Park Place Funding, LLC – Trying to Scam Clients Through Delays
Park Place Funding LLC is an Austin-based hard money lender that has too many negative reviews. The company is gaining notoriety for predatory behavior and trying to take advantage of investors.
According to the various Park Place Funding reviews, this company is a scam.
In the following article, I have shared some info on this firm to help you make a better-informed decision:
About Park Place Funding, LLC And Its President Michael Colaninni
Park Place Funding LLC is located at 2220 E Cesar Chavez St, Austin, TX 78702, US. Their contact number is 512-699-3649 and their opening hours are 8:30 AM to 5:30 PM on business days.
They offer short-term funding options and claim that their funding options lower the burden on the investor. It serves builders, flippers and landlords.
The president of this firm is Michael Colaninni who founded this firm in 2015. He claims that his goal is to provide a transparent and honest option to real estate investors. However, his clients tend to disagree with his clients.
Their reviews suggest that this company runs a lending scam where they keep your deposit by forcing you to be ineligible for the loan. It’s a dangerous tactic but it’s becoming more common shady lending firms.
In such cases, the company would get you in a contract with them and then start demanding various paperwork that would be difficult to produce. So, if you fail to produce specific paperwork within the specified deadline, you’ll breach the contract automatically and the lender can take the deposit from you. Kennedy Funding Financial is a similar scammer that leverages this tactic.
Below are a few Park Place finance hard money reviews you should read to understand how they really operate:
Company Kept Delaying Everything in the Hopes of Scamming the Client
The reviewer shares that if they could give this company negative 10 stars, they would. Park Place Funding kept delaying their process for weeks.
It took the lender a week to answer simple questions and that too, only through email. The company rep wasn’t talking to the reviewer on call and wouldn’t ever return the calls.
Moreover, the company kept asking the reviewer for different things even when they brag about closing quickly. It took them 12 weeks to say that they would pass on the deal. The reviewer adds that they had to spend $1300 on two appraisals .
Also, the company asked them for paperwork three times while saying that it was the last thing they needed.
The reviewer also shares that they have tons of emails where Park Place Funding Austin says that they will close tomorrow. But never did.
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They also add that the company kept asking for things that people usually don’t have. Luckily, the reviewer maintains their paperwork so they don’t face any issues. They suspect that the company wanted the reviewer to answer “I don’t have it ” so they can say “too bad, we can’t close now”.
But that never happened.
To resolve these issues, the reviewer called the company’s office to talk to someone and left three messages on three consecutive mondays. Still, the company never gave them a call back. The company simply stopped talking to the reviewer without any explanation.
Park Place Employees Complain About Lack Of Growth:
This is another one of the many negative Park Place Funding reviews I found online. According to the reviewer, there is no ladder of growth in the company. Once you get a role, you stay there. Also the company doesn’t care what the market is doing, it expects you to generate results regardless.
The reviewer also adds that if someone had a tough string of luck, the company wouldn’t hesitate in firing them. Clearly, this firm doesn’t care about its staff members like it doesn’t care about its clients.
It’s Best To Avoid Park Place LLC
Par Place Funding is a horrible company. It tries its best so investors would breach the contract so they would end up paying the lender more. Moreover, it doesn’t respect its employees and fails to deliver a safe work environment.
Michael Colaninni doesn’t seem like a reliable professional. Hence, it would be better to find a different hard lender in Austin. There’s no shortage of such companies in this market so don’t stick with a terrible option.
Park Place Lending LLC is a terrible company with a shady record. Their clients say that this company tries to botch your contract by forcing you to delay endlessly. They aren’t worth the risk.
- Predatory company
- Trying to scam consumers
- Mistreatment of staff
Park Place Finance out of Austin TX is a bait and switch company. They approached me to do a purchase on a condo in which at the last day before close they said they could not do and I would have to do a bridge loan of 12 months. At the risk of losing my deposit, thousands in appraisal, inspection, insurance fees I agreed. They charged me more in points and said “don’t worry we will refi you in 3 months.” Little did I know on page 80 of 200 pages they slipped a disclaimer in there saying I was not able to live in the property!! What??? I was forced to rent it then when the 3 month mark came they were very rude, condescending and misogynistic. Of course after their lies and crudeness, I was upset. Then, they ignored me completely not returning any calls, not responding to payoff requests and not following up on any agreements we made. Essentially leaving me high and dry and owing $125000 in a few months or I lose the condo and my $65000 downpayment. They are crooked and shady.
This article and review is based on Park Place Finance, not Park Place Funding. After researching Park Place Funding. You see they don’t have any negative reviews. They are a hard money lender and all the information above connects to Park Place Funding however the reviews and everything else is based on Park Place Finance, which are two completely different companies.