I was looking to do some deals with individuals who were willing to lend funds on a long term basis. I found Frank Feltes of Feltes Lending LLC and went to his website and applied for a loan. He said that he loans to individuals based on their ability to pay back the loan.
I have a very good job, make good money and so I thought I'd give it a try. I applied and within a day or two I got a reply back and that was the beginning of this nightmare that lasted for over a month. I did a search on the internet and there wasn't anything negative that I could find and so it seemed like a good fit.
He said that I qualified for the loan that I was asking for with a repayment schedule of over 10 years. He wrote up the terms of the contract and I agreed to them because they seemed very reasonable to me. I had done other contracts in the past but none of them panned out because the individual wasnt who they said they were or they were'nt offering the services they were providing but this one seemed really legit because he had an attorney's signature and seal on the contract as well as a scan of his name. The contract was written up well so it seemed to me that it was the real deal and things were gonna move forward.
So I signed the contract and at the end of the contract it said that there was a fee for writing up the contract of $870. I was fine with this because working with hard money lenders, they do things a little differently and have higher fees that conventional funding methods.
There was also an initial "value tax and wire fee of $1,950" that I was supposed to pay in order to get the funds he was going to loan me. I was also okay with this because it's part of the job to build trust between lenders and borrowers.
I wired the money to the account he told me to send it to but the first red flag that came up was that it was going to some one named Darrell Ray Rivas and the account was in Medford, OR. Well that seemed a little strange to me because I thought I was dealing directly through Frank, who lived in Houston Texas, but I didn't make a big deal about it. After I sent the money I asked if I was guaranteed funding and he said yes I was. Then this is where things started to get out of control.
Everything looked legit. He sent me a copy of the wire transfer receipt from Navy Federal CU and told me the wire transfer would be delivered in 2-3 days and the money would be in my account. This is where the lie all started.
The next day I got an email that stated my loan transfer has been initiated and placed on hold until I provided a security deposit of $5,000 so as to complete the loan transfer. I was very concerned at that point because I wasn't expecting a $5,000 deposit after I just got done paying almost $3,000 for fees.
I spoke to him about my concerns and he said not to worry, that the money would be released as soon as the $5,000 was wire transfered to Darrell's account. Nowhere in the contract did it state I had to pay a $5,000 fee for a deposit, but if all I had to come up with was $5k to finish this deal then I was going to try and find it.
I did by going to 3 payday loan companies and borrowed with, (HEAVY INTEREST) the $5k and then wired it into him. I sent him confirmations of all these transactions so we both had records. So then he sends me an email saying that we have come to the end of this transaction and that there would be no more fees so that I could start my repayment on the loan in the next 30 days. I was okay with this until I got a message the next day stating that he needed an additional $3,800 for insurance on the loan!
I told him I didn't have an extra $3,800 and that since I couldn't come up with that money that I needed a refund on the loan fees because I couldn't pursue it any further. The thing is, he assured me there would be no more fees for the entire process and so this really shocked me when he asked for this. Again, it was nowhere in the contract.
He said that he needed the insurance money in case anything happened to me then they could collect back on the loan. It seemed reasonable but it just wasn't extra money I had lying around that I could use for this. So I went and pulled it off a credit card and wired it to him and he said he got the insurance and that the funds would be released the next business day.
That day came, and went and no funds hit my account. I contacted him and he said he didn't know why the bank ever sent the funds out and that he was going to try and send them again but that I needed to pay an additional $1,500 fee for the wire to go out after I already paid $1,500 for the first wire fee.
Then that one never arrived to my bank account. He claimed he was confused as to why the bank wouldn't initiate the wire transfer but I was already out $3,000 in so called "wiring fees" from this clown.
So then he says that he'll send me a cashiers check but that it's going to cost ME (not him) an additional $1,500 fee just to cut the check. I was pissed at this point because I had basically liquidated my two of my credit cards and took out payday loans to get this stupid transaction to close but it didn't seem to bother him.
