Mortgage Grapevine

CFMB Holdings

Has anyone had experience with this company? They're based in New York and claim to represent a hedge fund with hundreds of millions to lend. Their website says the following:

"Since we launched in May 1999, we have funded over 600 in projects, consisting of transactions ranging in size from $25,000 to $5,000,000,000."

Can anyone verify that any of this is true? I've spoken with them several times over the last few months and something just doesn't feel right.
by RichS September 15, 2009 2:25 PM


If it does not feel right then just leave it alone. They have hundreds of millions to lend but funded a 5 BILLION dollar deal? Are they asking for upfront money? Ask for references; if they have funded over 600 projects then it should not be a problem. Good luck and do not ruin your relationship with your client by losing his money.
by mike- September 15, 2009 5:10 PM



This post was brought to my attention. After seeing all of our pending files, not one person named Rich has a deal pending. If we denied doing business with you please do not post nonsense.

As for you Mike; we never funded a 5 Billion dollar deal yet. We have the capacity to fund files up to 5 Billion. We have an investor pool of ten thousand people which gives us that capacity.

As for the upfront fees we have none. All we ask is you pay for the third party costs (depending on what type of file it is, is depending what those cost are). All third party reports that are completed we send a copy to the client. Unfortunately we sign NDA's on all of our files so we do not provide references.

I started the Private Lending Division years ago for my own clients. As the market turned more business came to my company. I must say we aren't a lender for everyone, but there is a reason we have been around since 1999. If you have any questions please go to my website www.cfmbholdingsinc.com and feel free to contact me.

Jason


by CFMB September 16, 2009 4:16 PM


CFMB Holdings

RichS,

I have not dealt with them and didn't know that CFMB had multiple people; however I have dealt with the principal on many occasions.

Hope this helps
1) He is a yes or no guy. No time is wasted. I have had several discussions about files (while protecting the privacy of my client and the integrity of the project)with him and 75% percent of the time I get the honest answer that we all want. NO.
2) The other 25% of the time we have moved to a NDA and the file was reviewed in depth; not only by "THEM" but also with my input and knowledge. 50% percent of those have had the opportunity to fund and the other 50% have funded in a very timely fashion. 40% of the 50% that did not fund can be blamed on either myself or my clients. 10% percent can be blamed on me circumventing them. How is that for honesty?
3) I have never spoken to THEM about anything for a few months and have never had the need.
4) I highly doubt that I am his number one provider because I fund my own deals also; however I have always been treated very respectfully and my clients would attest to his professionalism.
5) As far as his capacity to fund $5B... I know for a fact that his investor pool (who have a great relationship with him and trust his advice) whether collectively, partnerships or a 3-4 man group have this capacity. In addition to the question of the $5B...please send me the file. I would be glad to use my royal connections along with his pool to fund any legitimate deal of $5B. If you have this type of project please do let me see it; however I will not even look at it if the principal is not asking for a NDA or a CA.
6) In the last ten years I also have funded 600 hundred deals over $25,000. (hard money, personal funds, private equity, fha/va/conventional mortgages, sba, usda, security leveraging, small commercial, large commercial, hedge funds, and I am not even getting into the commercial loans sent to banks in the late 90's and early 2000's.
7) His website is better than mine however he is hardly trying to advertise and frankly doesn't need it. If I had to guess it looks the same as it did two years ago. THEY (him) take pride in giving a swift answer followed by a low cost, nothing but documented due diligence fees, aggressive rates, flexible funding and prompt closings.
8) Mike I agree with you; however you did not answer the question. You decided to provide your personal input (common sense) that was not asked for. I love when people do such. So for your reference; my name is Shane A. Swetel. My phone number is 216-870-6366 and email is shaneswetel@gmail.com. While THEY respect the privacy of his clients I would be glad to share my mutual clients and the experiences that they have had.

RichS I am going to play the role of Mike just because I did answer your question.

In my opinion you need to let it go and protect your client. Several months of talking equals equals several months of wasted time. I have never even came remotely close to talking to him for that long and the fact that you stated THEY raises many questions in my eyes.

