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Thomas Mulchay


Country United States
State Alabama
Phone (513) 597-3125

Thomas Mulchay Reviews

  • Jun 6, 2021

I received an unsolicited email as follows: "I'm a direct private lender. I provide loans for commercial ventures, real estate, personal loans, debt Consolidation e.t.c, your credit score does not matter and I will finance up to 100% of the purchase and Rehab cost, at 5% interest rate with no prepayment penalty. Contact me today to get started and approved. "

The lender provided follow up emails with more specific information regarding the terms as follows:

The minimum lending amount is $15,000. The loan term is from 6 months to 30 years. There is no prepayment penalty, so you can repay the loan at the earliest possible time. Also, I can give you up to 6 months grace period before repayment. I have a monthly amortization plan and also a balloon payment option. I finance single family and multifamily deals as well. I can send you POF and Pre-approval letters to make your offers and secure your deals. For loan approval, you're to submit an executive summary/CMA (Competitive Market Analysis) of the property for review and approval. [Red Flags: There is no request for a credit report or formal property appraisal.]

This may be too good to be true! The lender is taking on an unusual amount of risk. These terms are way more flexible than public commercial lenders, and so far borrowers don't have "skin in the game."

But this is where it gets interesting per additional emails: "There is a 1 point loan transaction fee. The fee is paid prior to funding, once the loan is Pre-approved."

My advise: Never send funds in advance unless it is for "normal" fees such as an application fee (i.e. for a credit report) and a property appraisal. Note: Idid not receive funding from this lender, and was not personally scamed. However, I am posting this as a precaution to others to be on guard. This is not a new scam. You request a $100K loan; the lender says you are pre-approved (which they always will). You send the lender the 1 point transaction fee ($1,000.00) in advance of receiving funding. The lender gets the $1,000, you never get the $100K loan (due to unforseen delays). [See the Rip Off Report for Creative Capital Partners.]

One final note. I did a search for a Thomas Mulcahy and found his obituary.

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