MIG Funding / Global Equity Alliance claims they require a $995 commitment fee before they will begin processing your hard money loans and that it is refundable if the loan is not closed.
I honored my side of the agreement and put up front a $995 commitment fee, upon our loan not closing, they refused to honor their side of the agreement. Their statements are misleading and practices are outright fraudulent.
Unfortunately I fell for their scam.
See below their posting by their SEVC Michael Mackay. His comments can be easily found posting all over the internet.
"Hello All,
I thought to take a moment to clear the air for all questions and comments listed above. My name is Michael Mackay, SEVC for MIG Funding.
$ the 995.00 Fee questions... This is simple
When you apply for a loan with us, click on the apply online tab of our site! All fees are disclosed right on that page.
So a rehab loan is $39.00, once approved it breaks don like this! First time borrower $995, paid when you select the loan you actually qualify for "this is key", second time or more $495.0 collected on the HUD.
Not every borrower, or property is approved for funding, in your mind it may be a good deal, however we train our processors to look out for things for you, that maybe you do not see.
So if you pay the fee and that property does not close, you can look for another property or get a refund, we will keep any costs incurred on your behalf" title, appraisal" if you didn't make it that far, then you are good."
If you are deceived by MIG Funding, and would like to sign a petition or work together towards a class action lawsuit with a group of other people who were also misled by MIG Funding's Fraud and Scam, please e-mail me [email protected], we can work together on this to get our money back or take this company down. MIG Funding is holding our money their SEVC Michael Mackay said would be refunded.
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