I have seen nothing but honest, dedicated and productive customer service and execution from him.

I sincerely hope that you are not shopping for a lender in a method that subjects a firm to unjust public nonsense on forums.


by Selective Funding September 16, 2009 9:26 PM


CfMB Holding Inc. Jason Orloff is just a Broker and not a very good broker at that. He charges fees and don’t deliver, will come back to you saying the “investor” are wanting more money. All he does is set on the file for 90 days hoping you get your deal funded somewhere else. If you don’t he just e-mail blast your info out to anyone even other brokers in hopes of finding someone to pick the file up. His investor list is Scotsman Guide and we all know that 99% of them are Brokers acting like Lenders. You will get e-mail and phone call from everyone, he does not know how to shop a loan; let alone get it funded. So save yourself time and money move on.

by Broker-37 September 11, 2010 1:15 PM


Why bother? Super lousy customer service from the get go. That speaks volumes. If you know what I mean. Ahem. I have a right to my opinion and refised to be censored.
Listen to your gut.
by boundlessloans September 13, 2010 3:30 PM


Our project recently received a LOI from CFMB Holdings that looked like it was drafted by a 20 yr old community college intern. The project name was titled under my personal name, as Principal - bizarre.

Folks, do you think someone lending $10-20M is going to allow its legal dept or law firm release a document with a half dozen obvious errors? Come on.

By the time we got to the bottom of the document, we see a $5,000 non-refundable ADVANCE FEE. Well, this didn't really surprise us after reading all of the erroneous entries on the first page of the LOI.

So, we asked our esteemed Broker to inquire for us: Offer the lender 2x fee at closing if they can wait 60 days. Annualize that return, folks! If they refuse, we'll even offer 3x at $15,000!

If they have the billions of $ they say they have, they can afford to take a little risk, waive the app fee and earn 3x revenue.

Heck, I sure would if I'm lender. Wouldn't you?




by Deal$Maker September 30, 2010 7:17 PM


Ok, I just saw these posts and I always respond to them.

Broker-37: Do you have a file with us? If so who is it? In response to the rest of your post, I am not a broker. I deal with Private Investors and different types of funds. I never “blast out” any information, and I certainly do not get my investors from the Scotsman. I do read the Scotsman for interesting articles, but that is the only use I have for it.

Boundlessloans: Sorry to say our focus is not on customer service. It is about funding deals, investors, and servicing. If we spoke and I was short with you please do not take offense to it, we are extremely busy. We do not hold brokers hands and sing songs around the camp fire. We get work done here at CFMB. I have said this before and I will say it again, “We are not lenders for everyone”.

Deal$Maker: I would like to know what file this is concerning. The letter of intent is a document that outlines the process of CFMB. There are no errors in the document. The project name is not given by the borrower. It is given by CFMB. We normally name the project the Guarantors last name. Now concerning fees yes we charge fees to get your project funded. The $5,000.00 does go to CFMB. $1,500.00 is paid directly for a third party underwriter and the rest which is $3,500.00 is paid to us. Any other fee is for a third party report. No firm is going to outlay the money for third party reports. There have been plenty of times where I have waived some or all of the $3,500.00 fee. If you as a borrower do not want to pay for reports you will not get your file closed.

To sum it up for Broker-37stating we are a broker, or we blast out information is simply wrong and unfounded. We are direct and do not share information randomly.
To sum it up, from Boundlessloans and Deal$Maker the complaints are about customer service, paying for third party reports, what we name the project, and how our letter of intent is written. If these are your complaints I will say it again “we are not a lender for everyone”. In any business it is impossible to please everyone.

If you do not want to respond on here please call me direct at 347-475-1552 or email me at jdorloff@cfmbholdingsinc.com and I will be more than happy to deal with any issue you have.

by jdorloff October 13, 2010 6:02 PM


I have worked with CFMB as a consultant. Over the last 2 years I have submitted numerous deals. I closed 3 with CFMB. Please email me for a reference if need be at broker4real@aol.com. But I do think you guys are right, Mr. Orloff is not the nicest person in the world but he gets the files done.

