Borrowers beware!
Jason Zimmerman of the ZIM Group was introduced to me from a mortgage broker as a Hard Money Lender. I had many loan requests that required hard money financing. I - through my mortgage contact gave all the loans to Mr. Zimmerman. We had conference calls with the borrowers where Mr. Zimmerman stated he was a private lender, that had access to a fund as well as many money sources.
He stated how he loved the deals, that they were definitely fundable but my borrowers had to follow his "Procedures", which included signing an LOI with a $15,000 upfront Due Diligence Fee. On the LOI the fee claimed to be refundable. After the money was wired, Jason travelled to meet the clients gathered all the paperwork through me and promised on a weekly basis that the deals were going to close.
Weeks went by, the deals never closed and Jason hid behind his travelling and time as reason to not refund the fees.
Three to four months of wasted time, $75,000 in fees in his pocket and my deals are now in the hands of another lending source.
I did find out - through someone he referred me to that he is an individual who knows a few private money sources. He is not a lender, He is technically a "Broker" = and bad one if that!!!
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