THESE GUYS ARE PREDATORY LENDERS. YOU WILL HAVE PROBLEMS WITH RECEIVING DRAWS FROM THESE GUYS. THEY MAKE UP EXCUSES TO WHY THEY CAN'T GIVE DRAWS. THEY TRY TOOK TAKE YOUR PROPERTY..
SHARESTATES LLC/ATLANTIS ORGANIZATION/JULEM CAPITAL CORP
DECEPTIVE CROWDFUNDING AND COLLUDING
In January 2016 I was searching for loans for low credit scores on the internet and I came across Sharestates LLC on the web as well as on Craigslist. My first point of contact was a staff member named Edward Shorkin. I explained my situation and he said they could help me.
Sharestates told me that I did not have any up front costs and then they said they needed $1000 for an application fee. Sharestates said that my $1000 application fee would be refunded at closing and it was not refunded.
Sharestates said that they would bail me out of foreclosure by providing a 12 month loan 3% origination and 10% rate then they changed it to 5% origination fee at 12%. I fought for 4% origination fee. I never signed the final Term Sheet agreement they gave me because there were errors with prepayment penalty period.
Sharestates kept pressuring me to borrow more than I needed. At one point they expected me to borrow $1.5M when I initially only requested $800,000.00.
Sharestates approved me with a low FICO score and low income promising to roll my loan over at term into a lower rate loan of 5-6% through their umbrella company the Atlantis Organization but never put it in writing in the closing documents. They told me to go deal with Julem after I inquired about rolling over the loan after closing.
Sharestates agreed to a Consigment of Mortgage and then changed their minds right before the closing. This would have saved me $15K.
Sharestates refused to allow me to use my own title company even though I repeatedly requested. Their term sheet states that I must use Atlantis Organization as the title company. My closing attorney believed that they were getting kickbacks.
Sharestates wanted 12 months of interest reserve and I had to fight for 8 months of interest reserve which is the $90000.00. At closing I was charged for ½ a month of interest because my closing fell in the middle of the month. I have learned that more than two months of interest payments in advance is predatory.
Nightmare Closing:
Sharestates was aware of the pressure from my ex-spouse’s attorneys as well as the foreclosure pending with Citimortgage. Their attorney Kevin Schmitt sent the closing documents the day before to an attorney that I had to hire last minute because my initial attorney could not make it to any of the closing dates that were provided.
I repeatedly asked for the closing docs a week prior and they claimed that they were not ready.
I was frustrated because I had many questions.
Sharestates’ closing Attorney Kevin Schmitt’s refusal to meet with me to discuss
concerns and many questions at the closing was appalling and discriminatory to me. He sat in his office and refused to come out to the closing table to meet with my attorney and I.
He had his closing assistant go back in forth between us. The closing had to be in Long Island at their office.
Allen Shayanfker the CEO of Sharestates was nowhere to be found or not reachable for closing. I had many questions that he could not clear up however all of a sudden he was not reachable via phone or email. They claimed he was at a conference out of town. Julem Capital Corp nor Atlantis Organization was available were not present nor available by phone.
Atlantis Organization had inflated premiums and fees and failed to pay the city transfer taxes in the amount of $2450.00 which was deducted at closing. The bill now has added interest as per my bill received from the NYC Department of Finance. Atlantis also charged me $575 for a survey that never was executed. They claim that there was not a survey on file and hit me with the survey costs last minute at the closing. I am not certain what else Atlantis failed to pay on my behalf.
Sharestates sent a staff member to quickly look at the property. He never did an actual appraisal. He did even ask to see the basement. Later he turned out to be the actual investor Mark Pnini of Julem Capital Corp. Sharestates made it look like they provided an appraisal and deducted it from the bill.
FURTHER DECEPTION
Mark Pnini phoned me in June 2016 after the closing to inform me that he was the actual investor and that he was no longer with Atlantis and Sharestates. I told him about my nightmare closing and experience because he failed to show up to the closing as well.
He blurted that he was now servicing the loan and that he is one of the “Good Guys”. He had a falling out with Atlantis Organization and Sharestates and has failed to say why. Now he acts as if he never offered to help me to get out of the hard money loan in the amount of $1125000.
Mark Pnini claimed that he will do whatever he has to do to get his money back. He also said that he would help me to get a lower rate of 4% -5%. When I sent him an email around December or so reminding him of such he ignored it and told me that it would cost me $22000 if I wanted a 12 month extension.
Mark Pnini sent three people at one time to the property on January 17th to intimidate me and serve a letter threatening foreclosure if the taxes were not paid. There was an issue with taxes regarding exemptions that is being cleared up however I paid the taxes and sent the proof to Adam Mikolay his attorney. I just did not understand why he sent three people to the property with one letter.
Sharestates CEO Allen wants his name dropped from the law suit because he knows how damaging it will be for his newly formed company. If The Real Deal, Crowd Funding News, New York Times and Wallstreet Journal were to get wind their deceptive business practices and colluding it would decrease the investors trust in Sharestates.
Sharestates is the major problem in this case because they made a lot of promises to me to bait me and they switched mid-stream. This is why I believe that the umbrella company Atlantis Organization, Sharestates and Julem Capital Corp were in collusion to take the equity in the property. I still believe that I am their only black client.
You ask why did I go through with this loan? You would have to be in my shoes to understand why I believed at the time I had to go this route to come from up under the pressure and pain of my husbands attack dog attorney and the refusal of Citimortgage to modify the loan. I foolishly believed Sharestates and I did not get their promises in writing. Hindsight is 20/20. This go around God will bail me out!