Mike Davis

by broker4real October 13, 2010 9:46 PM


After reading these posts I felt compelled to respond. I do agree with the point that CFMB Holdings customer service could be improved, but for me the result was more important. I funded a $36 million dollar condo project with CFMB in New York. For me personally I felt the rate was high and the fees very not necessary. Unfortunately, I am use to doing business with my local banks; in this market local banks stopped lending. Basically it boiled down to either get my project funded at a higher rate or lose it all together. I am happy to say that my project will be complete by April next year.

by dburns October 13, 2010 9:50 PM


Against my personal beliefs I am posting here as a favor to Jason. I have invested with him on several occasions. Over the years I have invested on five different projects. My net profit was roughly 11.5%. The reason I deal with Jason is because he has always been fair to me and was above board and a straight shooter. I wish all my investments turned out like the ones I had with CFMB. If anyone has an investment that can yield more percentage gains than 11.5% please email me the information at charley.macomb@gmail.com. I am always looking for new opportunities.

Charley Macomb

by charley.macomb October 13, 2010 10:08 PM


I would like to thank the people who posted positive about CFMB and me. I will also take under advisement to be a bit nicer and more patient. I look forward to doing more business with all of you.

Jason Orloff
by jdorloff October 13, 2010 10:13 PM


I have known Jason for about 10 years now. First he is not a nice or patient person. In the same breath he is fair and gives it to you straight. He is a no nonsense individual and his fuse is short. At the end of the day he gets files done, and that is what counts.

Lenny
by lyorkton October 13, 2010 10:14 PM


Lenny thanks! Now this is overkill, for anyone reading this post I appreciate the positive feedback, but enough with the posting. I do not need to be up all night going back and forth.

Derrick, I appreciate you looking at other investments, but we all know returns on private notes usually show 8-16% profits. Once the banks start lending again there will not be private notes. The institutions are not stupid, and see there is real money to be made in commercial and construction lending. When they reenter the commercial arena again; their rates are going to looking like hard money rates. The opportunities to invest in a private note will be gone. So my advice is simply…..make the money you can now in private notes while you still can. Because we all know we will not be able to compete with the larger banks.

This brings me to a new point. For all you reading this, CFMB Holdings will be issuing a free monthly newsletter on the financial industry. This will include the commercial and residential lending markets. The format for the newsletter will be the much like my customer service….straight and to the point. It will provide interesting and factual articles concerning our industry.

If anyone would like to contribute an article please email me at jdorloff@cfmbholdingsinc.com for more information. If you would like to register for the publication please email info@cfmbholdingsinc.com. I believe the first issue will be ready for December 15th.

Jason Orloff

by jdorloff October 13, 2010 10:31 PM


Correction in my previous post, the comment was not directed towards Derrick, it was directed to Charley. Again I wanted to thank all of you. I am siging off.

Jason Orloff
by jdorloff October 13, 2010 10:34 PM


Mr Orloff,

It's nice to see a Principal contributing to this thread. A few Qs if you could be so kind to answer for all of us;

1. Can you waive the $3,500 advance fee so applicant only pays $1,500 report fee? This is a next to "no-risk" transaction for the Borrower (everyone agree?) And no dent to our wallets.

2. Does CFMB Holdings have access to capital for offshore 2nd home construction loans? If so, what is the pre-sales requirement? Straight debt? And/or equity?

3. Can CFMB verify it has access to enormous funds to close its applicants' loans? Nothing confidential, only a signed letter by the bank that holds the private or institutional funds verifying "yes, CFMB does have the ability and liquid assets to close a $___ million loan."

4. Can CFMB verify past closings (not tombstones on PDF) - project name, location, owner, amount? That's it - just like HSBC will verify its past deals, and even post signage on the site work. No confidential details. Any offshore closings? Which countries?

If I'm managing or loaning capital, there is no better way to build my business than market, brag and gloat about the handful of successful deals that I financed, including press releases. Especially at a time when Deutsche Bank and Goldman Sachs aren't loaning a dime to anyone regardless of their credit.

Look forward to hearing back from you.

