I applied for a hard money loan with Saj Habib at MGM International or A Perfect Mortgage. I received a quick approval and was told to send $1500.00 for Due Diligence. I was told that I was denied because my property was in a declining market. The market had been declining, However, has been stable for 2009 and actualy was trending up in recent months. I provded proof of this. I was also told for another $6000.00 in due diligence fees they could almost for sure get me the loan. I said I could not risk that and have not heard from them since. They also provided me "proof of funds" several months ago and then more recently. This was a copy of their bank account to provide to sellers when making an offer to purchase real estate. The dates were 6 months apart, but the amounts were exactly the same.
0 comments