Funny Money

[mr determined]

Funny Money
Hi everyone.
I have been following this site for a while and this is my first post.
Last year I had I was looking for funds to build a 2 townhouses in Adelaide the broker
The broker made a few applications which got declined. And said could not help me and put me to a local guy with overseas funds. Long story short. they gave me a letter saying that they can finance .
Pay a $2950.00 admin fee and they will get the letter of offer to me . (hind site very stupid)
This person said that I will get a refund over 2 months ago . he has a registered acn .
The broker who put me on to this guy said that he has made a complaint and he owes people more money .
What will someone experienced do at this stage?

 

[Aaron Sice]

so your application fee was $2950, and was it accepted or refused?

sometimes application fees are non-refundable.

 

[Ausprop]

yeh went thru this myself except the sums were a lot larger. I got one fee back, and you have just remided me to chase the other one up. I think we did come close to being funded, but will never know if it complete rubbish or not.

there is a crowd getting around that is definitely dodgy, can't recall their name now. they just take application fees, put the app in with a local bank and let it decline and say oh well we tried, sorry.

 

[Rolf Latham]

quite a few sharkies around like that : (

Even Many brokers have been taken

ta
rolf

 

[Ausprop]

Rolf have you ever heard of these deals coming off i.e. foreign banks funding local developments? the broker I spoke to worked hard for his money if it was just a silly scam.... we spent countless upon countless hours on the phone and making submissions

 

[Rolf Latham]

Hiya

I have been trying to get across the line with some foreign money for simple small to medium comm and resi deals ( 2 to 6 mill) with not much success.

Doesnt mean its not out there though.

There are a couple of mainstream offenders out there who promote this funding, with them being a pipe, they charge a nice 50 to 100 pts on application and I have not heard of one coming off

ta
rolf

 

[mortgageman]

I find it very hard to believe that any overseas lenders would want to risk funding developments here when its hard enough finding local funders willing to do it. I have heard quite a few stories like Mr Determined's, but funnily enough have never heard of a project that has successfully been funded by overseas money.


Regards,

 

[mr determined]

Thanks for the feed back .
the invoice says that the fee is refundable if a if the full application does not go ahead . there was no contact made to me by the broker after this money was paid . i know the company and the broker . but will not post till i am 100% its fraud .

 

[Peter_Tersteeg]

I find it very hard to believe that any overseas lenders would want to risk funding developments here when its hard enough finding local funders willing to do it. I have heard quite a few stories like Mr Determined's, but funnily enough have never heard of a project that has successfully been funded by overseas money.

It's not something I've actively pursued, but I haven't heard of a success story around these overseas sources either.

 

[Mick C]

Funny Money
Hi everyone.
I have been following this site for a while and this is my first post.
Last year I had I was looking for funds to build a 2 townhouses in Adelaide the broker
The broker made a few applications which got declined. And said could not help me and put me to a local guy with overseas funds. Long story short. they gave me a letter saying that they can finance .
Pay a $2950.00 admin fee and they will get the letter of offer to me . (hind site very stupid)
This person said that I will get a refund over 2 months ago . he has a registered acn .
The broker who put me on to this guy said that he has made a complaint and he owes people more money .
What will someone experienced do at this stage?

You could try the ombudsman, but i have a feeling this company is not a memebr of any 3rd party dispute scheme etc ....But give the Financial ombudsman a call anyway to see what your "possible" options are


Financial ombudsmans number- 1300 780 808

Good luck, and let us know how you go!

 

[mr determined]

Finance Solutions Australia (FSA) through a recommendation. Scott Wyllie is the main front for this organisation whom i am confident he has been bankrupt before and is running the business under his wifes name Amanda Wyllie to get around the legalities (I have the company extract to confirm).
We were advised by Scott that he and his team (listed below) are able to source funds overseas for development projects at competitive interest rates. After he convinced 5 of my clients including myself and quite a number of other clients from the referring parties, fees were paid an offer received for our loans. *n.b. These funds were 100% refundable which to this day we are still waiting for approximately 45k which has been outstanding since November 2010.



I am 1 of those people that got stung By scott Wyllie .

people should note that all dealings with Scott are now being observed by the relevant authorities

stay clear and be very wary . Scott should come clean and pay back any monies taken with misguided procedures .

Please pass on so no one gets taken advantage on again .

Thanks
.

 

[Ausprop]

there are a few of these guys getting around. i actually got a refund off one guy, must follow the other one up....

there was a crew in melbourne that took upfront fees and then just palced them as standard mortgage apps with places liek suncorp!

 

[Marty McDonald]

There are overseas monies coming in for development deals but not for the small stuff that I / brokers sometimess see. More like mezzanine funding for the really big stuff like like in the $50 + mil projects.

Golden rule don't pay anything except maybe a small processing fee and valuation fees once an offer in writing has been given including the lenders name. If you have to sign a mandate with a broker that's fine but dont pay a fee at that stage.

 

[Terryw]

You could probably begin proceedings to sue the company or wind up the company or issue it with a statutory demand first. But this would cost money and there would be a likelihood that the company would have no assets anyway.

 

[Aaron_C]

I've come into contact with some overseas funding. But they only fund deals over $10m as a general rule.