An Applicant





by Deal$Maker October 28, 2010 12:18 PM


Mr Orloff,

It's nice to see a Principal contributing to this thread. A few Qs if you could be so kind to answer for all of us;

1. Can you waive the $3,500 advance fee so applicant only pays $1,500 report fee? This is a next to "no-risk" transaction for the Borrower (everyone agree?) And no dent to our wallets.

2. Does CFMB Holdings have access to capital for offshore 2nd home construction loans? If so, what is the pre-sales requirement? Straight debt? And/or equity?

3. Can CFMB verify it has access to enormous funds to close its applicants' loans? Nothing confidential, only a signed letter by the bank that holds the private or institutional funds verifying "yes, CFMB does have the ability and liquid assets to close a $___ million loan."

4. Can CFMB verify past closings (not tombstones on PDF) - project name, location, owner, amount? That's it - just like HSBC will verify its past deals, and even post signage on the site work. No confidential details. Any offshore closings? Which countries?

If I'm managing or loaning capital, there is no better way to build my business than market, brag and gloat about the handful of successful deals that I financed, including press releases. Especially at a time when Deutsche Bank and Goldman Sachs aren't loaning a dime to anyone regardless of their credit.

Look forward to hearing back from you.

An Applicant





by Deal$Maker October 28, 2010 12:26 PM


Mr Orloff,

It's nice to see a Principal contributing to this thread. A few Qs if you could be so kind to answer for all of us;

1. Can you waive the $3,500 advance fee so applicant only pays $1,500 report fee? This is a next to "no-risk" transaction for the Borrower (everyone agree?) And no dent to our wallets.

2. Does CFMB Holdings have access to capital for offshore 2nd home construction loans? If so, what is the pre-sales requirement? Straight debt? And/or equity?

3. Can CFMB verify it has access to enormous funds to close its applicants' loans? Nothing confidential, only a signed letter by the bank that holds the private or institutional funds verifying "yes, CFMB does have the ability and liquid assets to close a $___ million loan."

4. Can CFMB verify past closings (not tombstones on PDF) - project name, location, owner, amount? That's it - just like HSBC will verify its past deals, and even post signage on the site work. No confidential details. Any offshore closings? Which countries?

If I'm managing or loaning capital, there is no better way to build my business than market, brag and gloat about the handful of successful deals that I financed, including press releases. Especially at a time when Deutsche Bank and Goldman Sachs aren't loaning a dime to anyone regardless of their credit.

Look forward to hearing back from you.

An Applicant





by Deal$Maker October 28, 2010 12:26 PM


Deal$Maker, I always respond to these posts, but thank you for the compliment. Below are my answers to your questions.

Answers to your questions:

Q. Can you waive the $3,500 advance fee so applicant only pays $1,500 report fee? This is a next to "no-risk" transaction for the Borrower (everyone agree?) And no dent to our wallets.

A. Depends on the file and how much work would go into it.

Q. Does CFMB Holdings have access to capital for offshore 2nd home construction loans? If so, what is the pre-sales requirement? Straight debt? And/or equity? No single families or second homes, off shore or in the US.

A. The only residential we will look at is residential development.

Q. Can CFMB verify it has access to enormous funds to close its applicants' loans? Nothing confidential, only a signed letter by the bank that holds the private or institutional funds verifying "yes, CFMB does have the ability and liquid assets to close a $___ million loan."

A. I could have a signed letter from a bank verifying funds as long as I have a confidentiality agreement signed, with the borrower first. We would also require an escrow account of the borrowers choosing for the amount of all reports and fees.

Q. Can CFMB verify past closings (not tombstones on PDF) - project name, location, owner, amount? That's it - just like HSBC will verify its past deals, and even post signage on the site work. No confidential details. Any offshore closings? Which countries?

A. Same answer as number 3.

Q. If I'm managing or loaning capital, there is no better way to build my business than market, brag and gloat about the handful of successful deals that I financed, including press releases. Especially at a time when Deutsche Bank and Goldman Sachs aren't loaning a dime to anyone regardless of their credit.

A. That is why I am putting together a free news letter on market news ads and company information. Still in the works and deciding if we will do it quarterly or monthly- side note I am looking for people to write articles. Please email me at info@cfmbholdingsinc.com if you are interested.

