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Mortgage Grapevine

IS 1ST QUICK FUNDING A SCAM?

I just received an LOI from them, first time dealing with them. Has anyone here closed any deals with them? They are asking for $24k up front. A broker I have worked with in the past had his deal killed because of a low value. He knows of another broker that had his deal killed for the same reason and both had to do multiple appraisals. They have been told that they will receive the unused portion of their deposit back but that has not happened yet.


by unitusmtg August 4, 2008 12:00 AM


Ask them why the 24K can´t be put into the loan amount and be paid at closing.....

Good Luck
by Thyland August 4, 2008 12:00 AM


I don´t know if your referring to me because I spoke with somebody about there experiences this morning with this group.

They had an appraisal ordered on a deal I sent and it came back under value. I had another independent appraiser look at the one they had ordered and that appraiser concurred with the value. I have two more deals with these guys. We shall see.

There were not multiple appraisals ordered.

Dan
dphillips@privatecappartners.com
503-722-7400
by phillips August 4, 2008 12:00 AM


Dan, it was me whom you spoke with earlier today.

Unitusmtg, have we spoke via email before? My email address is ocpmofo@hotmail.com.

Well my deal is still up in the air, we should know the outcome within the next week or so. I did get an email from someone just now who says he has a reference of a person who has closed several deals with them. So they might be allright.

I will let everybody know the outcome of my deal.
by acks August 4, 2008 12:00 AM


acks - no we haven´t talked before but please let me know how your deal turns out. i have some time here before i have to submit this loan.
by unitusmtg August 4, 2008 12:00 AM


A better solution would be to simply send me the 24K now.

by Florida Newbie August 5, 2008 12:00 AM


I have used Quick Funding in the past and found them to be legitimate, straightforward, honest and very real. I recently closed a $1.3MM deal with them and currently finalizing an $18MM deal. As with any hard money lender, everything is based on property value. Hard money lenders are no longer financing extremely high risk deals. They dont need to because there are more "good deals" out there they anyone can handle. If you have a real deal and the property value is there I recommend working with Quick Funding. Shaking out a real deal is what a good broker should be doing from the start. Dont be dissapointed if you leave all due diligence up to the lender and the project isnt what you thought it was.
by fundingman August 5, 2008 12:00 AM



by Billy-Jack August 5, 2008 12:00 AM


Can I get some information as to who you spoek with at Quick Funding? Has anyone met them in person? I am a bit sqirmish about funding monies up front without a true due diligence.
by Billy-Jack August 5, 2008 12:00 AM


I deal with a guy named Avi. He has always stated up front that the deal will come down to value. He has always left room for negotiations or alternative ways of funding if the value wasn´t there ie finishing a couple units at a time opposed to completing everything and using other collateral to help with LTV.

My loan amounts have been all under 5 million and haven´t had a DD fee over $9750.


by phillips August 5, 2008 12:00 AM



by Billy-Jack August 5, 2008 12:00 AM


Thanks Phillips. I am hearing about a young financier/Investor named "Dee" or something like that who is said to be able to "Stroke a check" for any deals $250MM+. Any idea who thia person is and how I can contact him?
by Billy-Jack August 5, 2008 12:00 AM


I´m not familiar with anybody that can write a check in that neighborhood.

I do have several sources that are in the NW mostly private money individuals. These are no BS contacts. 50% on entitled land 13% and 8 points. The kicker being they close loans.


by phillips August 5, 2008 12:00 AM


IT HAS BEEN MY EXPIERENCE THAT ANY AND ALL HARD MONEY LENDER ASK FOR ANYTHING MORE THAN AN APPRAISAL FEE THERE CROOKS AND WILL NEVER CLOSE YOUR DEAL EVER NOR REFUND A DIME
by MONEY BAGS August 13, 2008 12:00 AM



by brokerinternational August 14, 2008 12:00 AM


Hey phillips, tell me about your guy with the 50% available on land. can he do planned developments? Maybe he can help me with something.
by brokerinternational August 14, 2008 12:00 AM


What im concerned about with these guys is first off they have no credentials on their website. i dont even know how long theyve been in business for. why dont ehy have a personal contact listed or a listn of their brokers in the website. I mean i can understand you are a private money lender but put somehting up on your site that tell sme youve closed loans for christ sake. Make the potentials feel comfortable calling you. anybody agree?
by brokerinternational August 14, 2008 12:00 AM


i have closed a hardmoney with quickfunding in less than 48 hours , great service , great attitude got my money the next day with no problems. deff will see business from resource one inc again.
by isaac1426 September 2, 2008 12:00 AM


Broker International give me a call or email me I would be happy to answer any qeustions for you.

