I was scammed out of $2000.00. I applied for a loan to do fix and flip from Hos Investment inc. Don Hostetler is the Direct Private Lender and was told that the $2000.00 was for the origination fee. And now I have out of the $2000.00 and no loan. What recourse do I have. I borrowed the money from a friend and I am too ashame to let her know that I was scammed.
Posted: 8/23/17 Last Updated: 4 months ago
- By: Eleanor Wynter
- in Solon OH
- 12818 Views
With my unsecured funding cash term loans product, no down payment is needed. There are no upfront fees. Interested, please reply with your contact information.
11/15/21 02:14 AM
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Matilde, cix does take the necessary action, they need all of us to be vigilant and report those abusing our community.
09/03/17 01:02 AM
it appears that cix is a part of connected investors
01/25/21 04:15 PM
An origination fee is paid out of the loan when it closes, if a lender is asking you for an upfront origination fee do not do the deal. I have worked in banking and finance for many years. Call Banking and finance on him in whatever state he operates out of and get your money back. File a complaint and I guarantee in these times he does not want that and he will pay that money back. They have zero tolerance for that kind of mess especially after the market crashed in the 2009. PPl are in jail... More things like this. Less
01/06/19 05:52 PM
How many times do they have to tell you if they ask for money up front don't do the loan. Try depending on long it's been report them to the bbb Better Business Bureau or Federal Trade Commission. If that doesn't work contact me and i will tell you the next steps. It might take a while just be patient.
08/14/19 07:41 PM
More in Ask A Real Estate Pro
So sorry this happened to you. Any particular reason why you chose a private lender over a legitimate lending source? I am a Funding Consultant and can help you get a loan with my unsecured term loan platform. With over 240 lenders in my network , no collateral, upfront fees. https://GetFundsNow.now.site. Hope to talk to you soon. We even have a program for first time investors interested in fix and flips.
11/15/21 02:10 AM
There are some private money lenders that charge nominal fee for applying to do loan once deal is verified by borrower then application fee pays for back round check on borrower or borrowers to know what to set interest rate at due to risk of loan. But as far as origination fee yes that is taken at closing
07/11/21 12:13 PM
I was scammed in a very much similar way from another company that found me on here last year. bbb complaints were made and found others with similar ones. In the end, my money was gone and the company just disappeared. It was a hard lesson to learn, sorry it happened to you.
03/12/21 12:45 AM
i wish i had $2000 to give to you. it breaks my heart that there are evil people like that in existence. I just got scammed for $500 by a fake website developer from California but turned out to be out of India. They were supposed to build my site and integrate it with my instagram and facebook page. What they left me with can be found on google business. I have a tech friend in the process of fixing it for me. I can't even get mad. I just know now that I have to do my "due diligence" in vetting... More I plan to do business with. Yes, even on this platform. Some folks make offers too good to be true and when I check to see if they have social media or webpage, there is none. I think some folks are just "phishing" for email addresses to add to their affiliate biz. Do your hustle, but don't take advantage of others just to profit. Because just like the saying goes, "what goes around, comes around". Believe that! Much success and prosperity to all. Less
02/16/21 03:57 PM
From my own perspective, depending on your lender and the nature of your loan, the borrower may be subject to pay appraisal, credit report, and some other cost especially when the property involved is not a residential property, i believe every investor obtaining funding from any sort of lender, should verify the private lender/lending company's government registration details.
02/08/21 09:47 AM
Hi Eleanor, I feel for you. I am in Columbus. And I get about 30-40 so called Private Lender emails per day in my mailbox. And all of them want money up-front before the loan. They call it ppi or application processing fee. I am looking for a lender so badly, I almost started to trust one of them. One red flag that I found is that they wanted $2000 also, but I said will you do less. a couple of them came down to $880 and the other one said $500. So, I knew that was very suspicious. And, the more... More I asked, the more shadier they were. I found out that it is a scam and that most of them are out of the country lenders in different countries, And of course with that, there is no recourse. So, as they say everywhere, if they ask for any money, just say NO. Good luck. Keep my name and info handy, if either one of us finds a truly legitimate funding source, we can help each other. Robert Less
06/03/20 09:37 AM
momentum finance is good. has a website , only application, great to work with but have only done 1 short term loan an extremely high interest. definitely a hard money lender .... interest for first loan usually runs 15% but depends on what ur using it for as to rates an payback schedule. good luck
03/09/21 02:38 PM
What you do is, first have available all the information regarding the transaction. File a complaint directly with you State Attorney General's office and send a copy of the complaint to any consumer affairs div. that you may have in your state. Then also send a demand letter to the person or company that scammed you detailing the filed complaint, make a demand for them to either follow through or return you funds in full. Tell them they have 30 days to respond and a non-response will be considered... More an admission of guilt. Then, if nothing has happened, you take the letter that was sent to the AG and your demand letter and you file a civil suit in your local jurisdiction. Make sure every possible person within the company is named in the suit. They will probably find a way to give the money back or settle with you somehow long before it gets to that point, but that is how I have handled scammy lenders and realtors, it's not hard. Less
05/09/20 03:02 PM
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