Jason Orloff

by jdorloff October 28, 2010 12:35 PM


Great! Thanks for answering our questions.

It sounds like CFMB Holdings is worth pursuing as as long as the Applicant is willing to pay an advance fee of $5,000 prior to closing.

In our view, this is always risky. We've sent numerous fees only to find out the lender/broker never had access to capital in the first place. CFMB may be the real deal though.

For us, it was never a "project specific" reason because we never got into a full blown DD process with closing attorneys; only the Broker's office telling us they're doing DD. Then we either never heard back or they called back stating "we lost our line of credit" or "our Fund pulled out of the market unexpectedly... we're very sorry".

See how RISKY advance fees are for the Borrower? Banks don't charge them, nor do major Funds unless a binding commitment letter is place and both groups know they're going to close a loan.

However, if CFMB Holdings is willing to verify (i) past closings through a title company or closing attorney and (ii) verify its ability to fund the applicant's respective deal, then WE VOTE IN FAVOR of going with CFMB Holdings at putting $5,000 at risk.

Sorry for our initial post but the LOI we received looked suspicious and erroneous to our group.

With so much advance fee fraud going on, we are very cautious with whom we speak with and, more importantly, to whom we send fees.

Good luck everyone and thanks to Mr Orloff for addressing our questions.




by Deal$Maker November 10, 2010 3:23 PM


Deal$Maker- I understand where you are coming from, but you are wrong. Major banks and funds are charing fees. I appreciate the recant of your previous post.
by jdorloff November 11, 2010 1:26 PM


Just circling back to the Borrowers - has CFMB Holdings closed any loans for any project, anywhere at any amount in 2010? Just curious.
by Deal$Maker January 12, 2011 11:28 PM


I had a small development in Panama for $24 million (USD). I needed short term money to finish my project and CFMB funded in 70 days. It looks like I will be able to pay off the loan early, and because of CFMB my project has moved forward instead of not moving at all.
by evino January 17, 2011 6:07 PM


I am a borrower/ real estate investor, and use to be a residential broker before the market changed. CFMB closed my purchase in November on an office building for two and a half million in Texas. The terms weren’t that bad 10% for 3 years with 10% down.

Sara Johnson

by sjohnsonc2c January 17, 2011 6:18 PM


Great news, Evino! Congrats.... when did you close? last year? Or in the bull years?

Are you at liberty to post your project's website here as a REFERENCE?

We are not far from you in central America - Scotiabank issued us a $13M term sheet last week for our deal, but they require a $13M (standby letter of credit) SBLC in order to refashion risk and waive the bank's 50% pre-sales requirement.

So, we're seeking a SBLC investor, using Scotibank's 5% construction money.



by Deal$Maker January 31, 2011 5:46 PM


Deal$Maker, sorry for the different screen name I got locked out of my account. To answer your questions we funded in September. The project is major rehab of a few properties we own and will be selling off, so no website needed.

Sorry I cannot help with SBLC's I do not know anyone really dealing with them in today's market.
by evino1 February 1, 2011 3:52 PM


I just closed on a development project with CFMB Holdings. I am very pleased with the way the process went, and am looking forward to seeing my life long dream built here in South Florida.

M. Holtzman
by Bull27 February 24, 2011 10:50 AM


So Eppstone? Did your $21mm hotel deal in S FL ever fund with CFMB? It's been three weeks and would love to know the outcome.

Hoping you did!
by DealMaster June 24, 2011 5:08 PM


I'm sure Mr Orloff is a wonderful person and a great family man. It's not his fault, really. It's the bank darn it; they changed their minds.

He sounds like he's just another Broker scrambling to try and raise money at a time when credit is nonexistent. Not to mention the bank index got trounced again since EPPSTONE signed away.

Perhaps we were right? Perhaps he makes his living collecting $16K fees every week? Many do. We get these Advance Fee offers every single week and we haven't witnessed one closing in 18 months for any project in any country. Not kidding.

Can you imagine the millions of dollars being collected. And NO closed loans.

