- Report: #685228
Complaint Review: Real Estate Capital Management (RECM) - Los Angeles California
Reported By:
Vincent -
Ft. Lauderdale, Florida, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Real Estate Capital Management (RECM)
11601 Wilshire Blvd., Suite 500 Los Angeles, 90025 California, United States of America
Phone:
(310) 575 1823 ext. 3823
Web:
http://www.recm.com
Categories:
Business Rating:
(0)
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Real Estate Capital Management (RECM) RECM, RUI Financial Services Real estate funding scam costing $25,000 in fees Los Angeles , California
Real Estate Capital Management, LLC (RECM) was introduced to our company approximately one year ago by their affiliate, RUI Financial Services.Both companies are located Los Angeles, CA.RECM offered to provide investment capital and real estate loans for our offshore real estate project.The program was supposed to be guaranteed funding based on the investment capital and loans being secured by a Bank Guarantee (BG) arranged by RECM, from a top 25 bank based in Europe.We were told that the issuer of the BG would be either HSBC or Deutsche Bank.Access to the program would cost $25,000 USD, payable upfront, in advance.The funding process was expected to take 4 to 6 weeks.
We engaged RECM on June 23, 2010 and provided all required information and documentation on our company and project, divulging proprietary and personal information.After a few reasonable delays, RECM presented our company with a Structured Finance & Asset Management Agreement and Funding Master Drawdown Schedule that was supposed to provide funding on or before October 1, 2010.As we got close to the October 1st funding date, we were presented with a series of delays that culminated in RECM advising us on January 21, 2011 that we should seek a cheaper source of funding on our own through one of their relationships.
RECM, RUI and all of their affiliates are a scam.They have taken $25,000 or more from numerous legitimate companies without the ability or perhaps the intention of providing any legitimate funding or sources of funding.RUI recruits clients and RECM perpetrates the scam. We believed that RECM engaged in schemes and scams with the intent to defraud unsuspecting legitimate businesses.We also believe that they engaged in mail and wire fraud and have since found out that they are under investigation by the FBI and by Securities and Exchange Commission. RECM and RUI has caused irrevocable damage to our reputations and to our project and we will seek damages to the full extent of the law.
Buyer beware!
1 Updates & Rebuttals
Vincent
United States of AmericaReal Estate Capital Management, LLC (RECM) Correction & Update
#2Author of original report
Thu, March 24, 2011
We were in error regarding the previous derogatory posting on RUI and RECM. After being informed of another delay in funding, an individual with our firm reacted out of frustration and posted the unauthorized comments. The funding delay was due to non-performance of a third party and not RUI or RECM. Since the posting, RUI and RECM have worked diligently to secure an alternative source of financing for our firm's development project.
In February 2011, RECM arranged for issuance of a funding contract from a firm with credit facilities with Raiffiesen Bank in Europe, allowing our firm to enter into a contract to receive in excess of 150M. My firm executed the agreements on 3/14/2011. We greatly appreciate the efforts of RUI and RECM and we issue a withdrawal of the initial statements and issue a formal apology for the negative and undeserved posting.
