talk, David said I qualified for a loan. He stated that I needed $1953 in Origination Fees which had to be paid before the loan would fund. He had me wire the money to a woman in Florida. He stated that once the fees were paid, the loan would be funded within 24 hours. It came time for the loan to fund, David sent me a message stating that he went to…</p>
<p>David Lipp is operating a scam. I contacted David through this site. David has a business license and seemed to check out. After a few weeks of talk, David said I qualified for a loan. He stated that I needed $1953 in Origination Fees which had to be paid before the loan would fund. He had me wire the money to a woman in Florida. He stated that once the fees were paid, the loan would be funded within 24 hours. It came time for the loan to fund, David sent me a message stating that he went to the bank to do the transfer and the bank said I had to pay PPI Insurance on the loan before it would transfer. He stated that the amount I had to pay for insurance was $17,800. I refused to pay that ludicrous amount so he said he would pay half of it so I "Only had to pay $8900". I still said this is way too much. After a couple days David came back and said he had raised $15,000 towards my insurance. I said "Great! since you said I only had to pay $8900 of it, then we are good" David said no you have to pay the $17,800 but he would subtract the $15,000 so I had to come up with $2800. At this point, I told David that the fees are too high and I wanted to cancel the loan and refund my fees per our contract. David has since given me the run around and ignored my messages. When I confront him, he gets very nasty with me. He first told me I would get my refund in 24 hours. By the last time he promised the refund, he told me it would be 7 days. The 7th day was over last Weds and I still have not seen a refund. I track all of my correspondence and he has read all of my messages but fails to respond. I have researched David Lipp and found many names and businesses associated with him. <br/> <br/> The following is a list of businesses associated with David Lipp: David & David, LLC, David Lipp, LLC, Grubb & Ellis, 4741 Charleston Aquisitions, LLC, Ventura Desert, LLC, Roc 1, LLC, Vegas Valley Partners, LLC, VVP Gibson, LLC, VVP Olsen, LLC, Swecker & Lipp Tenaya Azure, LLC (property), Gibson Land, LLC, Annallen, LLC, Beesley, LLC, Benjamin Millis, LLC, Lambeau, LLC, Millis Nellis LLC, Tenaya Partners LLC, VVP Ann LLC, Integrated Financial Associates, Millis Properties LLC, Olsen Land Development LLC, Prudent Ventures LLC, Milton West LLC, Swecker & Company. These companies have been found to be directly related to David Lipp. There are also another 30 or so companies potentially connected. <br/> <br/> The following is a list of known associates of David Lipp. Most are listed on businesses with Mr Lipp: Harry Hoover Hall, Dale Condra, Warren Condra, Collin Hart, Michael Swecker, Ben Millis, Mark Coleman, Thomas E Lea, Chris Beets, W. Larry Swecker, David T Ting. <br/> <br/> I have approximately 200 pages of evidence regarding the fraud committed by David Lipp. I have reported David Lipp to the BBB and submitted my evidence. My lawyer is also drawing up paperwork against Mr Lipp and any associates. Be wary of any of his associates as some appear to have direct knowledge of David Lipps scam and some of these names are potentially Mr Lipps other names. <br/> <br/> Yes, I was naive and was scammed by 2 individuals from this board. I did check business licenses and such. Hopefully, this will help others not to be scammed by these people. </p> Attention!!!
I hope you are e…tag:realestatefinance.ning.com,2016-02-04:6517464:Comment:2553392016-02-04T15:20:55.101ZDavid Lipphttps://realestatefinance.ning.com/profile/DavidLipp
<p>Attention!!!</p>
<p>I hope you are enjoying your week? Lets get back to financing and closing more deals now!</p>
<p>Just funded a $146,000 renovation loan in Pasadena, California. If you are in need of rehab funds, Fix and flip, personal loans, capital start up loans, consolidation loans, bridge loans, farm loans, real estate loans, I will go up to 70% of completed value. Fast funding, as little as 7 to 10 days, At Joe private lending we offer a national wide lending.</p>
<p>If you are…</p>
<p>Attention!!!</p>
<p>I hope you are enjoying your week? Lets get back to financing and closing more deals now!</p>
<p>Just funded a $146,000 renovation loan in Pasadena, California. If you are in need of rehab funds, Fix and flip, personal loans, capital start up loans, consolidation loans, bridge loans, farm loans, real estate loans, I will go up to 70% of completed value. Fast funding, as little as 7 to 10 days, At Joe private lending we offer a national wide lending.</p>
<p>If you are interested in closing a deal in the next 6-10 days do not hesitate to make contact via email on dlllc.rehab@gmail.com or call, text or leave a voicemail on (775) 624-3150 and will would respond with more information.</p>
<p>Only serious people please!!! No time wasters!!! We are helping clients nationwide to achieve their financing needs!</p>
<p>Thank you</p>
<p>Sincerely,<br/>David Lipp<br/>Tel#: (775) 624-3150</p> Admin,
You are preaching to t…tag:realestatefinance.ning.com,2015-12-31:6517464:Comment:2524422015-12-31T06:09:17.818ZJarrett Lovickhttps://realestatefinance.ning.com/profile/JarrettLovick