So why are Brokers like Mr Orloff still in business? The Borrowers usually agree to sign their contracts which usually state "non-refundable" fees or they give up and walk away from a small loss. We got burned once, but never again. But maybe he closes 1 of 972 applications.

It's very simple folks:

1. DO NOT SEND BROKERS ADVANCE FEES BASED ON A NON-BINDING LOI. THERE IS NO INCENTIVE TO CLOSE YOUR LOAN.

2. ALWAYS ASK FOR "PROOF OF FUNDS" SO YOU KNOW THE LENDER HAS THE CASH TO LOAN YOU.

3. ALWAYS ASK FOR REFERENCES OF PAST CLOSED LOANS BY CLOSING ATTORNEY OR TITLE CO. THEY CAN DELETE PRIVY CLIENT INFO.

Then you'll never get burned and never have any cash at risk.

EPPSTONE - best of luck, my friend.




by Deal$Maker August 16, 2011 11:38 PM


I'm sure Mr Orloff is a wonderful person and a great family man. It's not his fault, really. It's the bank darn it; they changed their minds.

He sounds like he's just another Broker scrambling to try and raise money at a time when credit is nonexistent. Not to mention the bank index got trounced again since EPPSTONE signed away.

Perhaps we were right? Perhaps he makes his living collecting $16K fees every week? Many do. We get these Advance Fee offers every single week and we haven't witnessed one closing in 18 months for any project in any country. Not kidding.

Can you imagine the millions of dollars being collected. And NO closed loans.

So why are Brokers like Mr Orloff still in business? The Borrowers usually agree to sign their contracts which usually state "non-refundable" fees or they give up and walk away from a small loss. We got burned once, but never again. But maybe he closes 1 of 972 applications.

It's very simple folks:

1. DO NOT SEND BROKERS ADVANCE FEES BASED ON A NON-BINDING LOI. THERE IS NO INCENTIVE TO CLOSE YOUR LOAN.

2. ALWAYS ASK FOR "PROOF OF FUNDS" SO YOU KNOW THE LENDER HAS THE CASH TO LOAN YOU.

3. ALWAYS ASK FOR REFERENCES OF PAST CLOSED LOANS BY CLOSING ATTORNEY OR TITLE CO. THEY CAN DELETE PRIVY CLIENT INFO.

Then you'll never get burned and never have any cash at risk.

EPPSTONE - best of luck, my friend.




by Deal$Maker August 16, 2011 11:41 PM


This is in response to the last two comments:

Mr. Epstein we did not pocket your fees, they were used for the processing of the file. Mr. Epstein when you were presented with a commitment you decided to make changes to it to suit your needs. When one is seeking capital, that person should not try to dictate terms (which you did). Files with commitments that were not revised were shown priority and funded by the investor. Then the investor pulled out from all project including yours. At that point you asked if I had another course of action, and I started to look for another investor for you project. The market took a horrible turn for the worse and most investors put a hold on any type of fundings.

Deal$Maker:

We are not a broker. We service and underwrite private notes and track down suitable institutional investors to fund projects (private commercial notes, startups, joint ventures, ect.) I do not make a living on 16k fees. We only take in projects that have an excellent chance of funding. Anyone in the business will tell you there aren’t that many quality projects out there to take in deals weekly. Most A Paper commercial files can go to the bank directly (yes the banks are lending in perfect situations), and the people who are looking for private money most of which have what I like to call a pipe dream (no money into their own project). The files that fall out of those two categories are very few and far in between. Additionally, we do not have time to waste to take in 972 applications. It just doesn’t make sense to do so. Again here at CFMB we only take in the files that have an excellent chance of closing.


General comment:

All funds, private equity, pension, hedge, family investment offices, servicers, and private banks make the borrowers pay for processing, underwriting, and reports. And in some cases a commitment fee. This is the cost of doing business. For example, which I have heard of, a commercial A Paper Bank charged a 4% fee up front for a church loan, for reports and a commitment fee. This is the cost of doing business. If you are not going to cover your soft costs and invest into you project no one will take you or your project seriously, especially in this market.

