Report: #856714

Complaint Review: Global Equity Alliance

  • Submitted: Tue, March 20, 2012
  • Updated: Tue, August 21, 2012
  • Reported By: bryan — laveen Arizona United States of America
  • Global Equity Alliance

    Cincinnati, Ohio
    United States of America

Global Equity Alliance - Kim Riddle ,Loan Processor, Global Equity Alliance is too good to be true! They claim to be able to fund money for purchasing homes for both buy and hold as well as fix and flips. I was charged $995- and got approved for a fix Cincinnati, Ohio

*Consumer Suggestion: Suggested Solution

*Author of original report: Same story from GEA - it's a SCAM

*Consumer Suggestion: Class Action Lawsuit

*Consumer Comment: Follow Up

*Consumer Comment: Dont believe them

*Author of original report: update on 4/3 for GEA

Show customers why they should trust your business over your competitors...

Global Equity Alliance (GEA) is too good to be true!  They claim to be able to fund money for purchasing homes for both buy and hold as well as fix and flips with up to 70% LTV throughout the USA and their approval is not dependent on credit score.

I was charged $995- to get approved for a fix and flip loan.  After submitting all of the paperwork over 2 months, GEA never went to the property to do an appraisal and never got back to me with a status on the loan.  Instead, all I was ever told was that the loan was in underwriting.

Most disturbing was the fact that I could never reach anyone on the phone including my loan officer - Kim Riddle.  All I ever got was email responses that were weeks apart and asked me to get an extension on the closing of the property.

Even filling out this report, I realized that GEA does not even have a physical address.

Stay away!  Global Equity Alliance is a SCAM!

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#1 Consumer Suggestion

Suggested Solution

AUTHOR: auklander - ()

I was scammed out of my deposit and after one year of trying to resolve amicably, I ended up suing them in small claims court in Ohio (Cincinatti, Hamilton County).  That sleazebag Michael Mackay did not even show up for the hearing, and I was therefore awarded a default judgment.  With the judgement, and the bank info (from my initial wire transfer), I was able to garnish their bank account and get my money back.  I would advise you to do the same.  It will cost you about $70 to file the lawsuit and you'll have to drive to Cincinatti, but for me it was worth it on solely on principle.  Good luck. 
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#2 Author of original report

Same story from GEA - it's a SCAM

AUTHOR: bstream - (United States of America)

I have waited several months before adding to my report regarding GEA in hopes that they would reach out and offer an explanation for their non-performance.

After hearing from Mike McKay via the phone, I decided to give GEA a second chance to close on a fix and flip property.  After collecting an appraisal fee (I have now paid over $1300-) and telling me that everything was progressing without issue, I was left at the closing table without the loan that was promised.

The saddest part is that like the first time, all communication (no emails or phone calls) stopped from GEA.  I never heard from them again.  Yet I still get emails from them advertising even better hard money loan programs.

I hope others read this and stay away! I repeat what I started my first report with: GEA is a SCAM!

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#3 Consumer Suggestion

Class Action Lawsuit

AUTHOR: auklander - (United States of America)

I and many others were given similar explanations on multiple occasions--software troubles, spam filters, concerns over fraud, work overload, etc.  I would not advise you continue working with this firm as they are not reliable and will likely not return your deposit once you decide to terminate the contract.  A quick search of the internet will find many, many instances of this happening.  If you do continue working with them, good luck. If you you cancel the contract, and they wrongly refuse to return your deposit, email as we are preparing a class action lawsuit and you are welcome to join.
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#4 Consumer Comment

Follow Up

AUTHOR: History - (United States of America)

I spoke with Mr. Mckay who informed me that  they were indeed having system issues and were working diligently to resolve them; he also informed me that I lived in an area where they receive fraudulent loan requests all the time so they are weary of any request from my area.  In my opinion, at least they take the time to thoroughly vet applicants, with that type of diligence the company will be around a long time.  DO NOT think that this process is like a traditional loan; ITS NOT.  Overall, I think they could have a good product if the level of communication was better between the company and the customer just make sure you have a good contingency period on any real estate contract so you don't lose earnest money while the loan is in processing.
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#5 Consumer Comment

Dont believe them

AUTHOR: History - (United States of America)

You will not get your money back unless you are willing to sue them. Hopefully you kept all of those emails that were sent back and forth.  Also, a copy of the deposit form when you paid them the 995.  I personally went through the same issue.  They will never close the deal as they always have excuses why things get delayed over and over again.  I also talked to Micheal, the only thing they ever refunded was the BPO charge and thats because it was on a credit card.
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#6 Author of original report

update on 4/3 for GEA

AUTHOR: bstream - (United States of America)

I had a phone conversation with Michael, the president of GEA.  He informed me that I the means of communication via email was the norm and that GEA did not do the BPO to protect me the consumer since an extension on the close date was coming too quickly.  Michael informed me that GEA is still willing to do business with me and have given me new pre-approval letters.  I will provide another update on any additional progress as we engage.
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