Dan Phillips
503-722-7400
dphillips@privatecappartners.com
by phillips September 2, 2008 12:00 AM



by pr6332 September 5, 2008 12:00 AM



by pr6332 September 5, 2008 12:00 AM


I was searching for info on 1st quick funding and this is how I found this website. We have a client who is doing a 900,000 deal and was asked for 9k up front. It has been now approx 4 months and the deal has still not closed. They asked for one thing after another which all things have been provided to them. Really beginning to think they are a scam and this is how they make their money from the upfront fees with having no intension of ever finishing the deal. This company is located in Brooklyn NY. From the comments posted on this board, I really can´t tell where in the county your deals are taking place. Just wondering if any of the comments posted are dealing with the 1st quick funding we are dealing with in NY. Please respond.
Thanks
by pr6332 September 5, 2008 12:00 AM


Hi pr6332, What kind of deal was it? Residential, Land??. Also did they order an appraisal/appraisal review/BPO with $9K expense fee upfront. I have a term offer with them for a deal and they want $20K up front for a 3 Million dollar Land Loan. Please Advise?
by davieboy54 September 5, 2008 12:00 AM


Maui Hawai´i Land - I was considering obtaining a land loan on 250 acres of prime development land near downtown in the amount of 2.5 million. They want $17,000 DD fee. I am concerned about these guys.
The appraisal should conservatively be between 5-6 million.

Any advice ? Use them ? Use someone else ?
by landloanborrower September 7, 2008 12:00 AM


Maui Hawai´i Land - I was considering obtaining a land loan on 250 acres of prime development land near downtown in the amount of 2.5 million. They want $17,000 DD fee. I am concerned about these guys.
The appraisal should conservatively be between 5-6 million.

Any advice ? Use them ? Use someone else ?
by landloanborrower September 7, 2008 12:00 AM



by landloanborrower September 7, 2008 12:00 AM


I have closed a Land Loan with them before for 1.2 Million and also had a $750K Commercial property turned down by them. What it ultamately comes down to is equity or value of the property. With all hard money lenders/investors, there is going to be a DD Fee involved to get the process started. Your job as a broker is to make sure there is a deal to begin with before you submit a loan to the lender. A lot of times a loan gets turned down becasue there was never a deal to begin with such as value etc..My commercial property loan got turned down because of value, wich they made clear to me in my term offer. Keep in my that a lot of Hard Money Lenders use the BPO´s or as is "cash sales" to determine value, not neccessarily just an appraisal.
by Steve1096 September 7, 2008 12:00 AM


Hi landloanborrower,
It is a residential / construction loan with a takeaway product in place. They were supposed to have gotten back to us last week and we have not heard a word from them.
by pr6332 September 8, 2008 12:00 AM


I have gotten a term sheet from them last week and it expires on Friday the 12th. I am also wiery of up front fees, but do believe no one will work for free so tough to say. If anyone has closed a loan with quick fund and can show something to support that would be awesome. I´d hate to think that reps from quick fund come on here and say wonderful things about themselves and we´re retarded for believing them. Remington has done that and they have a thread that´s books long! Please advised.

