Complaint Review: Michael Pellegrino
Michael Pellegrino MJ Pellegrino consulting Took the Upfront Fee and Ran (Alternative Private Lender ) = Crook & fraud las vegas Nevada
I was trying to get a mutlifamily deal finance based on its ARV after searching and talking to multiple lenders no one agreed. I came accross Michael Pellegrino's name after searching on google. He called me back and seemed credible and quickly issued me a term sheet.
I was skeptical at first but when I searched online I did not see any negative reports. After he issued the term sheet, he requested an upfront due deligence fee of $1,950K to get the process going.
He said he works with private individuals that frequently invest in the market and are agressive.
The terms were as follows:
Terms: 3 Yr Loan of up to 75% ARV,with a fixed rate of 9.75%, non-recourse, no pre-pay penalty. Lender will require first lien position on the above referenced property. Payments of interest only shall be made monthly in arrears after a 6 month period. A final balloon payment shall be made at the end of month 36. Should balloon payment not be made, client may renew for an additional 12 month period.
He is located in Nevada and banks with one of the top 5 banks in the US.
I waited a week and decided to do another search and his name came up on ripoffreport.com but by that time it was too late.
I reached out to him and requested an immediate refund and he became upset and has not return my phone calls nor emails since then. I believe I will never receive my money now and will be filing a report with both the FBI and CFPB.
This guy must be stop.
All reading this , please learn from my mistake Never give any upfront fees especially if they are not known in the industry.
Hopefully I have prevented at least one person from going through this ordeal.
This report was posted on Ripoff Report on 09/14/2017 10:51 AM and is a permanent record located here: http://www.ripoffreport.com/reports/michael-pellegrino/las-vegas-nevada-89177/michael-pellegrino-mj-pellegrino-consulting-took-the-upfront-fee-and-ran-alternative-pr-1400008. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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