I told him I didn't have the extra funds to do that and that because I couldn't get the money that I needed a refund because I needed to pay bills. He said that if he couldn't get the transaction closed after this last attempt that he would reimburse me all of my money and refund me. That sounded promising so I went and borrowed the money from my parents to pay this "last" fee.
He wanted me to send it via money order through Western Union to someone in Florida and that was the last red flag that went up for me. I told myself that if there were anymore excuses or fees to be paid that I wasn't going to do it.
He assured me the cashiers check had been cut and mailed. I asked him if it was sent via FedEx or UPS and he said that they had their own courier that would deliver the check to me. That made me nervous because he didn't mention the name of this courier at all.
So then after the check was never delivered I confronted him about this through email and he said that there was a hold up and the courier service was basically holding the check hostage until I paid them an additional $2,600, which Frank said he would pay $1,000 and I had to come up with the extra $1,600.
What courier service holds an item hostage until you pay them?!? So I told him he was full of sh*t and I wasn't going to pay the additional $1,600. He stated that we had come so far to close this deal and that if I didn't pay the $1,600 that we would lose all this valuable time we had spent to get to this point.
I told him I wasn't giving him one more penny and that I wanted my full refund back. After telling me twice before that if he could'nt deliver the funds to me then he would give me my money back, he said he wasn't going to issue me a refund because he said " I've put to much time and resources into getting this deal this far", which was total bullshit, and I saw it that he was only extorting me for money and preyed on my willingness to trust people.
Most recently he wanted to try to make things “right” with me and said that the funds are still available if we can try to work something out. I agreed thinking he really wanted to make things right and go through with the deal. He had me send over $1,000 to a bank account in Chicago and even verified that the funds had arrived but then lied to me saying they never came through.
I'm writing this report because I don't want another single person that deal with Frank Feltes to have to go through what I did. This guy has a silver tongue and will try and give any story as to why you need to keep paying fee's to him in order to get your funding. Stay away from this crook and d****ebag. Don’t get taken from your hard earned money like I did.
Feltes Lending Reviews
I was looking to do some deals with individuals who were willing to lend funds on a long term basis. I found Frank Feltes of Feltes Lending LLC and went to his website and applied for a loan. He said that he loans to individuals based on their ability to pay back the loan.
I have a very good job, make good money and so I thought I'd give it a try. I applied and within a day or two I got a reply back and that was the beginning of this nightmare that lasted for over a month. I did a search on the internet and there wasn't anything negative that I could find and so it seemed like a good fit.
He said that I qualified for the loan that I was asking for with a repayment schedule of over 10 years. He wrote up the terms of the contract and I agreed to them because they seemed very reasonable to me. I had done other contracts in the past but none of them panned out because the individual wasnt who they said they were or they were'nt offering the services they were providing but this one seemed really legit because he had an attorney's signature and seal on the contract as well as a scan of his name. The contract was written up well so it seemed to me that it was the real deal and things were gonna move forward.
So I signed the contract and at the end of the contract it said that there was a fee for writing up the contract of $870. I was fine with this because working with hard money lenders, they do things a little differently and have higher fees that conventional funding methods.
There was also an initial "value tax and wire fee of $1,950" that I was supposed to pay in order to get the funds he was going to loan me. I was also okay with this because it's part of the job to build trust between lenders and borrowers.
I wired the money to the account he told me to send it to but the first red flag that came up was that it was going to some one named Darrell Ray Rivas and the account was in Medford, OR. Well that seemed a little strange to me because I thought I was dealing directly through Frank, who lived in Houston Texas, but I didn't make a big deal about it. After I sent the money I asked if I was guaranteed funding and he said yes I was. Then this is where things started to get out of control.
Everything looked legit. He sent me a copy of the wire transfer receipt from Navy Federal CU and told me the wire transfer would be delivered in 2-3 days and the money would be in my account. This is where the lie all started.
The next day I got an email that stated my loan transfer has been initiated and placed on hold until I provided a security deposit of $5,000 so as to complete the loan transfer. I was very concerned at that point because I wasn't expecting a $5,000 deposit after I just got done paying almost $3,000 for fees.