<p>Admin,</p>
<p>You are preaching to the choir(as you know from my previous posts). I understand your frustration and appreciate your hard work in maintaining this site. Because of this, I will do my part as a member and make sure to investigate and report any undesirables whom I come across. And Happy New Year by the way!</p>
<p>Admin,</p>
<p>You are preaching to the choir(as you know from my previous posts). I understand your frustration and appreciate your hard work in maintaining this site. Because of this, I will do my part as a member and make sure to investigate and report any undesirables whom I come across. And Happy New Year by the way!</p> Most brokers do not know the…tag:realestatefinance.ning.com,2015-12-31:6517464:Comment:2525292015-12-31T05:46:41.995ZAdminhttps://realestatefinance.ning.com/profile/3aftcnq0ne4je
<p>Most brokers do not know the difference between upfront fees that go into a fake lender's pockets, and upfront fees to pay for necessary third party expenses that are vital in completing a commercial real estate transaction. Appraisal, environmental, title, legal, these are all fees that the borrow must pay and should have to pay for. It is frustrating to be in my place and see all these brokers, most of whom have NEVER even completed one single funding, sit and complain about upfront fees…</p>
<p>Most brokers do not know the difference between upfront fees that go into a fake lender's pockets, and upfront fees to pay for necessary third party expenses that are vital in completing a commercial real estate transaction. Appraisal, environmental, title, legal, these are all fees that the borrow must pay and should have to pay for. It is frustrating to be in my place and see all these brokers, most of whom have NEVER even completed one single funding, sit and complain about upfront fees or costs when I personally am a former lender who was backed by my own investors (several years ago) and I absolutely 100% of the time made my borrowers pay for these after the LOI was issued and signed by me.</p>
<p></p>
<p>As far as fakes, yes they are on this site, but a much lower percentage than on LinkedIn or on any of the other funding websites that I have seen, and I have seen many. I delete people all the time. More than that, on this site you have to "apply" or request to join. I get 12 to 15 requests to join this site on an average day. I approve 2 or 3 of them. Do I make mistakes? Absolutely, but I make far fewer than other funding site owners. I also have a high pressure 50 hour a week job so I cannot spend all day verifying credentials. This site is profitable, yes, but not nearly enough to justify the thorough verification needed to be 100% or even 90% accurate.</p>
<p></p>
<p>If you see a fake lender or a misrepresenting broker, just copy/paste the URL to their profile page and let me know how they are fake. They will be checked out and likely deleted.</p>
<p></p>
<p>ADMIN</p> Ok Jarrett, I will send more…tag:realestatefinance.ning.com,2015-12-31:6517464:Comment:2524412015-12-31T04:00:32.722ZDr Daniel Zeukenghttps://realestatefinance.ning.com/profile/DrDanielZeukeng
<p>Ok Jarrett, I will send more info tomorrow as I'm still at work</p>
<p>Thank you again</p>
<p>Daniel </p>
<p>Ok Jarrett, I will send more info tomorrow as I'm still at work</p>
<p>Thank you again</p>
<p>Daniel </p> Daniel,
I would need more inf…tag:realestatefinance.ning.com,2015-12-31:6517464:Comment:2522632015-12-31T03:46:42.575ZJarrett Lovickhttps://realestatefinance.ning.com/profile/JarrettLovick
<p>Daniel,</p>
<p>I would need more information on this deal in order to give you an educated answer, that being said, insurance and expense deposits are not uncommon but I would recommend using an escrow account which you have selected and have some control over. As far as charging these fees without even quoting a rate, I would venture to say that your broker's 'funding source" is actually a broker themselves and is still trying to place the deal.</p>
<p>If you would like me to take a look at…</p>
<p>Daniel,</p>
<p>I would need more information on this deal in order to give you an educated answer, that being said, insurance and expense deposits are not uncommon but I would recommend using an escrow account which you have selected and have some control over. As far as charging these fees without even quoting a rate, I would venture to say that your broker's 'funding source" is actually a broker themselves and is still trying to place the deal.</p>
<p>If you would like me to take a look at this file and see if I can help, please forward more info to my email:</p>
<p>creativefundinggroup1@gmail.com</p>
<p></p> Thank you very much Jarrett f…tag:realestatefinance.ning.com,2015-12-31:6517464:Comment:2522622015-12-31T03:30:33.800ZDr Daniel Zeukenghttps://realestatefinance.ning.com/profile/DrDanielZeukeng
<p>Thank you very much Jarrett for this clarification. In general they specify, no Up front fees and one morning you receive a note telling you "you have to send this amount of money for Due diligence fees, underwritten fees etc...." I'm not expert on loan, but I thrust people, and like to work with professional. I just finished discussing this afternoon with another broker, who told me that the lender that signed a funding agreement and JV agreement with is a scammer because he asked me to…</p>