Yes there was a time when there were no fees and money flowed freely, but times have changed and a requirement now is to invest into your own project.

by CFMB August 23, 2011 3:26 PM


Since you want to use this as a forum, so be it. You wanted the commitment revised and refused to live up to what the investor asked of you. We tried to accommodate you. Our investor pulled out, we offered you another solution and you declined. When we spoke about your release again you wanted it on your terms and we could not reach an agreement. To pay for your third party reports we feel is unreasonable. There is nothing dishonest that happened, and my ethics are ethics of reason.
by jdorloff October 21, 2011 7:11 PM


An agreement has been reached with Eppstone, where both parties have agreed. The agreement has three stages and the first stage has been completed as per the agreement. An update for the next two stages will be posted once completed. Eppstone will also confirm each post.
by CFMB November 3, 2011 7:04 PM


So sad, another Advance Fee scam in operation. Just another variation of a Kennedy Funding model.

In the end, its the Borrower's fault for signing the Agreement and sending the wire. Our attorneys helped save us from 1/2 dozen scams recently. Complicated contracts with language allowing Brokers to keep the "earned" fees AND even inserted language forcing a "breach of contract" situation for the Borrower.

Anyway, back to Mr Orloff.... sure he does this every week. He takes money, knows he'll never fund the loan, and then the excuse tray comes out...

- sorry, lender stopped funding
- sorry, problems in Europe delaying things
- sorry, we're missing a checklist item
- sorry, your appraisal didn't hit the right #
- sorry, you breached the contract - I'm keeping your fees

PROTECT YOURSELF AND HIRE A LAWYER BEFORE YOU SIGN CONTRACTS WITH GUYS LIKE ORLOFF.

We did.






by Deal$Maker December 11, 2011 10:27 AM


Oh no! We're sorry to hear that although not surprised. He has to buy Hanukkah or Christmas gifts doesn't he?

Hoping the U.S. government imposes some tighter regulations soon. Or else this thievery will never stop and innocent, honest Borrowers will continue to get burned.

We'd love to see an audited list of CFMB Holdings' closed loans vs. non-funded advance fee applications. I bet its like 600 to 1.

Try to enjoy the Holidays! I'm sure that money he wrongfully took from you, and failed to pay back, will hurt your gift giving this holiday season.



MR ORLOFF - GIVE THE POOR GUY BACK HIS PARTIAL MONEY AS AGREED. YOU'RE MAKING OUT IN THE END.






by Deal$Maker December 15, 2011 1:45 PM


Clearly Orloff follows the Remington Financial model of collecting fees and never funding loans. How long before ripped off borrowers and their brokers contact locat fraud authorities to file complaints. Finally happened to Remington. Orloff occupies a one-room office in NYC and can easily be found. Time for a visit?
Unfortunately guys like Orloff will exist as long as there are desperate borrowers who need someone, anyone, who says they can fund their loans. Orloff can live comfortably on 2 or 3 $10,000 DD fees monthly and never have to prove he can actually fund a loan - who's going to know? People simply need to stop sending him DD fees or someone needs to contact the FBI and State Attorney to report his fraud. How about a local NYC TV station to do a report on the "dastardly" mortgage broker ripping off innocent, broker property owners? Wouldn't the media like another story like this? Wouldn't get any more back for the ripped off borrowers, but at least Orloff would be out of business until he changes his name and opens up somewhere else....
by Retribution January 12, 2012 3:53 PM


I have been working with Jason Orloff for the past 10 months. After I read this information my situation with him becomes very concerning to me.

I have forwarded several thousands as requested by Mr. Orloff....

As of date nothing but many excuses even after I have received letters for funding ECT... I get new deadlined dates to close but the date comes and goes. As of date the only contact I have with him is his voicemail...

My hopes are that he will either fund or refund my money.

Sam
by Sam C. September 4, 2012 5:36 PM


Stumbled on this old link.... did Mr Orloff get arrested yet for,

HONEST SERVICES FRAUD:

18 U.S.C. § 1346 provides: For the purposes of this chapter, the term “scheme or artifice to defraud” includes a scheme or artifice to deprive another of the intangible right of honest services.


by Deal$Maker August 2, 2013 9:50 AM


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