- Report: #1441283
Complaint Review: Ron Coleman - Internet
Reported By:
Truth Investing -
orlando, FL, United States
Submitted:
Updated:
-
Author Confirmed
Why?
Ron Coleman
Internet, United States
Phone:
(770) 572-7765
Web:
www.nepcoinc.net
Categories:
Business Rating:
(0)
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Ron Coleman NEPCO, INC NEPCO FUNDING GROUP Fradulent Loan Broker Who Steal Deposits and Never Lends
Report Attachments
Ron Coleman the President of NEPCO, Inc is a "Loan Broker" for commercial real estate transaction was introduced to me as a lender from another broker. I was made to belive that Ron had already underwritten my loan request and had approved and was ready to close but in order for him to send out my commitment letter I would need send him $3,750 in order for him to release the commitment and move my loan forward. He indicated to me that he would close my loan within 2 weeks which has come and gone and still no loan or commitment.
After I sent him the money I never heard from him for weeks other than a text message i am working on it. Then finally after almost three weeks I decided I could not wait any longer as I was incurring costs and damges for the delays in closing my transaction, I sent a text message to Ron who stated he can speak for 5 days. Which would make another week go by without anything happening, so I then kindly asked for the return of my funds and we can move on our separate ways.
That is when Ron started to come unhindged and rude and refused to return my funds. Out of thin air he then produces "LOI" from another lender with two other brokers names on it that is so outragouse it is a joke and does not come anywhere close to what was presented to me weeks earlier. After going back and forth with emails asking for the return of my fuds as it would be best for everyone, Ron Coleman started to make threats and kept lying to try to cover up the theft of the $3,750.
This person should never be allowed to work in the Ledding industry and I hope everyone will stay far away from this crook. It is aid that someone would use other companies names and lies to decive unsuspecting business professional who are just trying to make a living and purhcase a great income producing property. For everyone to see I have enclosed the last email that Ron Coleman sent to me to day threatening and also saying he is going to send out my personal information rather than do what he said he was going to do or even return the funds he stole from me.
Email Dated May 2, 2018 from Ron Coleman
Go for it and I will sue you into dust. Good luck and since you want to make this personal then F off fool. Let’s see how you and your business does with my suits and charges. I’m the wrong one for your threats, when you did not comply and I have investors with proof who will help make sure you never see another loan. Now you see why contacting all lenders in your space is important. And like I don’t have thousands of contacts on the internet both here and internationally. Let’s see who has the most juice! Your character, credit and history are all I need, so Bring it with your Donald Trump mindset and position. I’ll be your Mueller B*&%$$
Ron
NEPCO, INC| NEPCO FUNDING GROUP Ron Coleman, PRESIDENT (770) 572-7765-OFC
CONF. (641) 715-3300 code: 630812# [email protected] * www.nepcoinc.net * Skype: nepcoinc1
‘ABDE IN HIS GRACE, AND REST IN HIS MERCY’…...Justice is when you get what you deserve; Mercy is when you don’t get what you deserve…and Grace is when you get what you don’t deserve.
DISCLAIMER: NEPCO, INC is a private business entity that facilitates financing through private business transactions providing capital to businesses and individuals on or about private business matters. This email is covered by Electronic Communications Privacy Act of 1986. Codified at 18U.S.C. 1367,2510,2523,2701,3121, 3126. Also see http//www.ftc.gov/pravicy/glbact/glbsub1.htm-Gramm-Leach-Bliley Act 15 USC Subchapter 1, Sec. 6801-6809
The sender declares that they are not a licensed US Securities Broker/Dealer or Investment Advisor and declares that this e-mail is not intended for the buying, selling or trading of securities regulated by any state and/or the United States Securities and Exchange Commission, or the offering of counsel or advice with respect to any such activities.
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1 Updates & Rebuttals
Ron
Snellville,Georgia,
United States
Ron Coleman
#2REBUTTAL Owner of company
Wed, June 20, 2018
Rebuttal to Lee Friedman:
Lee Friedman is a liar and con man who attempted to fraudulently obtain funding for a hotel property and when he could not meet lender conditions filed complaints to slander our company who work with him. NEPCO, INC is a boutique lending entity operating for 28 years as a direct lender and brokerage firm headquartered in Atlanta, GA market. On this complaint, we can provide documentation, communications, and witnesses as proof of Mr. Friedman's sad attempt. Our company can provide references, tombstones of closing with clients derived from hundreds of referrals and a social media marketing campaigns with thousands of contacts and followers. On 4/11/18 a referral source sent us an executive summary and Broker opinion letter of value requesting a loan for Lee Friedman for $3,675,000 on a purchase for a Day's Inn in Spokane, WA. The request was for 75% LTV of a $4,900,000 purchase. On or before 4/15/2018 we spoke to Friedman about his project. He asked if we could close in 2 weeks and we responded that his request was impossible for any lender to do. We explained that the best we could do might be a Letter for the seller to know he was working on funding and needed more time to close the file. With a response from one funding source, we issued a Letter of Intent and Conditional Commitment to Lee Friedman on 4/16/2018 which clearly stated the following:
1.) "Pursuant to recent conversations and documentation submitted to us by Friedman we understand that Friedman is seeking a debt or credit facility for funding property acquisition, development, and management. Based upon those preliminary conversations, this letter sets forth a general overview of preliminary terms and conditions applicable to NEPCO, INC and/or assigns." 2.) "This overview is not intended to be and should not be construed as an attempt to establish all of the terms and conditions relating to the Proposal or any resultant financing. It is intended only to serve as a guideline for certain terms and conditions and how the Prospal documents might be structured." 3.) "Any final documentation regarding the Proposal will be subject to further due diligence, negotiation, and issuance of a binding commitment letter, along with all other relevant documentation." 4.) "A retainer of $3,750.00 will be due at the execution of this agreement. This fee is stated in the charges on the LOI. This retainer will be considered earned, applied and yet refundable for services provided if unable to provide ready, willing and able investor to express interest in the project. NEPCO shall receive and ITS INVESTING SPOKANE, LLC or any other entity established for this purpose agrees to pay compensation to NEPCO from the funding of the project based upon a fee equal to 5% of the gross loan amount."
Our agreement cited the following conditions: a) Property subject to fair market and full valuation review of all collateral with an after completed value of at least $4,900,000.00 via MAI appraisal. b) Clear and marketable title and other legal contract and agreements. c) Proof of funds sufficient to close escrow. d) Subject to norma carve out by the lender. e) First Mortgage Lien on the property. All leases, accounts receivables, FF&E, Intellectual property, and contracts of ITS INVESTING SPOKANE, LLC. Mr. Friedman executed our LOI and separate fee agreement stating he understood and accepted the agreement.
On April 26, 2018, we provided a Lender Commitment Letter which offered a loan on $3,675,00.00 with a 24-month term at a Libor rate plus 700 basis points for a rate of 9%. Credit was one of the factors for this loan, Lender points were 2% in addition to ours. We worked with three different associates in getting this loan approved who will attest to our claims and processes. Mr. Friedman did not meet the following lender conditions:
1.) Failed to provide proof of value by stiffing the MAI appraiser for his fee. 2.) Failed to provide proof of funds sufficient to close the loan. He stated he was President of the company applying for funding and sent bank statement. Due diligence showed him to be registered agent at Washington Sec of State office with no documentation showing him as President. 3.) He also failed to meet minimum credit standard via his credit report
Again, Lee Friedman is a con artist seeking to acquire an income-producing property through deceptive and fraudulent means. Beware!
