- Report: #813317
Report - Rebuttal - Arbitrate
Complaint Review: Equity Build inc.
Equity Build inc.1083 Collier Marco Island, Florida United States of America
Equity Build inc. Jerry Cohen If you are thinking of doing business with Equity Build you need to read this NOW! Marco Island, Florida
*General Comment: Equity Build is real
Equity Build or Equity Build.com out of Florida has been buying properties in Chicago for the last 5 years. And finally someone is going to investigate them. If you are a private lender you are probably a private lender without much experience. The private lenders they use dont go back to them and with good reason.
Equity Build promises their inexperienced lenders the opportunity of HIGH returns, much more than they are getting in the bank. The reason Equity Build uses these never before private lenders is because no one will give Equity Build any underwriting guidelines. So they can use the borrowers funds to fund Equity Builds original purchase. No other Title company in Chicago will even allow this other than the title company Equity Build uses. That company is City Suburban Title Company out of down town Chicago.
It gets much better, the inexperienced lender will never know that the properties have no appraisals at all just someone putting together some comps. And even worse the borrowers that Equity Build finds dumb enough to buy these properties come in with zero down. They borrowers just come in with the fee to pay Equity Build for getting the loan.
So with the banking crisis that is going on if any legitimate lender were to lend to these also inexperienced would be investors they would require the Borrower to have bought investment properties in the past and put down at least 35% and not ZERO down. To insure the lender is secure.
You see Equity Build doesnt care about the lender because they can only use the lender once because once the lender loses money they will never lend again. Or like in most cases wont have the ability seeing they would have lost their investment.
Look up a property at 1401 west 109th place in Chicago. The lender and borrower are both screwed. Equity Build lined up a private lender and a inexperienced investor to buy the property. Equity Build used the borrowers funds to purchase the property and then sold it back to them for a HUGE profit. Problem is the property still stands there and is in demolition court. The property has so much wrong with it that its best use is to tear it down.
The rents never came in for the inexperienced investor and the inexperienced lender will soon have a vacant lot for all the money they put into this project.
Below is a link to the ccrd website so you can look up some of the properties Equity Build has been involved with.
http://www.ccrd.info/CCRD/controller Remember if it sounds to good to be true it probably is.
This report was posted on Ripoff Report on 12/23/2011 07:35 PM and is a permanent record located here: http://www.ripoffreport.com/r/Equity-Build-inc/Marco-Island-Florida-34185/Equity-Build-inc-Jerry-Cohen-If-you-are-thinking-of-doing-business-with-Equity-Build-you-813317. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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