Thanks..
by DannyI79 September 8, 2008 12:00 AM


Quick Funding is a real company that has funded a bunch of my deals already. They now have 2 more of my deal & the DD fee is the norm for them. They will work w/ you even if the value does´nt come in.
my email is : mcsmtg@aol.com
by mcsmtg September 10, 2008 12:00 AM



by mtgdc September 11, 2008 12:00 AM



by commguy1 September 11, 2008 12:00 AM



by commguy1 September 11, 2008 12:00 AM



by commguy1 September 11, 2008 12:00 AM


They are absolutely a scam. I have closed many hard money loans. The only people that blindly take DD fees are the scam artists. I have closed multi-million loans where the only cost was the appraisal and environmental reports. Lenders get nothing unless the loan closes. You can look at a loan and know in 5 minutes if it is something that your fund wants to lend on. The rest is details. The people arguing on their behalf are working for them. You can make a pretty good living taking $5,000, 10,000, 24,000 at a time. You don´t even have to lend. Does anyone even know if these clowns have money to lend???
by commguy1 September 11, 2008 12:00 AM


If anyone has real sources for land deals at 50ltv or under, especially for on the Vegas strip, please let me know. We have agreements in place with several developers that either need bridge financing or real development financing. Would appreciate any contacts out there that are actively funding these type of properties. Needs range from $5-$20MM.

by Shawn9ild25 September 11, 2008 12:00 AM


ok, so it has been more than a week now and no communication from quick funding. They do not answer phone calls or reply to emails. What does that tell you? This deal has been going on for appr 4 months. If they are real, I really think they should change their name because they are not "Quick".

Commguy1 - we think the same as you. We think postings on here defending them actually work for them. What a scam. Somebody should do something. We heard that some kind of quick funding business got shut down in CA for fraud. Not sure exactly what the correct name was.
by pr6332 September 12, 2008 12:00 AM


1st quick funding is a scam. They issued a LOI as well as a loan committment to us then tried to, after the committment was signed, ask for us to deposit 2.5 million into their account on a 1.6 million dollar collateral based loan. I will be contacting the federal trade commission on this company. They never mentioned the 2.4 until the 5th month off them not returning calls and taking the month of october off for the high holidays. My company may not survive this.
by dizzyton1 October 31, 2008 12:00 AM


Requesting feedback (good or bad)on Quick Funding, Valley Stream, NY pashley@republicmc.com Thanks for any information you can offer.
by pashley December 11, 2008 12:00 AM


I submitted a land loan in MI and they got me terms in 3 days with 9700 in DD deposits. I am used to having clients pay DD fees up to 120k and they all fund. So being asked for DD fee is all based on the project. And NO I do not work for the lender in question. My file did not close with them due to the client being unrealistic in the desired LTV (over 50%...yeah right!) Still I am doing another loan for him for the land and the development all in one for 300m.

Danielle Edwards
All Lending Source
Office- 720.323.5355
Fax- 888.792.5492
www.alllendingsource.com
by dlowndes December 12, 2008 12:00 AM


Danielle, you have closed loans with this 1st quick funding before. I have an LOI that want 18k DD fee for a construction loan, just curious on whom you dealt with over there. Thanks for the info
by loanprocess2008 December 18, 2008 12:00 AM


loanprocess2008 - Don´t send that 18K in.

You´ll lose it.
by Your typical generic model human being December 18, 2008 12:00 AM


I just got a LOI from Quick Fund today. They are requsting $19k for DD on a 1.375 deal for 38 homes valued at 2.75. I added the numbers on the 38 properties and their 5k for u/w and processing fees. The numbers were off by $1250.00. However, I'm still not comfortable with paying money upfront although I know everyone has to get paid for their labor. So, I've suggested all monies will be protected for the interest of all parties, if the money is placed in an escrow account and as business for the appraisals are being conducted then my clients will sign off. That's good business practice if they are a legitmate company. Meanwhile, I saw they are setup with D&B, but not with the BBB in NY, and I raise flags for no refs listed on their website. hmmm....
by MDM January 30, 2009 10:42 PM


From inception, the hard money field has always been formally unregulated by state or federal laws, although some restrictions on interest rates (usury laws) by state governments restrict the rates of hard money such that operations in several states, including Tennessee and Arkansas are virtually untenable for lending firms.
by RichmoreLaw 023 March 5, 2009 9:54 AM


I have a property beachfront apraised at $12 Million.
First Quick claims it will lend $55 Million at 13% plus a 3% fee , but asks for a $35K upfront fee.
Has anyone been successful with 1st Quick funding ???
Wonder why the upfront fee.

