In October and November 2007, four clients here in the USA signed contracts to receive funding on their projects with Stephen Paul Douglas of RC Marketing in Auckland New Zealand. Each client wired "due diligence fees" to RC Marketing...three clients wired directly to accounts at ANZ Bank in New Zealand and one wired through a broker in North Carolina. The projects are described below.
1. $1.5M as a second lien on a luxury home under construction in Virginia. Funds were to e used to complete construction and finish out on the home. Original loan was for $1.0M, but was increased to $1.5M due to costs incurred by delays in October and November 2007.
2. $2.2M to build 7 homes in an urban neighborhood in Houston, TX. This funding was to be used to purchase the land and complete construction on the home. Loan was supposed to be funded no later than October 31, 2007 to meet the terms of the real estate purchase contract. Client put up additional earnest money deposit based on information from RC Marketing that this would fund and they just needed a few additional days.
3. $25M joint venture to aquire raw land in San Antonio, TX and put in horizontal infrastructure on commercial development. This was supposed to close by November 23, 2007.
4. $60M loan to fund biodiesel plants in southern Texas. This was supposed to fund no later than November 30, 2007
Today is July 25, 2008 and none of these clients has received anything towards funding these deals. They have been promised funds every month, been given all kinds of timelines in which they will receive funds, but yet the deals have never been funded.
No comments:
Post a Comment