Park Place Funding LLC is a hard money lender situated in Austin with a poor reputation. The business is getting a bad rep for its attempts to exploit its investors.
Multiple Park Place Funding reviews paint the company in a negative light.
To help you make a more educated choice, I have provided the following article with information about this company:
Park Place Funding, LLC and Its President Michael Colaninni
The physical address for Park Place Funding LLC is 2220 E Cesar Chavez St, Austin, Texas 78702. You can reach them at 512-699-3649, and you can visit them any weekday between 8:30 AM and 5:30 PM.
Short-term funding solutions are offered by Park Place Funding LLC, which claims that its services relieve stress on the investor. They target home-makers, property-changers, and landlords.
This company was created in 2015, and its current president is Michael Colaninni. He says he wants to give real estate investors a straightforward choice. His clients, though, frequently find themselves at odds with one another.
This company operates a lending fraud where they keep your deposit by making you ineligible for the loan, according to customer reports. It’s a risky strategy, yet predatory lenders are increasingly doing it.
The company would sign you up for a contract and then start asking for papers you’d have a hard time generating. Therefore, you will be in breach of the contract and the lender will be entitled to the deposit if you fail to submit the required documentation by the due date. Similar scammers use Kennedy Funding Financial as an example.
You may learn more about how Park Place Funding LLC works by reading the hard money reviews below.
To scam the customer, the company kept pushing back deadlines.
According to the reviewer, if they had the option to offer a negative rating of 10 stars, they would. For weeks, Park Place Funding LLC dragged out its procedure.
The lender waited a week to respond to even the most basic inquiries, and then only via email. The reviewer tried calling the company multiple times, but a representative never answered or returned their calls.
Despite the company’s claims of a speedy conclusion, the reviewer was repeatedly asked for additional information. It took them a whole month to decide to reject the offer. The reviewer also mentions spending $1300 on two evaluations.
In addition, the firm repeatedly requested paperwork despite earlier assurances that it was unnecessary.
The reviewer adds that Park Place Funding LLC Austin has assured them in numerous emails that the loan will be closed the next day. However, that never materialized.
They also said the corporation repeatedly requested resources that were out of the ordinary. Thankfully, they won’t have any problems because the reviewer keeps all the necessary records. They think the corporation was hoping for a response like “I don’t have it,” so they could say “Too bad, we can’t close now.”
However, that never materialized.
The reviewer attempted to contact a corporate representative about these concerns by calling on three separate Mondays and leaving three separate messages. The organization still did not call them back, though. Without giving the reviewer any sort of reason, the company cut off communication.
The lack of advancement has employees at Park Place complaining.
Another one of the many bad evaluations of Park Place Funding LLC I’ve come across on the internet. The reviewer claims there is no clear path to promotion inside the organization. When you get a job, you don’t move around much. The corporation has no interest in how the market is performing, yet you are still expected to provide results.
The critic goes on to say that the corporation would not hesitate to fire an employee who had a run of bad luck. This company doesn’t value its employees as much as it values its customers.
Park Place Funding LLC Should Be Avoided At All Costs.
This firm, Park Place Funding LLC, is the worst. It works hard to encourage investors to break the agreement and increase the lender’s repayment. Furthermore, it does not provide a secure workplace and does not value its employees.
Michael Colaninni doesn’t come across as the trustworthy type of expert. Therefore, it’s recommended that you look for an alternative hard lender in Austin. Avoid being stuck with a bad company by considering other available alternatives.
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