My story goes like this. Being a real estate investor and having an experience of 35 years in this domain, I had dealt with various financing companies. However, this time, I needed a huge fund to start my biggest commercial development and knew that I would have to seek funds from more firms as one company could not have bear such a huge amount.
For this reason, I contacted my mortgage broker whom I trust completely as we have been working together from a long time. He suggested CRE-Finance.com saying that he was contacted on LinkedIn by this company. They said that they were wall street based and were direct lenders. They further added that they were behind the funding in NorthEast.
As per the plan, I provided the details of my project to this company and they gave me the term sheet for this project. Again, my broker shared the details of the second project and they provided the term sheet for that project too.
I usually scan through the portfolio of companies that associate with my firm. After looking at the term sheet, I knew that the offer was too alluring, however, with my experience, I knew that it had the chance to stay true. Later, I scheduled an online meeting with Richard Tretsky and he seemed nice. We did second meeting, however, this time, I was not impressed.
In the second meeting, Richard mentioned about $20,000 non refundable underwriting fee. Till this time, I had not done the background check for this company and it was the time, I should have started. So, I did.
Thankfully, I knew what they were after. There were many complaints on sites like these for this firm. The New York address was a virtual address. So, they never had a physical office in the Wall Street.
The New Jersey office was fine, but cannot make much remarks as I never visited that company. I even checked the feedback provided on their website about their extraordinary assistance and they all seemed fake. None of the name listed on their website had any reference to the social accounts or google results.
The press reports that the company was talking about were released by the company itself. So, I had my reasons for not trusting this company for good. After all these reviews, I asked Richard to submit references from banks, local connections and clients. However, since then, he never replied.
So, I am sure that he was after my money and nothing else. He never had the intention to help me. Or, even if he had, he was not enough competent to fund my projects that were too big for smaller financing firms.
Looking at this, I can conclude that CRE-Finance.com can do anything and lie about everything to win your trust. I am not sure what they would have done with my money, but nothing great would have ever happened.
My broker also suggested not to deal with them. This is a scam, stay alarmed.