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

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. 

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!

Bryan

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 globalequityalliancescam@gmail.com as we are preparing a class action lawsuit and you are welcome to join.

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.

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.

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.