by brasil March 8, 2009 8:54 PM


I received an LOI from First Quck Funding, LLC. This is only a $672k blanket refi and they want $5000 for UW and Processing and $2000 valuation.
I just received a call from another hard money lender who told me he didn't want to say anything bad, but for me to investigate this company on my own. He said he knows someone in NY who knows the brother and sister team that own this company and that as far as he knew, they've never funded a loan and make millions per year from the deposit money alone. I am very scared now. I am scheduled to meet my client tomorrow to sign the LOI.
At first I was very impressed because they only wanted 3points and would go 65% ltv, now it sounds too good to be true.
I am pretty green with hard money loans. I've only closed one and they charged 8points and used my existing appraisal. There was no upfront money, but it was a very small loan on one property.
by coffeelover March 10, 2009 4:07 PM


You will lose your clients money

Trust me
by SPICOLLI March 12, 2009 12:02 AM


Spicolli,

I read in another post from you on a different thread on Mortgage Grapevine dated July 24, 2008, "I have some deals with them and everything has gone smooth. Nothing but professionalism and they say exactly what they'll do." Your email address on that post was spicolli@live.com and unfortunately the email I wrote to you bounced back as undeliverable.

We are considering opening discussions for a $50M loan with First Quick Funding and I would like to know more about your experiences with them. You seemed pretty positive back on July 24, 2008. What changed?

My email is billswank@earthlink.net

Thanks,
Bill Swank
by Cautious March 16, 2009 5:50 PM


First Quick Funding, LLC

I have a current loan submission to this company (as of March, 09); solid credit, collateral, and sponsorship. The loan request is a low 8 figure, and 40% LTV.

Again, the company is First Quick Funding, LLC, any information as to their creditiablity would be appreciated.If you have specific information, conducted a due dilegence, or have a recommended course of action, I would welcome the opporunity to contact you via e mail.
by mach10 March 17, 2009 1:48 PM


First Quick Funding is notorious for their "bait and switch" tactics. It's all a scam to get unsuspecting clients to pay them a fee for a loan that will never take place. I don't care how good your deal is, it will not get funded through that group.

I had a start up tech deal that was brought to me a couple of months back, that would never fit any of my Private Equity Groups, nor any of my banks. (My lenders are construction only. On or off shore.)Over all it was a really good deal, but was clearly hard money or Angel catagory.

This group jerked me (and my client) aroud for weeks, while it was supposedly in underwriting, and on it's way to a formal approval. Finally, it was supposedly approved, yet I never did receive even an LOI from them.

A week after being promised the LOI, knowing the time constraints that my client was under, they then tell me that they need additional collateral and cash.

Right. I'm going to instruct my client to hand over his property, and a huge chunk of cash to a group who did not meet any of the deadlines that they gave, nor would offer up any legally binding contracts that would protect my client from their scam.

Stay away from First Quick Funding. You and your client will get hurt.
by Doublecheck June 2, 2009 4:04 PM


Investing in Realestate on Maui, we have had a deal fall through after 8 months when 1st Quick funding changed their LOI from $338K to $200K. Then on the next deal they said they only lend over $250K. They kept $5K DD prepaid on the firt deal.

We are now in negotiation on a larger deal and got an LOI and a prepay DD request for $11K.

They are very difficult to get a response from.
Very slow to answer and we usually end up calling them. We have talked to Natalia who says Sam makes all the decisions.
We have also spoken with Sam several times. So far no money has come our way.
We are wondering if they actully make loans or just collect the DD funds.
by yallah June 6, 2009 7:46 PM


Hello Yallah,

Have you heard anything new since your last post about 1st quick funding?
by msterfinance July 27, 2009 10:12 PM


Bill

I hope things worked for you.
by SPICOLLI July 28, 2009 11:34 PM


So it's been awhile since I've used hard money for my clients. Low and behold I'm trying to complete a hard money loan for properties that are "free and clear". You'd think that'd be easy...NOT. The props are located in an area of CA that's not very appealing. Understood...so after hearing over 15 direct lenders tell me HELL NO..i ran across 1st quick funding who gave me an approval after 3days of ME CALLING THEM. Spoke with Natilia and she seemed very unorganized. 1st turnoff...then the send me what they consider an approval...the apporval's comp'd values of the homes was WAAAAAYYY over what my appraiser's comps were..2nd turnoff..the approved 65% of 1.3Mil..BUT my client must wire in $8500 before the can move forward...when i added the fees listed on the contract, they were OFF BY $1,000..WTF????..3rd turnoff...after investigating the company with reputable hard money lenders I cut ties with this comp and I'd suggest everyone else do the same!!!..They're fee collectors NOT LENDERS..BEWARE..everyone one else who COULD do the deal only asked for 2K off DD's..and would/will allow me to pay the appraisers directly as long as they're approved with them...Steer clear of these jerks
by Typhoon August 25, 2009 2:47 PM


