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USA Private Money Rating
Address: 5332 S Sabrina, Mesa, Arizona, United States, 85212-8374
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USA Private Money connected my business with a real estate investment partner, Poupard Properties, in Massachusetts for a fee of $5000 and 20% of the profits of the real estate sale. USA Private Money was to vet the investor and review the deal including rehab costs and ARV of the home. This was not done properly and the fix and flip ended up costing us over $50,000. When asked for a refund of the $5000 and subsequently their 20% share of the loss, there has been no response from the management at USA Private money.
USA Private Money, LLC acted as a consultant to facilitate the funding for *** and *** which you will see noted in the attached
signed memorandum of understanding that is between Aye N Aye,LLC and Poupard Properties, LLC which we did, both parties
agreed to our consulting fee in advance with the MOU. At no time did we agree to vet the deal or the borrower.
We have acted as a funding consultant on 100's and 100's of deals and as you will see in our signed consulting agreement we define
our scope of work and make it very clear what our relationship is with each client.
We wish all parties the best
I am familiar with the consulting agreement and under 4b1, it states that the lines of credit are "depending on experience." This experience was ask of the borrowers and assumed USA Private Money reviewed/vetted when they had the parties fill out their levels of experience. It also states under 1a that "a Loan analysis summary, including calculating the estimated profit potential" will be provided. I have attached. There are errors in this that were identified t*** of USA Private money whom I understand no longer works for the company. I do understand that under item 10, USA Private Money would like to limit their liability to the consultant fee except for claims arising from gross negligence. It could be negligent that USA Private Money did not inform us that the rehab on the deal analysis was listed at $40k, but had changed to $100k and then to $70k via email correspondence to them. We were not alerted of this change. It was only at the Investors Summit, Hosted By Zurrixx, LLC in April 2018 that it was brought to our attention after we had been inquiring about the recent appraisal that came in at $360k, which was well below the ARV of $425k. We would like to resolve this amicably with USA Private Money and had hope going to them directly would suffice. Despite reaching out to them directly, we have not heard anything. We appreciate their responding to the Revdex.com but we reject this response/
Appears that we can't agree on the facts. See the memorandum of understanding. Nowhere on this document have we agreed to anything, in fact you will not see our signature on this document. Our role was very simple, to provide funding which we did. The other facts as personal as they maybe are not material to our role.
I will respond with some of initial feedback I sent to USA PM on June 20, 2018. I request in fairness a refund of initial the $2000 and the subsequent $5000. Excepts from Email:
"When the deal was originally brought to us (3/21/2018), the deal analysis looked great. You told us you’d make the introduction to Fed and get us all on the phone. That did not happen as you said...we thought USA PM was going to make the introduction.
Based on the deal analysis you sent us, I thought she had done 2 fix and flips when she had done none. When I asked you about this you said the fix and flips were based on our experience. We have not done any fix and flips, this is our first one. Per our application with USA PM we did a buy and hold rental and a short sale, very different from fix and flips.
it was in Las Vegas at the Investor Summit in April 2018, that were hit with a big surprise! The rehab on the deal analysis was listed at $40k, but had changed to $100k and then to $70k somehow. We were not alerted of this change. It was only brought to light after we had been inquiring about the recent appraisal that came in at $360k, which was well below the ARV of $425k. We were assured that there was still money to be made as USA Private Money’s in house appraiser agreed the ARV was closer to $400k. We were not reassured when heard that based on this deal, USA PM would now require a BPO for future deals.
In our original terms letter from *** (2/26/2018), we were quoted a line of credit of $3,000,000, a rate of 8.99% and 2.00% Origination fees. That is not the rate we received. Instead we had to pay 3 points and are charge 11.99% interest. We paid $2k to USA Private Money to qualify us for rates that we did not get. We paid money to USA Private Money and did not get the rate we expected. At closing, not only did we need to bring more money to the table based on the appraisal but also had to pay more points and interest & $5k USA PM
USA Private Money is great! The representatives are quick to respond and they definitely have patience to walk you through the process. The turnaround is quick (which is key when dealing with real estate). I look forward to teaming up with them to help me achieve my goals this year.
My experience with USA Private Money is AWESOME! Great team of knowledgeable, resourceful, fast acting professionals with "get things done on time and right" mindset. I never had borrowed from online lender before and was skeptical at the beginning. But once I started working with them, I became confident in "my match with the company" and everything worked out smoothly. Everybody in the team has a positive attitude, which is very important. On my end I had to do my homework - finding the right property, analyzing the deal using the deal analyzer-calculator they provide on their web site and submitting all the documents they needed. There is no hidden fee, nothing surprising. Everything is transparent and written on the paper. They create truly win-win-win situation for everyone. I am blessed to have them by my side. I will definitely have some more profitable deals with them this year!
Thanks Amy! We look forward to making 2019 a even bigger success for you!
I have not yet completed a transaction, however, I have a very quirky transaction and Jack has been amazing by going above and beyond trying to track down the right lender to assist me! I doubt anyone else would work so hard to assist me
I am formerly a licensed commercial real estate agent who now strictly invests for my own portfolio. I flip houses, own rental properties and specialize in commercial property as well.
I am shocked by the personalized level of service from this company. I am also amazed at the depth of their funding abilities.
Not only can they get you approved for $1 million unsecured line of credit to use for down payments or to pay cash for property, if you don't qualify, they will hook you up with someone who is already qualified.
By partnering on deals with people who qualify, new investors have an opportunity to get the money they need as well as have someone who is experienced involved in the deal as well thereby adding and extra layer of protection for the new investor.
INCREDIBLE PROGRAM!