<p>Thank you very much Jarrett for this clarification. In general they specify, no Up front fees and one morning you receive a note telling you "you have to send this amount of money for Due diligence fees, underwritten fees etc...." I'm not expert on loan, but I thrust people, and like to work with professional. I just finished discussing this afternoon with another broker, who told me that the lender that signed a funding agreement and JV agreement with is a scammer because he asked me to deposit $200,000 in the escrow account. But at the same time he asked to provide $174,000 for insurance. While the same time he say his lender doesn't charge any up front fees but asked $174,000 for insurance before knowing the interest rate of the loan. It's that professional? I'm asking all brokers of this forum. I'm not a broker, but I need him to close a deal. At the end I think they need to be professional and tell the truth. Thank you </p> Admin,
2% was a ballpark esti…tag:realestatefinance.ning.com,2015-12-31:6517464:Comment:2522612015-12-31T03:10:45.138ZJarrett Lovickhttps://realestatefinance.ning.com/profile/JarrettLovick
<p>Admin,</p>
<p>2% was a ballpark estimate and we can spend all day splitting hairs on that. I respect your opinion as well and have made valuable connections on your site(for which I am grateful), the fact remains I read post after post promising fairy tale rates and terms and brokers pretending to be direct funding sources sullying the field! Then you have everyone quoting the statement of "no up front fees" and when the prospective client receives the LOI with due-diligence costs outlined,…</p>
<p>Admin,</p>
<p>2% was a ballpark estimate and we can spend all day splitting hairs on that. I respect your opinion as well and have made valuable connections on your site(for which I am grateful), the fact remains I read post after post promising fairy tale rates and terms and brokers pretending to be direct funding sources sullying the field! Then you have everyone quoting the statement of "no up front fees" and when the prospective client receives the LOI with due-diligence costs outlined, they believe that they are being swindled! Most borrowers don't understand the difference between legitimate loan costs and abrasive loan "fees" so it is our job as brokers and consultants to not confuse our clients, but to educate them.</p>
<p></p>
<p></p> I've run into more than one s…tag:realestatefinance.ning.com,2015-12-31:6517464:Comment:2522592015-12-31T00:29:36.239Zbillgowhttps://realestatefinance.ning.com/profile/billgow
<p>I've run into more than one sponsor who was taken to the cleaners by Kennedy. I used to do a lot of golf course loans and because they were so specialized, owners were desperate to find someone to step up and finance their properties. We're not talking about small change here either. The worst I ran into was in Mississippi where a developer sent Kennedy $250,000 in "fees" and after their hack-appraiser left, he never heard from them again.</p>
<p>NEVER PAY UP FRONT FEES !!!!!!!</p>
<p>All…</p>
<p>I've run into more than one sponsor who was taken to the cleaners by Kennedy. I used to do a lot of golf course loans and because they were so specialized, owners were desperate to find someone to step up and finance their properties. We're not talking about small change here either. The worst I ran into was in Mississippi where a developer sent Kennedy $250,000 in "fees" and after their hack-appraiser left, he never heard from them again.</p>
<p>NEVER PAY UP FRONT FEES !!!!!!!</p>
<p>All the Engagement Letters (and LOIs) I've ever read or created myself as a direct lender spelled out costs and fees very clearly. Typically, a sponsor will be required to pay for an MAI Appraisal, Phase One Environmental Report and Market Study. New construction will add to that but not much. HUD collects Application and Inspection Fees, also due with the signed and returned Engagement Letter (or LOI).</p> Jarrett,
As much as I respec…tag:realestatefinance.ning.com,2015-12-31:6517464:Comment:2525202015-12-31T00:19:57.557ZAdminhttps://realestatefinance.ning.com/profile/3aftcnq0ne4je
<p>Jarrett,</p>
<p></p>
<p>As much as I respect your opinion, it is not correct. Much more than 2% on this site are the real deal. Are there many scammers and low level brokers pretending to have funds, yes, but I can personally name more than 30 direct, proven lenders using this website. Lenders that close real estate deals. I would say the biggest problem is brokers claiming to have funds or be "direct to the source". I have deleted over 300 fake lenders and foreign country posers in the last…</p>
<p>Jarrett,</p>
<p></p>
<p>As much as I respect your opinion, it is not correct. Much more than 2% on this site are the real deal. Are there many scammers and low level brokers pretending to have funds, yes, but I can personally name more than 30 direct, proven lenders using this website. Lenders that close real estate deals. I would say the biggest problem is brokers claiming to have funds or be "direct to the source". I have deleted over 300 fake lenders and foreign country posers in the last few months. This site, although there are still fakes, has a much higher percentage than other funding websites.</p>