COMMGUY1 is there a way I can talk to you, let me know how I can contact you.
Thanks
by LoanproIllinois September 4, 2009 4:11 PM


STAY AWAY FROM THESE GUYS. DO NOT BE FOOLED BY THEIR RHETORIC. There is no point in writing of my personal experience with these folks as it is a mirror image of what has already been written. I wish I had found this blog before I wrote a check to them. DO NOT WASTE YOUR TIME OR MONEY WITH QUICK FUNDING.
by Developer 1 September 21, 2009 3:30 PM


September 17, 2009



1st Quick Funding IS a scam and has unethical business practices. My wife and I got a commitment letter for $338,000 to help us buy an investment house where we live on Maui, Hawaii in September 2008. We wired them $5050 as they requested as a deposit. A couple of months later they revised their commitment down to $200,000, which blew the deal for us. Despite repeated requests we never got receipts for how they spent any of our deposit or a refund for any funds. Please DO NOT even think of doing business with these guys as they will rip you off, too. Ori and Glenda Kopelman Telephone: (808) 878-2753 email: ori@globalbrain.com

by yallah September 21, 2009 9:28 PM


This is ridiculous, maybe if you so-called.... I mean "so-called" entreprenuer's.... would stop contacting "Finance Brokers", "Angel Investors" and "Private Equity Firms", you would probably get some place!

Did it occur to you, that if they were successful at what they do, they would not be charging upfront fees! All of you got burned because you may be some of the dumbest people on Earth, stop looking for a Venture Capital firm to invest in your venture! THEY DO NOT DO START-UPS!! A Start-up to a Venture Capital Firm is a company that has been operating for 1-3 years!

Get clue, Get a PPM or Private Placement done and contact companies like:

www.PrivateEquityCap.com (Good)
www.PPMExpress.com (Okay)
www.BreadStreet.com (Hit and Miss)

And work on getting private investors of your own. Stop thinking there is a firm out there that can "fund" you because you have a "Great ROI".

If you got burned, Good, odds are you would have pissed the money away anyway!

by TheEnlightenedFew September 30, 2009 4:08 PM


Eat a dik jack ass

They advertise real estate development money not venture capital.

Everyone of your advertised web sites demand upfront fees.
by SPICOLLI October 1, 2009 6:15 PM


Anyone in this thread that is able to give me some factual info regarding 1st quick funding?
by JS Mortgage October 21, 2009 1:30 PM


Has anyone closed a loan with 1st Quick funding recently? Are they direct lenders as they claim?

by SR6019 January 26, 2010 10:07 AM


Yes they are real and yes they funded 2 loans for me this year.
Joseph K.
my email is: mcsmtg@aol.com
by mcsmtg-1 March 22, 2010 5:05 PM




I have been dealing with hard money lenders for over two years. To all brokers who like to complain, a lot of the responsibility goes to you as well for not doing your due dilligence before you readily accept your clients hard earned money. The intelectual deficit not only applies to commercial bankers who have given the hard money lenders the panacea it is currently enjoying, it extends to the daisy chain of egregious individuals at all levels. Your whole industry needs some leadership and regulation. As far as Quick loans is concerned Sam & his father seem to be legitimate. I have to date been impressed with the process and have been told my loan will close soon and on time.Lets hope for all the Children in need in my care who are depending on this capital that Quick Loan is as they appear.
by chins September 25, 2010 11:37 AM


iT IS MY EXPERIENCE OVER 23 YEARS IN THE COMMERCIAL BUSINESS THAT ANY STRAIGHT OUT UPFRONT FEE`S ARE TOTALLY ILLEGAL!!!

