Arctus Capital, LLC Gibraltar Capital, LLC Upfront Fee Scams will promise you a loan and keep your fees and never fund anything!! Bend, Oregon
Arctus Capital LLC in Bend, Oregon will claim to be a hard money lender with millions in liquidity to fund your loans that other banks have already turned down. They guys were way more advanced than your typical fee scammers. They do a GREAT dog and pony show and make you feel VERY confident that they will fund your loan.
They will ask you for $10,000 up front to cover due dilligence fees and loan costs. They will tell you they will have your loan funded in a few weeks and everything will seem fine. They will start requiring an amazing amount of loan request documents and their underwriters will get involved and od course, the process slows way way down.
Then the phone calls will stop the underwriters will stop responding to your calls, and after weeks of pursuit, they will find a reason to decline your transaction. They will tell you that your deposit will be refunded to you within 30 days (less expenses of course). Then you will NEVER HEAR FROM THEM AGAIN!!
Our money was supposed to be refunded by the end of October 2009. It is now July 2010 and they STILL will not respond to any communications. I have even threatened litigation and these scammers do not care.
Typical Hard Money Scammers taking advantage of good people in these tough times. Instead of earning money, it is easier to scam people that are desperate!!!!
They will probably ask you to invest in their fund and explain all the reasons why they dont have any REOs, its because they dont own anything.
We are a WELL respected commercial real estate brokerage in Portland, Oregon. These types of scam artists will make it very difficult to keep your reputation if you dont cover your clients fees!!! They will make you look rediculous, naive and stupid.
SAVE YOURSELF THE EMBARRASSMENT...
STAY AWAY FROM ARCTUS CAPITAL, LLC.