Sharestates, LLC Reviews
DO NOT SEEK ANY LOANS YOUR DEALS ROM THIS COMPANY
(((INVESTORS AND DEVELOPERS STAY AWAY)))
THESE GUYS ARE PREDATORY LENDERS. YOU WILL HAVE PROBLEMS WITH RECEIVING DRAWS FROM THESE GUYS. THEY MAKE UP EXCUSES TO WHY THEY CAN'T GIVE DRAWS. THEY TRY TOOK TAKE YOUR PROPERTY..
SHARESTATES LLC/ATLANTIS ORGANIZATION/JULEM CAPITAL CORP
DECEPTIVE CROWDFUNDING AND COLLUDING
In January 2016 I was searching for loans for low credit scores on the internet and I came across Sharestates LLC on the web as well as on Craigslist. My first point of contact was a staff member named Edward Shorkin. I explained my situation and he said they could help me.
Sharestates told me that I did not have any up front costs and then they said they needed $1000 for an application fee. Sharestates said that my $1000 application fee would be refunded at closing and it was not refunded.
Sharestates said that they would bail me out of foreclosure by providing a 12 month loan 3% origination and 10% rate then they changed it to 5% origination fee at 12%. I fought for 4% origination fee. I never signed the final Term Sheet agreement they gave me because there were errors with prepayment penalty period.
Sharestates kept pressuring me to borrow more than I needed. At one point they expected me to borrow $1.5M when I initially only requested $800,000.00.
Sharestates approved me with a low FICO score and low income promising to roll my loan over at term into a lower rate loan of 5-6% through their umbrella company the Atlantis Organization but never put it in writing in the closing documents. They told me to go deal with Julem after I inquired about rolling over the loan after closing.
Sharestates agreed to a Consigment of Mortgage and then changed their minds right before the closing. This would have saved me $15K.
Sharestates refused to allow me to use my own title company even though I repeatedly requested. Their term sheet states that I must use Atlantis Organization as the title company. My closing attorney believed that they were getting kickbacks.
Sharestates wanted 12 months of interest reserve and I had to fight for 8 months of interest reserve which is the $90000.00. At closing I was charged for ½ a month of interest because my closing fell in the middle of the month. I have learned that more than two months of interest payments in advance is predatory.
Nightmare Closing:
Sharestates was aware of the pressure from my ex-spouse’s attorneys as well as the foreclosure pending with Citimortgage. Their attorney Kevin Schmitt sent the closing documents the day before to an attorney that I had to hire last minute because my initial attorney could not make it to any of the closing dates that were provided.
I repeatedly asked for the closing docs a week prior and they claimed that they were not ready.
I was frustrated because I had many questions.
Sharestates’ closing Attorney Kevin Schmitt’s refusal to meet with me to discuss
concerns and many questions at the closing was appalling and discriminatory to me. He sat in his office and refused to come out to the closing table to meet with my attorney and I.
He had his closing assistant go back in forth between us. The closing had to be in Long Island at their office.
Allen Shayanfker the CEO of Sharestates was nowhere to be found or not reachable for closing. I had many questions that he could not clear up however all of a sudden he was not reachable via phone or email. They claimed he was at a conference out of town. Julem Capital Corp nor Atlantis Organization was available were not present nor available by phone.
Atlantis Organization had inflated premiums and fees and failed to pay the city transfer taxes in the amount of $2450.00 which was deducted at closing. The bill now has added interest as per my bill received from the NYC Department of Finance. Atlantis also charged me $575 for a survey that never was executed. They claim that there was not a survey on file and hit me with the survey costs last minute at the closing. I am not certain what else Atlantis failed to pay on my behalf.
Sharestates sent a staff member to quickly look at the property. He never did an actual appraisal. He did even ask to see the basement. Later he turned out to be the actual investor Mark Pnini of Julem Capital Corp. Sharestates made it look like they provided an appraisal and deducted it from the bill.
FURTHER DECEPTION
Mark Pnini phoned me in June 2016 after the closing to inform me that he was the actual investor and that he was no longer with Atlantis and Sharestates. I told him about my nightmare closing and experience because he failed to show up to the closing as well.
He blurted that he was now servicing the loan and that he is one of the “Good Guys”. He had a falling out with Atlantis Organization and Sharestates and has failed to say why. Now he acts as if he never offered to help me to get out of the hard money loan in the amount of $1125000.
Mark Pnini claimed that he will do whatever he has to do to get his money back. He also said that he would help me to get a lower rate of 4% -5%. When I sent him an email around December or so reminding him of such he ignored it and told me that it would cost me $22000 if I wanted a 12 month extension.
Mark Pnini sent three people at one time to the property on January 17th to intimidate me and serve a letter threatening foreclosure if the taxes were not paid. There was an issue with taxes regarding exemptions that is being cleared up however I paid the taxes and sent the proof to Adam Mikolay his attorney. I just did not understand why he sent three people to the property with one letter.
Sharestates CEO Allen wants his name dropped from the law suit because he knows how damaging it will be for his newly formed company. If The Real Deal, Crowd Funding News, New York Times and Wallstreet Journal were to get wind their deceptive business practices and colluding it would decrease the investors trust in Sharestates.
Sharestates is the major problem in this case because they made a lot of promises to me to bait me and they switched mid-stream. This is why I believe that the umbrella company Atlantis Organization, Sharestates and Julem Capital Corp were in collusion to take the equity in the property. I still believe that I am their only black client.
You ask why did I go through with this loan? You would have to be in my shoes to understand why I believed at the time I had to go this route to come from up under the pressure and pain of my husbands attack dog attorney and the refusal of Citimortgage to modify the loan. I foolishly believed Sharestates and I did not get their promises in writing. Hindsight is 20/20. This go around God will bail me out!