Pyramid Sun LP
Commercial Loan Company Scams Consumers

Pyramid Sun LP is also located at 10237 Berea Rd, Cleveland, OH 44102. You submit a loan request and you get an LOI stating that you have to pay $18,000 for due dilience fees or $10,000 if you have an appraisal. The LOI also states that if you withdraw your loan application you lose your fees. If the company cannot get you a loan you get a refund of your fees minus any third party costs.

I had an appraisal done on a property and it did not come in at the required amount. I asked my rep KEVIN O'MALLEY (the only person who answers the phone by the way) if I will get a refund. He stated that I would and he would process the request. A few weeks went by and still no refund. I contacted Kevin several times and finally theatened to contact the FTC and then I received an email from the supposed accounting department stating that I will have something mailed out by the end of the day. I then recieve a letter from an attorney stating that I will not get my money back because I withdrew my loan application which in fact is not true.

I did do some type of investigation of the company before I sent money out. They are listed with the State Secretary Office in Ohio but not in MA. Kevin gave me the number to a referral but my associate asked for one and he received the same contact. Unfortunately for commercial and private equity loans they are not required to be listed with the state and are apparently not regulated like residential mortgages. I found this advertisement on Loopnet.

No one else at the company answers the phone nor do they return phone calls. Kevin has also called me from various phones located in Los Angeles, San Diego, Ohio (the only land line) and MA. He has set this operation upto look very professional. He has his Lawyer as the trustee of the company listed in OH. The one thing that I remember that stands out the most and should have threw up a red flag was that when I questioned the legitimacy of his company he became very defensive and almost angry about me sending the $10,000.

Bottom line "do not use this company, it is not legit"

I have complaints in with the FTC and FBI.

Company: Pyramid Sun LP
Country: USA
State: Massachusetts
City: Boston
Address: 225 Franklin St
Phone: 8664176131

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