NOE IF A LENDER IS NEEDING TO PULL CREDIT OR ORDER AN APPRAISAL OR ANY OTHER THIRD PARTY COSTS. THEN THE LENDER WILL BE ABLE TO PAY THE THIRD PARTY FOR THEIR SERVICES UPON COMPLETION AND ONLY THEN. YOU DONOT BUY A CAR AND PUT YOUR MONEY IN SOME ELSES HANDS WITHOUT TEST DRIVING AND CHECKING OUT THE CAR!! WOULD YOU?? I DID NOT THINK SO, SO WHY WOULD YOU GIVE UP $24K WHEN YOU HAVE NOTHING THAT GIVES YOU A GOOD FEELING THAT YOUR LOAN WILL BE CLOSED!! YOU MIGHT AS WELL THROW THAT MONEY OUT THE WINDOW OR DONATE IT TO THE NEEDEY! BECAUSE YOU WILL NOT SEE THAT MONEY AGAIN.

NOW IF YOU WANT TO PUT UP $24K TO SO THAT YOUR SERIOUS ABOUT DOING A LOAN THEN HAVE IT PUT IN A TRUST ATTORNEY`S ACCOUNT. ITS DOESN`T TAKE TO MANY CLIENTS AT THE TUNE OF $24K TO MAKE A GOOD LIVING, AND THE PREDITOR`S OUT THERE KNOW THAT 95% OF THE PEOPLE THAT PUT UP THAT MONEY WILL NOT PAY THOUSANDS OF DOLLARS TO AN ATTORNEY TO TRY AND GET YOUR MONEY BACK.

HELLO PEOPLE YOU ARE LOOKING FOA A LOAN NOT TO GIVE AWAY MONEY TO THE PEOPLE THAT ARE TRYING TO SUPPOSIVELY GET YOU A LOAN.AGAIN THIS HAS NOTHING TO DO WITH THIS COMPANY, I DO NOT KNOW THEM FROM ADAM, BUT IF THE MONEYS ARE HANDLED PROPERLY AND YOU STILL HAVE SOME FORM OF CONTROL OVER YOUR MONEY, THEN YOU ARE IN A GOOD POSITION! AS SOON AS YOU GIVE UP THE CONTROL OR RIGHTS TO YOUR OWN MONEY, YOU MAY KISS IT GOOD BYE!!

DO NOT GET ME WRONG AND I AM NOT SAYING THAT THIS COMPANY IS DOING ANYTHING WRONG OR INTENTIONALLY TRYING TO HARM YOU FINANCIALLY, I AM JUST MAKING AN COMMENT BASED ON EXPERIENCE WITH ANOTHER COMPANY, NOT THIS COMPANY!!! LET ME CLEARIFY THAT, I AM JUST MAKING AN OBSERVATION!!

GOOD LUCK AND HAVE A WONDERFUL HOLIDAY!!

JACK C
by jonnnie11 December 11, 2010 12:46 PM


Quick Funding equals quick loss of upfront fees
by leaveitonthetable December 13, 2010 8:19 AM


I just got off the phone with Sam. They want $8,000 with NO Recourse. It can not be held by an attorney. You wire the funds to them and they say it is "EARNED Money" by them. You are out $8,000. Is there any company that acually does what they say in this business?


by lw williams December 13, 2010 11:20 AM


do not trust this source. several people were not funded over the holidays. They got a big payday (DD FEES) and went on vacation with out funding "approved loans" and no word other than "other investors reviewing package". Now that makes no sense when loans were committed and approved already after all requested documents turned in.
by 4sher January 6, 2011 5:00 PM


STAY THE F AWAY FROM SAM THE SCAM HAD 5,000,000 DEAL TOOK 16,000 FROM MY CLIENT. SAM LIKES COOK,BOILD FRIE STEAMED BBQ THE APPRASIALS SO HE DOESNT HAVE TO FUND MEAN WHILE HE WALKS AWAY WITH THE MONEY.
by invbkr February 3, 2011 3:55 PM


The first red flag is that they are from Brooklyn, New York. Enough said.
by SUNMAGS February 5, 2011 5:53 PM


Ya sam cost me $ 168,000 in comm and walk awy with my clients money 16k.You do the math and guy who said he's closed loan with them was probaly residentual cause you cant get away with that shit cause the NY banking commision and closing 300,000 deal is not like closing 3mil dollar deal that's commercial
by invbkr February 9, 2011 3:58 PM


To Doublecheck

We are commercial brokers with, among other things, many construction financing requests in our backlog (including a couple of overseas projects). If you have legitimate sources for financing these, we would like to talk with you-work out co-brokerage arrangement as needed.

