Brent Woodson, (Watersmark), Philip & Joseph Puelo (Olympic Capital). Received Upfront Fees with the representations they had Investors that would fund 3 Construction Loans. They received the money via wire transfer between July 8, 2019 through July 22, 2019. After which Brent Woodson & Philip Puelo traveled to meet the Borrowers and see the properties.
Brent & Philip said, they wanted to make sure everything was as represented. Everything was better than what was represented (according to Brent & Philip) eliminating any of their concerns. During the meetings, in the Borrowers offices, Brent & Philip directly told me, the Borrowers, and other people that are involved in the 3 Developments that they were very impressed and had the Investors to fund the 3 Construction Loans. They said they could get it funded in approximately 30 days.
After the site visit everything started to take a turn for the worst. After 2 weeks neither Brent nor Philip had discussed the 3 Construction Loans with any of their Investors. The fact was that even though the Borrowers and I had sent Brent & Philip all of the back up information for their underwriting, before & after the site visit, they had not spent the time (even with all the upfront money) to compile a presentation package for the their Investors to review. I had to step in and create the 3 to 4 page executive summaries.
Bottom Line they Scammed the Borrowers to entice them to pay upfront fees stating they had investors to fund their Construction Loans. As of 10/13/19 there is no funding in site. We sent them a deand and then they stopped returning calls, texts & emails and will not return the upfront fees. STAY AWAY - THEY ARE SCAMMERS
WatersMark Reviews
STAY AWAY - THEY ARE SCAMMERS
Brent Woodson, (Watersmark), Philip & Joseph Puelo (Olympic Capital). Received Upfront Fees with the representations they had Investors that would fund 3 Construction Loans. They received the money via wire transfer between July 8, 2019 through July 22, 2019. After which Brent Woodson & Philip Puelo traveled to meet the Borrowers and see the properties.
Brent & Philip said, they wanted to make sure everything was as represented. Everything was better than what was represented (according to Brent & Philip) eliminating any of their concerns. During the meetings, in the Borrowers offices, Brent & Philip directly told me, the Borrowers, and other people that are involved in the 3 Developments that they were very impressed and had the Investors to fund the 3 Construction Loans. They said they could get it funded in approximately 30 days.
After the site visit everything started to take a turn for the worst. After 2 weeks neither Brent nor Philip had discussed the 3 Construction Loans with any of their Investors. The fact was that even though the Borrowers and I had sent Brent & Philip all of the back up information for their underwriting, before & after the site visit, they had not spent the time (even with all the upfront money) to compile a presentation package for the their Investors to review. I had to step in and create the 3 to 4 page executive summaries.
Bottom Line they Scammed the Borrowers to entice them to pay upfront fees stating they had investors to fund their Construction Loans. As of 10/13/19 there is no funding in site. We sent them a deand and then they stopped returning calls, texts & emails and will not return the upfront fees. STAY AWAY - THEY ARE SCAMMERS