Loan Scam – firstname.lastname@example.org
The below loan scam email was sent to an email address that exists only to catch scam emails. It has never been used to register on any site, only to communicate with scammers.
From: Atsumasa Tochisako <email@example.com> Subject: We are currently funding businesses To: [REDACTED]
I would like to share with you what we do here at Sproutfinder LLC and also who we are.
Our primary focus is to provide private hard money loans and/or short-term funding to Real Estate Investors 65% ARV rehab loans in 28 states and Nationwide and lastly International (1-4 unit properties). – Purchase money to 65% of purchase price (1-4 unit properties) – Commercial properties nationwide – Ground up construction loans in 28 states and Nationwide- Cash out to complete construction and on completed projects.
Please see below terms and conditions for a Multifamily Bridge Loans:
1. Multifamily Bridge Loan Program Includes:
*Property Types*Apartment buildings*Student housing*Affordable housing*Seniors housing*Multifamily mixed-use Eligibility- Single or multi-asset portfolios. Purposes- Available for the acquisition or refinance of multifamily properties that do not meet the minimum requirements for permanent financing. Properties that are in lease-up, being re positioned rehabilitation and value add opportunities.
Bridge Loan Size-:
Multifamily bridge loans from $5 million with no maximum – smaller loans considered on an exception basis. Economic Occupancy: No minimum economic occupancy required Stabilized forecasted DSCR of 1.25 – interest rate used to determine DSCR is based on current permanent rate financing plus an additional spread of 100-150 bps.No in-place DSCR requirements for most properties and sponsors. A minimum in-place DSCR may be required for markets, properties or sponsors that exhibit higher risk.In place DSCR less than 1.05 requires an interest reserve.
Maximum LTV : Up to 80% LTV based on stabilized value. Leverage intended to be consistent with permanent financing levels at acquisition.
Amortization- Interest only.
Interest Rate: 8-12%
Terms- Negotiable with 6 Months grace period before the first payment begins.
Prepayment Penalty- Open to prepayment after six months.
Guarantee- Non-recourse for most loans subject to standard carve-outs.
Assumable- Yes, subject to lender approval.
Available 12 months from date of closing of first loan. Reserves Taxes and insurance. Deferred maintenance, repairs, major rehab costs.Interest reserve for may be required for properties with in-place DSCRbelow 1.05.Fees.
*1%-3% commitment fee
*1% exit fee (waived if refinanced through Platinum Escrows LTD).
*1% extension fee.
*Third party reports (TBD).
2. Loans for small and medium businesses/Student Loans:
99 % Approval Rate
• Unsecured loans
• Real Estate Loan
• Business Loan
• 2 hours processing
• 12 hours Approval Process
• Get Funded Within 48 hours
There is 8 months grace period. I lend at the rate of 6% with no prepayment penalty.
Loan duration 1-10 years.
Loan Options from $20,000 to $500 Thousand dollars in just 12 days.
Good & Bad Credit Personal Loans, Most Credit Types/SituationsConsidered, Reasonable Rates With Years To Pay Off, One Form, Multiple Reliable Offers.
*HIGH APPROVAL RATE
*NO OBLIGATION TO ACCEPT
* NO PERSONAL GUARANTEE
* NO COLLATERAL NEEDED
I will be more than Glad to help. I look forward in closing deals with you.
Office: 2035 Sunset Lake Rd, Suite B-2, Newark, DE 19702.
Contact Email: firstname.lastname@example.org
Phone: +1 (240) 203- 9444
Whatsapp Business: +1 (917) 722-6144
WhoIs details for sproutfinderllc.com
Creation Date: 2019-03-03T16:16:27.00Z Registrar Registration Expiration Date: 2021-03-03T16:16:27.00Z Registrant Name: WhoisGuard Protected Registrant Organization: WhoisGuard, Inc.
Why is this a loan scam?
- It was sent from a totally different email address to the one that you are asked to reply to.
- The email addresses used are a free Gmail address and an address on an anonymously regstered domain.
- The email was mass-mailed to many recipients using BCC.
- The company claim to be based in Delaware, that means that legally they can only offer loans in that state.
- The ridiculous amounts of loan being offered.