Thanks,

Gsteins
by gsteins February 22, 2011 1:54 PM


They (Sam Shrem) ordered two appraisals from us in May of 2010 and they both came back under value. We have not been paid for this work to date. If your considering doing business with this company; DON"T!
by NBA March 8, 2011 1:43 PM


does anyone have an update on 1st Quick Funding? I am in the process of submitting a deal to them. Need an update before I proceed. Thanks
by hookup March 18, 2011 12:33 PM


Is there anyone who has any good things to say about Quick Funding LLC? I have 3 residential properties I am trying to fund with them. I have a loan approval in hand. I am supposed to return the approval by Monday, 3/28/11. I have asked in phone coversations what the charges will be for this loan and have been told between $3000 and $3500, and appraisal fees. Never mentioned anything else would be due. Now with the approval, there is $8450 in DD's due with my signed agreement. Also request 4% at closing. The kicker is an "interest reserve" of 12 mos. worth of interest in a bank account of their choice. Supposedly "pro-rated and refundable" with no pre-payment penalties on the loan. These loan terms were NEVER mentioned in any of the phone conversations in the past. Has anyone ever been told about the "interest reserve"? Has anyone ever asked or been able to put this money into a lawyers trust account or escrow account? With all the posts on this site, it is really looking like a great scam in progress. Any info would be greatly appreciated.
Contact At: new-castleproperties@bex.net
by hotrodd69 March 27, 2011 1:03 AM


I've never had a loan before with anyone but I can tell you I smell a rat. They sent me an approval letter stating the upfront fees and they say that it is earned money that they do not have to pay back. They also state that they are not obligated to fund your loan regardless of the fees. Basically, if you sign it your legalizing their scam.
Have you noticed on their website that the slide show of the properties that they've funded doesn't work? Hmmm.
I need this loan bad.
But momma didn't raise a fool.
90% of the people on this thread say scam. What else do you need?
by hey hey hey! June 28, 2011 1:25 AM


I submitted all the paper work for a loan with Quick Funding. They said the approval will take 24-48 hrs. After 3 days of not hearing from them, I had to hunt them down. I finally got in touch with John, who right away transferred me to Natalia. She sounds completely clueless and was very ignorant. She said she told me loan was approved at 14% at 65 LTV and she would send me the final paper work by the end of the day. After calling her for the next 3 days, I still have yet to see anything from her or Quick Funding.
DOES ANYONE HAVE A REPUTABLE HARD MONEY LENDER THEY CAN RECOMMEND?
davikda1980@aol.com
by davidka1980 February 13, 2012 9:50 AM


QUICK FUNDING IS A BIG SCAM,I USED THEM IN 08 ON A 5.5 MILLION DOLLAR DEAL THAT THEY JERKED ME AROUND ON AND I GAVE THEM 12000 IN WHICH I HAVE NEVER DONE BEFORE WITH ANYONE. I was too busy trying to save my building and never went after them or my money, But SAM I coming for ya and Im going to put your ass behind bars.Ive borrowed millions from banks and other hard money lenders and these people are definetly a SCAM!
by basic1 August 30, 2012 12:24 PM


If anyone else is interested in going after these people along with me, let me know. please Post.
by basic1 August 30, 2012 12:58 PM


I was about to submitt a loan to 1st Quick. I need a hard money lender that is real any ideas.
by GA BOY October 14, 2012 5:43 PM


My Client lost over 20,000 with Quick Funding and they are suing Quick Funding, Sam Shrem, John Zivvi and also their appraiseal (AMC) Appraisal Nation and Mike Tedesco... also the appraiser Bret Slaugh...the appraisal came in at $1.3 Million for a property that has a real value of %18M

Looking for others that have had this similar or even other experiences we are in Utah and we have a very good Civil action similar to the Federal RICO....I am also suing for my commissions the Loan Approval was for $9M
the property has an established value of $18M plus

Call me @ 435-674-9222 or email me at jackferm@yahoo.com we can help each other
by Vindicator July 4, 2013 4:37 PM


Update on Lawsuit against Quick Funding, Sam Shrem and John Zevvi we are also suing Appraisal Nation and its principal Mike Tedesco...for among other matters Fraud...