I spoke to him about my concerns and he said not to worry, that the money would be released as soon as the $5,000 was wire transfered to Darrell's account. Nowhere in the contract did it state I had to pay a $5,000 fee for a deposit, but if all I had to come up with was $5k to finish this deal then I was going to try and find it.
I did by going to 3 payday loan companies and borrowed with, (HEAVY INTEREST) the $5k and then wired it into him. I sent him confirmations of all these transactions so we both had records. So then he sends me an email saying that we have come to the end of this transaction and that there would be no more fees so that I could start my repayment on the loan in the next 30 days. I was okay with this until I got a message the next day stating that he needed an additional $3,800 for insurance on the loan!
I told him I didn't have an extra $3,800 and that since I couldn't come up with that money that I needed a refund on the loan fees because I couldn't pursue it any further. The thing is, he assured me there would be no more fees for the entire process and so this really shocked me when he asked for this. Again, it was nowhere in the contract.
He said that he needed the insurance money in case anything happened to me then they could collect back on the loan. It seemed reasonable but it just wasn't extra money I had lying around that I could use for this. So I went and pulled it off a credit card and wired it to him and he said he got the insurance and that the funds would be released the next business day.
That day came, and went and no funds hit my account. I contacted him and he said he didn't know why the bank ever sent the funds out and that he was going to try and send them again but that I needed to pay an additional $1,500 fee for the wire to go out after I already paid $1,500 for the first wire fee.
Then that one never arrived to my bank account. He claimed he was confused as to why the bank wouldn't initiate the wire transfer but I was already out $3,000 in so called "wiring fees" from this clown.
So then he says that he'll send me a cashiers check but that it's going to cost ME (not him) an additional $1,500 fee just to cut the check. I was pissed at this point because I had basically liquidated my two of my credit cards and took out payday loans to get this stupid transaction to close but it didn't seem to bother him.
I told him I didn't have the extra funds to do that and that because I couldn't get the money that I needed a refund because I needed to pay bills. He said that if he couldn't get the transaction closed after this last attempt that he would reimburse me all of my money and refund me. That sounded promising so I went and borrowed the money from my parents to pay this "last" fee.
He wanted me to send it via money order through Western Union to someone in Florida and that was the last red flag that went up for me. I told myself that if there were anymore excuses or fees to be paid that I wasn't going to do it.
He assured me the cashiers check had been cut and mailed. I asked him if it was sent via FedEx or UPS and he said that they had their own courier that would deliver the check to me. That made me nervous because he didn't mention the name of this courier at all.
So then after the check was never delivered I confronted him about this through email and he said that there was a hold up and the courier service was basically holding the check hostage until I paid them an additional $2,600, which Frank said he would pay $1,000 and I had to come up with the extra $1,600.
What courier service holds an item hostage until you pay them?!? So I told him he was full of sh*t and I wasn't going to pay the additional $1,600. He stated that we had come so far to close this deal and that if I didn't pay the $1,600 that we would lose all this valuable time we had spent to get to this point.
I told him I wasn't giving him one more penny and that I wanted my full refund back. After telling me twice before that if he could'nt deliver the funds to me then he would give me my money back, he said he wasn't going to issue me a refund because he said " I've put to much time and resources into getting this deal this far", which was total bullshit, and I saw it that he was only extorting me for money and preyed on my willingness to trust people.
Most recently he wanted to try to make things “right” with me and said that the funds are still available if we can try to work something out. I agreed thinking he really wanted to make things right and go through with the deal. He had me send over $1,000 to a bank account in Chicago and even verified that the funds had arrived but then lied to me saying they never came through.
I'm writing this report because I don't want another single person that deal with Frank Feltes to have to go through what I did. This guy has a silver tongue and will try and give any story as to why you need to keep paying fee's to him in order to get your funding. Stay away from this crook and d****ebag. Don’t get taken from your hard earned money like I did.