CRE FINANCE REVIEW
This complaint was posted on NAS on 21st Feb, 2022 and is a permanent record located here: https://www.nameandshame.com/cre-finance-5YOS3/bunch-of-scammers-id5ye8x .
Bunch of Scammers
This is nothing but an elaborate “Upfront Money Fraud”. Companies like Cre-Finance charge them and get away with it.
Kennedy Funding was involved in illegal practices of charging upfront money without delivering funding of loans.
Remington Financial (father and son scam) ended up having 8 people soon to be in prison in the sentencing hearing on March 25th in Philadelphia and now Cre Financial (Father and Son) that will end up realizing scamming investors is criminal. How shameless can these people get?
CRE-Finance uses a “tease, bait and switch”. Directly and through the Brokers community, Sponsors sign up and give up their requested information and based on that information, CRE-Finance issue LOI. Within the LOI (non binding and drafted by high caliber attorneys) the language calls for 3rd party costs. Appraisals and credit reports are ordered using the Sponsor’s money, however the real costs and actual invoices do not leave their offices. In my case The appraisals came in exactly at the projected values, however through their underwriters Terri Galligan and Robert Salmon, the values were cut. An excuse to deny the loan and in my case all 3 of them!. Counter offers are issued to lower the loan amounts requested, hoping that the Sponsor backs out. In my case I signed all of them to call their bluff. Multiple emails and conference calls and a trip to Eaton Town N J did not get me anything. No loan (s) and loss of $37,000 Wire transfer.
Cre Financial then hired a New York Attorney. Why not? It is cheaper to pay an attorney few hundred Dollars than to give back the $37,000 Just imagine that if they do 30 clients a month and pocket the difference between the actual cost and the total up front money paid of averaging $10,000 / client times 30 days = $300,000 / mo OR $3.6 Million a year. If they could even make loans which apparently there is no evidence that they do, can they make this kind of money in loan fees?
Don’t believe me? Just search around on the internet. There are several reports not just from Sponsors but also appraisers that they did not get paid! What does that tell you? Scam the appraisers and lower the cost and higher the profit.
I do have several legitimate companies and multi offices nationwide unlike Todd and Richard Tretsky (Father and Son) that have their two offices in N J and N Y and are NOT licensed to solicit other States sponsors. Guess what? They do solicit in all 50 States. Who do you think pays the rent for a NY office on Wall Street? Victim Sponsors do.
Cre Financial’s attorney and I tried to settle. They offered $7,000.00 I did not respond. Then they lowered their offer to $3,000 and I rejected it. Why? Because exposing them to the future victims and soon to be Government agencies means a lot more to me. Signing a confidentiality and closing my mouth and look another way is not me.
If you are a victim of them, come forward, don’t be scared. They can write whatever they want but the facts are that is more profitable to take upfront money, share it with an attorney and not pay the 3rd party or pay as little as you can. Today’s investors and future sponsors are intelligent.
Questions to ask are: Have they made any loans? what type? to whom? Are they brokers or direct lenders? and Do they actually have “credit lines” ? Per a phone call with Richard Tretsky “they make short term 12% bridge loans with 2 points”. Later by talking to legitimate lenders I found out that my properties (where they are located) were not qualified for CMBS loans as were promissed. WHY WASN’T I TOLD THAT BEFORE I WIRED $37,000 ?