This lender sounds too good to be true. 123 Instance Funding? Has anyone used them?

If that is true sign me up.
I would definatly be careful on this one.
Tred softly.

I would be skeptical of them also... Normally, when a company is legitimate they try to set-up all of the preliminaries first. They register with the Better Business Bureau, the Chamber of Commerce in the city or cities they intend to work out of, and a charitable organization. On the other hand, they could be just starting up. An upstart may not have had time to set-up the preliminaries. I would dig deeper into these guys, before I give too much information. I thank you for the warning.

Ty

....another Russian/East European group trying to get a hold of your SSN under the guise of an Asian Businessmen's Group. I don't see how they can take the risk at 6% with the number of defaults they will have lending on their terms.

What company is used and recommended by active rehabbers in your area? Who do the local REI clubs use and recommend? Ask for at least 3 referrals from clients in your area.
Most legit lenders will charge a MINIMUM of 2 points and 8%. That is about as cheap as I have found and that is RARE! More common is 4 points and 15%, nine month balloon.(HML)
Please let me know if you find someone that will lend at 6% unsecured, with out an appraisal or credit check. Re read that last sentence I just wrote and think about it.
Glad you did not supply them with any of your info!

Good luck and keep looking!

Michael Mangham
MD Home Acquisitions LLC

Yep, there is no possible way this is legit. They want your SS# or an upfront fee...or both.
What is funny is how they say 123 Instance instead of 123 Instant.

I wouldn't touch them without BBB or a website...

Ask them what state they are licensed in and what the name of their affiliated financial institution is. Their grammar and spelling is pretty good for a scam, only a couple of mistakes.

As tempting as it may sound Tammy, I would just chalk it up to another scammer that has gotten on our site. Jeremy and I could give them all the deals we have on the table at present, but I would shutter at the outcome of giving out our persnal info. Best bet, keep looking as we all do. they are out there, you just have to find them...Jan

Tammy
It sounds like a scam to me to,I've ran into a few of them myself over the years, NO DEAL IS BETTER THAN A REALY BAD DEAL.

Jim Kendrick

Any further updates the bona fides of this company available? Points are required upfront.

i'm sure this company makes a mint off of unsuspecting 'investors' and the like

Walk away T

They will ask for money up front and for it to be wired so they can get your bank information. I would not even looking at them any more unless it is to warn others.

For Everyone's Information:

In Switzerland, I found out a few things about 123 Instance Funding for a client. Their address does not exist. Nor are they in the phone book or yellow pages. Their listed street is in a high rent commercial district though with one side on the river.

The principal broker or manager, L A Mendelsohn, answers the Zurich phone number he sends out with his email, a cell phone number which could be forwarded to anywhere, but he does not speak High Swiss or High German or Italian. His English is clipped and perhaps Asian or African which makes his name suspect as well.

When pressed, a reference was given us after several days, a Doctor. We spoke to the reference twice and he was no Doctor. When we checked out the good Doctor, he did not exist. I mean we checked him out including in person and no one knew of him where everyone knows everyone.
We called the doctor back, asked him about it and he hung up on us.
Their references are fictional characters.

Mendelsohn is not well educated but his 123 Instance Funding gets better and better from learning and copying their victim's, their mark's, legitimate paperwork, language, and protocols in order to appear professional, while only luring and wearing down the desperate for upfront points which are to be wired to a numbered financial institution account in Malaysia; and then the money is gone.

123 Instance Funding will wait out the desperate because they have no other choice, be it that they have no money to lend. Given great opportunities, they could not proceed even if they wanted.

Run Tammy!! Run!! I've seen so many of these. Of course I have the pleasure of checking these guys out often. All of the fakes end up sounding the same. The last person that I told to run didn't, and she is still trying to get her money back. I doubt that she will, as is, most never do.

Beware of empty promises..

What we have found is that if one actually gives up-front points or fees, 123 Instance Funding will request more in order to get the loan done, for due diligence items, appraisals, pay-off insurance, the Patriot Act, expenses ad-infinitum because they've hooked you; and it's always 72 hours or two weeks. For two years it'll be two weeks as they milk you dry, advantaged by your hopes seemingly never dashed, crushing your heart, and draining you, your cash, while they lay safe because everything they are is a falsehood. In some cases, a front man broker may even be a pawn partially ignorant to all that's behind the curtain, working a script.

You cannot punch their nose and then cut it off because you know not where to go to find any one of them at 123. And even if one did go to Malaysia to find them at the source at an address on a promise, there is no jurisdictional standing to be had and you'd be kidnapped for ransom; you'd pay your own ransom. They want you to come find them for that reason.

And after seeing comments such as these in this thread, they will simply change their business name, letterhead, & phone to start again.

... they are most likely not legit...

Here's a link to the Federal Trade Commission with tips on how to recognize the signs of Advance-Fee Loan scams...

http://www.ftc.gov/bcp/edu/pubs/consumer/telemarketing/tel16.shtm

valerie

I ran after the first email.

Thanks for all that detailed info Bman! Great researching!

Thank you for your time and researching this skum. It is sad to think that there will be another student form this site that will fall prey to this scam. I hope that the less experienced student will read this valuable post and learn. Thank you for helping to expose this piece of dirt...Jan

Thanks for chimming in also. As I said before, it is a shame that a newer student will pursue their game in the hopes of securing financing.
Nice job getting your private investors in line. It will be a huge step for you in your investing career...Jan

rip off report .com

I'm real new to this but I've always gone by my instincts.

If it looks too good to be true, it probably IS too good to be true.

I was a victim of one of those scammers on this site back in 2009 when I first started.

I would not be surprised if that guy is not still on here under another name.

Beware !!

Only do business with those associated with the BBB .

Randy Sherman
Elkton Maryland

I have lost No once but twice. I was so desperate I had to pay my hard earned Cash to get some sense. In short just run . If you do find a legitimate PL Please sign me up.
Happy investing,
Veronica.

Thanks you guys for shining a light on these b@$&@*#s. I just wanted to keep this fresh so others will see it.

I've heard about them and its a scam. Stay away dont give them any information

Red Flag- doesn't use an escrow service.

FYI. I have been networking for a while now. I have a Private Banker located in the US, he can raise funds for your Real Estate project(s), transactions are conducted through a reputable escrow service. If anyone is interested, pm me your name, phone number and email address and I will be sure to give you a call.

Thanks
Jamar