The Latest Quick Funding has vacated their suite, it is empty, it also appears now that Sam Shrem and John Zivvi are on the run! We have hired a Private Investigator to locate them so they can be physically served...

The Federal Trade Commission has been informed and we do expect some action by them...Long over due!
by Vindicator July 17, 2013 12:34 PM


You can view the Lawsuit against Quick Funding, Sam Shrem, John Zivvi, Appraisal Nation and Mike Tedesco here

www.scammersatlarge.blogspot.com


by Vindicator July 18, 2013 2:12 PM


Update...Quick Funding cancelled their Corporate Charter in Deleware in December of 2012 and vacated their offices in New York at the same time, they are not answering their telephone... VM's are returned if they believe they have a new mark! Sam Shrem and John Zivvi are in hiding!

We will get them!....
by Vindicator July 22, 2013 9:39 PM


Anyone that has received an under value appraisal and used Appraisal Nation please contact me and the BBB


by Vindicator July 24, 2013 3:52 PM


Update, although we have provided information to the BBB and provided them the "appraisal" by Appraisal Nation and showed them more then 2 dozen errors, including the incorrect highway frontage for the property, they are protecting Appraisal Nation and Not putting the complaint up on their site and they still have an A rating....anyone who is injured by having an appraisal done by Apprsisal Nation, and it is valueless should consider suing the BBB, for concealing problems with Appraisal Nation!

[Contact info removed]

They apparently have no understanding of their liability for concealing complaints!
by Vindicator July 30, 2013 4:10 PM


There are now Three (3) lawsuits against Sam Shrem a/k/a/John Zivvi, and Quick Funding; One from California, one from New York and One from Utah.

I would suspect more will follow,
by Vindicator August 22, 2013 3:36 PM


Update for anyone looking for this character!

Sam Shrem a/k/a Michael Shrem, a/k/a John Zivvi his real name is "SCHMOUEL SHREM" his new address!

SAM SHREM
QUICK FUNDING LLC
718 WALT WHITMAN ROAD # 809
MELVILLE NY 11747
TEL 516 204-7770


by Vindicator August 28, 2013 7:14 PM


Seems like Quick Funding is still at it. I was just forwarded to them by

De’Shon Miller
Equity Secure Consulting & Associates LLC
Phone & Fax:1-206-495-0809
Website:http://equitysecurellc.webs.com
Email:equitysecure@hotmail.com

I am not sure if the above company is in on the scam but De'Shon had stated that there would be no upfront fees. Once I talked to John Zizzi (and yes he spelled that name out to me which is really close to the John Zivvi), John told me I'd have to pay $3000 at loan commitment. No lender, private investor, venture capitalist or respectable business person would ever require upfront fees to be paid prior to closing/funding. Please be very leery of such requests. I decided to forego the Hard Money/Bridge loan route and wait to use my VA loan in 2 months. It would be great to have funded our purchase sooner but not worth risking hard earned money on scam artists.
by vaborrower February 18, 2014 11:56 AM


I researched the local BBB for this company- Company Name is Quick Funding LLC- they are the ones who have the website www.quickfundllc.com. There are 5 unresolved complaints. One of which states that a borrower paid $8,500, the deal was not funded and Quick Funding did not refund any of the monies paid. I would be weary of the hard money lender who asks you to pay anything other than an appraisal fee and/or an inspection fee. These additional "Processing fees" should be paid at closing upon consummation of the deal- not up-front. What motivation does a lender have to close a deal if they get a $3k fee upfront? Imagine living off of 10 upfront fees per month...not a bad monthly income...unfortunately, this is an unregulated field which is probably not going to stay unregulated for too long. I'm sure the CFPB is catching wind of scams that are happening in the hard money world and will soon pass some legislation that will protect consumers in this arena.
by rjd June 19, 2014 1:50 PM


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