ED Magedson – Founder
dohardmoney.com8785 south jordan valley way suite 1 west jordan u , Select State/Province USA
dohardmoney.com ryan write chris wise rip off artist from ut. fraudulent loan offers Bait and switch west jordan utah
dohardmoney took 2,000 from me to become a vip member in order to get the 10000 guaruntee profit from my first deal. I found a property through an online site and submited it for approval. Their web site said you didn`t need to be incorporated but that you must apply if you are approved. Their guy Chris Wise and they would contact you for a phone conferance. They did. No help there. They were selling credit repair and filling incorporation doc`s at a very high rate. When I told them I could do it elsewhere cheaper they said that would be fine but I had to allready be incorporated to get funding. By the way what Chris Wise is selling is seasoned corporations. Yes that part is legal to do. Starting price 5000 and with that you may get 10000 in credit. So they could not close on the deal I had lined up while waiting on getting incorporated. Good thing I didn`t send the auction company my earnest money. The property was put back on the auction site as there were no other bidders. I won the property again. This time for a few thousand less,even better. I had a few delays getting incorporated but nothing to stop a deal or loan. I submited it for loan and was told to pay them their 600 bucks for evaluation. came back good and gave them an estimate from a contractor. Everything still under the 65% ARV the loan amount was set and everything was going fine all doc`s were getting esigned. I was told how much to bring to the closing an, estimate. Come to find out they couldn`t close as fast as they say. No cash there. They are a loan broker not a lender. They needed proof of funds from me in order to procede so they knew how much money I had in the bank. The loan papers were sent to me and seller and closing date set. I was sent a contract for the deal through esign and signed it. All seemed to be going well. They need insurance and a few other doc`s.
Once those were all lined up and signed I was then informed that my contractor hadn`t signed the rehab contract. I signed a copy with the realtor and thought he did. All this through pdf email. This was signed by me in person and needed to be signed by the contractor. He was told they needed it itemized and how the draw system would work. And if he didn`t finish or pulled out of the contract I could finish it myself or get someone else. If I could find another contractor I could finish but would have to fund the rehab from my own pocket. You need a licensed contractor to use the draw. They then told me I needed to have the rehab money held in reserve in case something went wrong and they needed to take over the deal. He then signed a new bid that was higher in order to be able to use the draw,which he signed.I would not because it was a deal breaker and went past the 65% rule. His new bid was 7000 higher. I didn`t get the chance to sign or do anything with it. They said they had a signed contract with me and that anything above the loan agreement in the way of the new contract estimates I would have to bring to the closing table. Extra 7000 plus they would not include the closing costs listed in the loan. I would have to bring that in as well. An extra 2500 bucks.
So the day before closing I was told to bring in or wire dohardmoney the 5000 for the innitial loan plus 7000 for the estra rehab money plus 2500 in closing costs. 14500 when I thought it would be and was told to bring 5000 to close. The next day my contractor withdrew his bid telling be he wouldn`t be able to do the work the way they wanted him to do it. He cited five day waiting periods during the draws to inspect his work. before getting paid.Now their suing me for breach of contract because the contractor never signed the first contract and the deal fell apart. I`m sure it was a mistake by their loan department but to blame the deal going south on me is rediculous. I don`t think they ever intended to go through with the loan because they are claiming I didn`t fulfill my contract when they never sent it to closing. No funds were ever wired to the title co. doing the closing. Between do hard and the evaluations and the earnest money I`m out five grand. And then they want more with a lawsuit. First and last attemp to do biz with them. No partner with a pro no cosiery or what ever that was. I could have paid cash by the time they got everything added up at closing.
This report was posted on Ripoff Report on 03/11/2014 03:07 PM and is a permanent record located here: http://www.ripoffreport.com/reports/dohardmoneycom/select-stateprovince/dohardmoneycom-ryan-write-chris-wise-rip-off-artist-from-ut-fraudulent-loan-offers-bait-1129959. 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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