Has anyone done business with this company and their LO? They are a hedge fund in Tennessee. Need a response and thanks.
New name on the Scam artist list. This guy is located near Johnson City, TN. He claims to have a hedge fund he can give private funding out of. He also claims to work with a couple guys named Jimmie Pates and Dave Simms. Neither whomever appear to talk to anyone or answer a phone.
Phillips requires a $495 “Processing” fee. When paid, he disappears. He will not return calls, emails or texts. He has a southern accent and claims to have three kids. Phillips has used an Illness, Funeral, trips and Kids as an excuse for the closing being delayed.
He even emailed my seller, told them there was a “glitch” in the funding paperwork and now won’t talk to anyone. My advise, stay away from this guy. Run for the Hills. If you have any stories or want to contact me, send me your email address. Maybe we can do something.
I have been in contact with Mr. Phillips this morning and he has told me this loan will be closing in a few days. Let me say I have told Mr. Phillips that if it does close in a few days, I will issue a full apology to him and his company as loud as I complained yesterday. However if it doesn’t, then I will be sure to let everyone know that too. I want to be fair.
Just so everyone knows, and in the interest of fairness, Mr. Phillips got in touch with me via email last night and today saying my loan was scheduled to be approved Friday. I quote from the email…
“plan to have you an approval buy then and set a closing for next week.”
He seems to be able to do the job, but tomorrow will tell the story.
YES this would be good
Keep us posted and we will see
JUST wondering it is friday and was he a do or dont?
I have already lost my money so here goes. It is now Official. Mark Phillips and Patriot Capital are scam artists. Located in or around Johnson City, TN, Please stay away from Jimmie (Jimmy) Pates, Dave Simms, Michelle and of course, Mark Phillips.
Phillips and the crew are unable or unwilling to do what they say they can. They promise anything until they get their $495 Processing fee. They stick around a few days, stating they work for a Hedge Fund, but they are just brokers. Here area a few examples of how they work.
Phillips emailed me on 3/2/09 “We should be able to close end on next week at latest.”. I believed him. On 3/18/09, after going silent for days, Phillips emailed me stating he had the flu. Again I believed him. On April 7th, again after days of silence and no Return calls, I was told in an email that my loan docs needed Verbage changed, per the lawyers. Again I believe him.
On April 13, after I posted an unfavorable accounting of his actions online, he responded again by email, “My hiccup in the paperwork was my first lender backed out. I did not want to freak out your seller.” He later added, “I will contact you by phone when I have your financing in place. At that time you can choose to take it or not.”
On April 17 he actually called and told us we had an approval from Troy at Warshaw Capital. On Saturday, 4/18 he sent us a Patriot Capital letter giving us an approval. We asked for a letter from the Troy and he said he would get one. We still haven’t seen it. Phillips has gone underground, although we can see him pop online. Yet he will not return calls. Not to me, my sellers or the title company that is doing the work. I even offered to shut my mouth about him if he would only refund my Processing fee. That offer went unanswered.
I am sure there are others that have been swindled. Phillips will come back screaming Slander and Libel. I have shown you part of the Proof. If anyone has any other questions or wants to join me in swearing out a complaint with the FBI, contact me.
Stay away from him. Stay away from all of them. They are scam artists and just take your $495 processing fee and run.
I wish I had googled him earlier. He has taken our 495.00 and made all the promises in the world. I sent an email to him yesterday asking for yet another update.
Has anyone turned him into the states atty? There are laws out there to protect consumers in situations like this.
Thank you
“was not warned soon enough”
THIS IS ONE OF THE REASONS YOU DO NOT PAY UPFONT FEES !!!
Most and all the good loan brokers /people will make plenty on your loan if it can be done
But slick salesman ( conmen ) can talk people out of there money and be gone before you know what happen
The only upfront fee you should ever pay is for the appraisal and possibly the credit report (and that is only if you are using a broker). Anything else is just going straight into someones pocket.
Interesting read.
how about some of the HML that require some fee to start the process and say they will refund you when you close escrow??
There is one on the HML list that does that.
really and what one would that be ? and do they do alocal are or are they nationwide?
I did not know there were or are some on this very site that charge a upfront fee
And i would like to hear how it turned out for any one who has used if any the company to be named
Hey 001,
This is the site
http://www.nichespecialtylending.net/14501.html
that charges 1k upfront refundable fee at closing to start the underwriting process.
I do understand this - however- I am not the only one that is new to all of this. I am simply looking for anyone else who has had this happen to them with Mark Phillips. If anyone else is out there please PM me I have been in contact with the Atty General of TN. You have the right to file a charge againest him. I am more then happy to transfer the knowledge to you.
Thank you
Thank you 301 for the heads up info
NEVER pay anything upfront except Inspection and Appraisal Fees. The ONLY exception is if the deal is HUGE then there might be a “Due Diligence Fee” but that is RARE. If you do pay a “processing Fee” upfront don’t expect to close OR get that refunded. This is one way of weeding out the “brokers” from the “Direct Lenders” Direct Lenders don’t charge up front fees beyond the Appraisal and Inspection.
Good luck!
Rob
I have now been contacted by two other business owners. Just last week he scammed another person.
Just a heads up… Mark sent me a copy of my posting to my email. I find it interesting that he did this. Does he really think that I am going to stop posting notes about him and his scam that he is running.
I simply want my money back.
Thank you
YES this would be good
Keep us posted and we will see
Has anyone turned him into the states atty? There are laws out there to protect consumers in situations like this.
link=topic=42472.msg204308#msg204308 date=1242879525]
Has anyone turned him into the states atty? There are laws out there to protect consumers in situations like this.
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Scammers can go on for years before they are caught and punished. Unfortunately, many people are hurt in the wake. Look at Troy Titus and Bill Reid. Not only were their clients scammed, but some of the now face the IRS over tax abuse. I know a few REIAs that refuse to allow Stephanie Olsen and her company The Ark, Inc. through the doors and I met a convention speaker last week that will not attend the same event as her.
FWIW, some states have a recovery fund for certain situations.