Haas anyone tried Zoomeral to get funded?
Hi guys,
Have you tried this financial company to get funded for your real estate (or other) projects ? https://zoomeral.com/
I would like to know more about them because they have interesting propositions but i wanted to know if you already worked with them and your experience please.
Thank you
We applied for a BELOC loan with McMann Commercial Lending (3rd party lender) December 2022. We were asked by McMann to create a Zoomeral account and to upload all our documents there. The Zoomeral platform never worked for uploading documents, though. We sent all documents through email and were told by McMann that they would upload the documents to Zoomeral for us. We were approved for the BELOC loan and also approved for a bridge loan that would be provided by Genie Investments. The owner of Zoomeral is part owner of Genie Investments. We wired a $35,000 non-refundable due diligence fee to Genie Investments for a $178,000 bridge loan. Then we wired $26,805 to Genie Investments for prepaid bridge loan interest ($21,444) and a Zoomeral origination fee ($5,361) on January 10, 2023. The contract with McMann stated we’d receive 20% of our BELOC loan within 75 calendar days of wiring the prepaid bridge loan interest and then receive the other 80% of loan within 75 calendar days from the first funding. We are at 160 days and have received no funding. I reached out to the owner of Zoomeral and Genie Investments. He told me that there are no guaranteed loans. He also told me that my prepaid interest for the bridge loan was expired. In the contract with Genie Investments, it states that you have to ask in writing to renew your loan interest after 90 days. Otherwise, it is theirs and is non-refundable. Genie Investments has a heavy non-disparagement agreement that prevents many clients from speaking about their experiences online. The company is quick to threaten to cancel a loan or to bring a lawsuit against a client if the client does post any type of negative review or statement online.
I do not recommend getting a loan through Zoomeral or Genie Investments as there are heavy up front fees with no guarantee for a loan. If you do use either, I’d advise reading every single word of the contract and understand what you are getting into before you sign. I believe both Zoomeral and Genie Investments make their money from the upfront fees and have little motivation or intention to actually fund loans.