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Dubious Loan Offer Concerns Me – Watch List

The following information appears only because this entity has hit my radar and has raised a concern and I do not want to lose this information. I’m keeping it handy in case issues appear in the future.

Steve Notes

The following loan offer is being promoted and it has raised some serious warning bells and questions. It feels like an unfortunate setup for an advanced fee loan. The loan offer is targeted at people with poor credit.

This loan was offered on Linkedin to members of at least one group and was posted online as “100% LTV / ANY ASSET, ANYWHERE, IN 7 DAYS.”

The Pitch

QUALIFICATIONS:
1. NO CREDIT OR FICO SCORE REQUIRED (we will, however, look for tax or other liens that could impact our collateral interest!)

2. VERIFIABLE OWNERSHIP INTEREST (No seasoning required)

3. ABILITY TO REPAY

ACCEPTABLE FORMS OF COLLATERAL:
REAL ESTATE: Raw Land, Commercial, Mobile Home Parks, Mixed Use, Residential, Multi-Family, Manufactured Homes on Owned Land, Farms, Condos, Co-Ops, Condotels, Hotels, Motels (Typical LTVs 50-70%,but as high as 100% – Lender’s Discretion Based on Ability to Repay and Collateral Type/Cashflow etc…) –

The loan application was lacking even the most basic of information.

And the formula used to determine the alleged loan has some very odd method of calculating the loan and makes odd statements about factoring the loan and forgiving part of it.

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Website

There is no website for this loan. The loan broker say:

Q. DO YOU HAVE A WEBSITE
A. No. Given the desire for the lender to remain anonymous (until a real deal is in place at least), and the ever prying eyes and ears of people who want to poke and prod, but never actually close any REAL business, we’re holding off on developing a website.

See also  Christ Centered Real Estate Solutions - Consumer Complaint - 3-13-2012

Company Information

The alleged loan broker, Anthony E. Fierro, identifies himself as a member of Christ Centered Real Estate Solutions (CCRES) LLC in the greater Los Angeles area.

Unfortunately there is no California registered company with that name. There is a Nevada registered company with that name and lists it’s members as only Steven A. LaBella and Thomas Duck. –
Anthony Fierro does not currently hold a Department of Financial Institutions license in California.

I also checked with the Nationwide Mortgage Licensing System & Registry and there was no listing as well for Fierro or Christ Centered Real Estate Solutions. A search of the California Financial Services Division could not locate a licenses under Christ Centered Real Estate Solutions or CCRES.

I attempted to reach Anthony Fierro at the email address listed but as of the time of the publication of this article I had not heard back. It might even be plausible that someone is using the name of Anthony Fierro and setting him up for this questionable offer.

All I’m saying at this point is it does not appear to add up and has my ears perked.

If you have had any experience with this program, please post your comments and feedback in the comments below.

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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