ComplaintsforMJF Investments LLC
Need to file a complaint?
BBB is here to help. We'll guide you through the process.
Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
11/29/2022
- Complaint Type:
- Order Issues
- Status:
- Unanswered
I applied for a hard money loan from MJF Investments LLC for the purpose of pursuing real estate deal. I have agreed to pay the origination fee $5000 of the loan amount of $250,0000. Before the loan was disbursed, the contact asked me to pay another $12,500 as insurance for the loan. I declined to pay because I don't have the said amount, I requested to cancel the loan and they have asked me to pay additional $1000 as cancellation fee. I sent the cancellation fee and then I was told they are not able to cancel the loan that they are waiting for me to send additional amount to cover for the insurance of the loan. I have repeatedly asked them to cancel and send me my origination fee back, but they kept telling me that there is no way for cancelling it. I have explained to them that if I was informed beforehand of these additional expenses that I would have not proceeded in applying for the loan. This company is not clear with their policies. They asked me to send the insurance amount of $12,500 so they can disburse the loan. I kept telling them that I do not have these additional amounts to pay for insurance, so I opted to cancel the loan and pay them $1000 for the cancellation fee. However, they did not honor my request, and they stopped communicating with me. I signed the loan agreement but none of the documents mentioned cancellation fee nor insurance, if these costs would have been discussed to me in the beginning, I would have not applied with them to begin with. Not honest, but very, very deceptive way of doing business with investors. Mr. *************************** and Mr. ********************* were the contact persons that I have communicated with about the loan.
*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.
Customer Reviews are not used in the calculation of BBB Rating
Customer Complaints Summary
1 total complaints in the last 3 years.
0 complaints closed in the last 12 months.