Mike Pellegrino promotes himself as a reliable direct lender using his own and partners funds to arrange quick hard money loans for various investmesnts including secured real estate loans. He demands upfront fees upon issuance of a term sheet. He forces you to pay the upfront fees before committment. He makes the rates attractive enough that you are enticed to pay the fee to move forward.
AFter you have paid the fee and engage, he then arranges a qjuick due diligence of the deal. In my case, I seeked $2 million as a land loan which would be less than 50% of value. After about a month, he then issues a committmen lender from an entity known as LPMG Funding, signed by its supposed President Kenneth Harmon. He says this is a group of four wealthy former college school mates that pool their money together to invest in various loan types.
A quick research of LPMG and/or its President shows there is no registration of the business anywhere and Kenneth Hzrmon is not active in an business close to real estate lending. But Mike Pellegrino insists that he has done over a dozen large loans with this group and our deal will get done.
Our closing date is set for May 2, 2017, A mail away closing handled through a Tampa area title company and we are prepresented by the firms attorney. All the paperwork is prepared (title, loan documents, etc) at MY expense. The settlement sheet and loan papers are signed by Mike Pellegrino on behalf of LPMG.
After all final documents are signed, all we are waiting for was the $2.2 million wire to coclude the deal.
Bottom line? The money never arrived. I was told this was a "hiccup" on behalf of the lender and in a few days the problem would be resolved. We are now FOUR MONTHS past the closing date and still nothing. I hve 178 texts, emails and calls to Mike P 90% of which went unanswered. When I call I frequently get a reply stating "in a meeting will call back in 10..." Now, that could means 10 seconds, minutes, hours, or days.....or months.
Bottom line, I feel scheemed by Mike Pellegrino. I feel he never had control of this lender, that the whole deal was made up in order for him to collect a modest up front fee. I deserve my money back but doubt that will ever happen. I probablay will engage a lawyer to see if Mike P and his suposed lending arm are legitimate or if they are made up to extort money accross state lines. ANd if so I will seek criminal damages.
In the interim, if you hear the name MIKE or MICHAEL PELLEGRINO, MJPellegrino Consulting of LPMG Funding take note of my experience and do not give them a dime.
MJPellegrino Consulting Reviews
Mike Pellegrino promotes himself as a reliable direct lender using his own and partners funds to arrange quick hard money loans for various investmesnts including secured real estate loans. He demands upfront fees upon issuance of a term sheet. He forces you to pay the upfront fees before committment. He makes the rates attractive enough that you are enticed to pay the fee to move forward.
AFter you have paid the fee and engage, he then arranges a qjuick due diligence of the deal. In my case, I seeked $2 million as a land loan which would be less than 50% of value. After about a month, he then issues a committmen lender from an entity known as LPMG Funding, signed by its supposed President Kenneth Harmon. He says this is a group of four wealthy former college school mates that pool their money together to invest in various loan types.
A quick research of LPMG and/or its President shows there is no registration of the business anywhere and Kenneth Hzrmon is not active in an business close to real estate lending. But Mike Pellegrino insists that he has done over a dozen large loans with this group and our deal will get done.
Our closing date is set for May 2, 2017, A mail away closing handled through a Tampa area title company and we are prepresented by the firms attorney. All the paperwork is prepared (title, loan documents, etc) at MY expense. The settlement sheet and loan papers are signed by Mike Pellegrino on behalf of LPMG.
After all final documents are signed, all we are waiting for was the $2.2 million wire to coclude the deal.
Bottom line? The money never arrived. I was told this was a "hiccup" on behalf of the lender and in a few days the problem would be resolved. We are now FOUR MONTHS past the closing date and still nothing. I hve 178 texts, emails and calls to Mike P 90% of which went unanswered. When I call I frequently get a reply stating "in a meeting will call back in 10..." Now, that could means 10 seconds, minutes, hours, or days.....or months.
Bottom line, I feel scheemed by Mike Pellegrino. I feel he never had control of this lender, that the whole deal was made up in order for him to collect a modest up front fee. I deserve my money back but doubt that will ever happen. I probablay will engage a lawyer to see if Mike P and his suposed lending arm are legitimate or if they are made up to extort money accross state lines. ANd if so I will seek criminal damages.
In the interim, if you hear the name MIKE or MICHAEL PELLEGRINO, MJPellegrino Consulting of LPMG Funding take note of my experience and do not give them a dime.