Anyone heard of this funding company?

Member since 2021 · 6 posts · 0 votes

I am a newbie. I was invited to a zoom with this funding company called "Legacy Leavers", who has a 1st time investor program.

This program offers funding up to 400K with a 660 Fico, and at least 27K in yearly W-2 income.

No down payment, no Collateral, no proof of funds, no closing costs. The money gets funded directly to your bank account in 4 to 5 business days.

You can use the money however you want or you can fix and flip using the "Mo Money Matters" Program. It is a totally hands off program. I did a little digging and it appears they are affiliated with Elevated One Group (same programs)

Basically, I get the loan and they do all the work. Average 90 days to 6 months turnaround time from purchase, fix a d flip.

Has anyone heard of this.company or is it a scam?

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Chris SeveneyBusiness Member

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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes

@Indrani Peyton

Run away- no legitimate lender would give someone a $400k loan on $27k a year

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Eduardo Bilbao
Realtor · Miami Fl · Member since 2021 · 72 posts · 64 votes
4y
Sounds too good to be true to be honest with you. Usually banks or credit unions want you to have some skin in the game. This sounds more like a personal loan, or if this is legit they might charge you a ridiculous interest rate.
No closing costs? There is no such a thing they will just add it to the bill and you will pay interests on it. (If the company is legit)
I looked them up and IG has 19 followers and FB only two reviews. Sounds like a scam to get your personal info.
AGAIN: THERE IS SUCH A THING AS TOO GOOD TO BE TRUE
Please be careful.
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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
4y
@Indrani Peyton
Run away- no legitimate lender would give someone a $400k loan on $27k a year
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Indrani Peyton
OP
Member since 2021 · 6 posts · 0 votes
4y
@Eduardo Bilbao Thanks. I felt it was.too good to be true in my bones. Just wanted a second opinion about my "spidy senses. Thanks again. If you have any suggested funding companies for a line of credit, I'd appreciate it.
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Indrani Peyton
OP
Member since 2021 · 6 posts · 0 votes
4y
@Chris Seveney Thanks.
When I went online to check them out, they seem to be affiliated with other lenders too. As if it's a scheme. My gut said to run but needed some reassurance that my gut was right. Thanks again. Can you recommend any funding companies or lenders for my first project?
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Eduardo Bilbao
Realtor · Miami Fl · Member since 2021 · 72 posts · 64 votes
4y
Quote from @Indrani Peyton:

@Eduardo Bilbao Thanks. I felt it was.too good to be true in my bones. Just wanted a second opinion about my "spidy senses. Thanks again. If you have any suggested funding companies for a line of credit, I'd appreciate it.

Glad I was able to help!
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y
Quote from @Niraj S.:

@Indrani Peyton There are more details than just simply getting approved for 400K with a minimum 27K income. There is prequalification criteria and the programs have different requirements based on the prequalification responses. Feel free to reach out to me and I can explain everything to you. You can call me at 404-800-4345.

Yup not real.. if there is any substance to it.. its just a loss leader to hook you plane and simple.
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Marty JohnstonPro Member
Lender · Wauwatosa, WI · Member since 2016 · 571 posts · 204 votes
4y
I can echo @Miyako L Oglesby here, I knew of this group through a different one of their affiliates offering the same program. Their base program is legitimate, which is unsecured personal loans. You 'buy in' to invest in real estate only when you can also qualify for their personal loan, which my understanding was your "investment" or buy-in to the Mo-Money-Matters program.

Ultimately, I discontinued working with their group, and the affiliate of theirs who I trusted also left their group. I have helped a lot of my clients secure gap funding through unsecured debt, and they were just one group who offered this sort of funding. They came off as very "pushy" with a lot of our investors, so I cannot say I recommend them (and still wouldn't). I have found other wonderful sources for the same kind of capital for use of gap funding, rehab funds, working capital etc who I have utilized with great success now.

In short, they're not a scam, but I wouldn't recommend the program either. Hope this helps!
[email protected]414-600-0123
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Niraj S.Pro Member
Real Estate Agent · Cumming, GA · Member since 2016 · 74 posts · 10 votes
4y
@Marty Johnston who did you end up switching to? I offer gap funding through Iconic but looking to transition to other companies. Please advise. Thanks!
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Jan Bruce
Member since 2023 · 2 posts · 0 votes
3y
Quote from @Marty Johnston:

I can echo @Miyako L Oglesby here, I knew of this group through a different one of their affiliates offering the same program. Their base program is legitimate, which is unsecured personal loans. You 'buy in' to invest in real estate only when you can also qualify for their personal loan, which my understanding was your "investment" or buy-in to the Mo-Money-Matters program.

Ultimately, I discontinued working with their group, and the affiliate of theirs who I trusted also left their group. I have helped a lot of my clients secure gap funding through unsecured debt, and they were just one group who offered this sort of funding. They came off as very "pushy" with a lot of our investors, so I cannot say I recommend them (and still wouldn't). I have found other wonderful sources for the same kind of capital for use of gap funding, rehab funds, working capital etc who I have utilized with great success now.

In short, they're not a scam, but I wouldn't recommend the program either. Hope this helps!
Hello, you mentioned that Iconic Enterprises Lending Platform is legit, were you ever presented with proof they were a licensed lender. I'm asking because they offered me a business opportunity to partner with them, I tried looking the company up but can't find any info on them other than when the company incorporated, they aren't even registered with the BBB. So if you have any info at all I would greatly appreciate it, I just want to be able to make an informed decision whether or not to move forward with the partnership.

Thank you kindly,
Jan

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Marty JohnstonPro Member
Lender · Wauwatosa, WI · Member since 2016 · 571 posts · 204 votes
3y
@Jan Bruce they're legit in their lending platform for sure. I assisted clients in funding with them, so I can only speak to that side of their business.

Right around the time I stopped working with them they launched their investor program - I never did anything with this or had any clients who did either, so I can't speakto that side or its validity. But my hunch is yes, their investment opportunity is legitimate, I just can't speak to how profitable it has been or others. I would ask for a referral from whoever your POC is at Iconic to confirm its a great opportunity and is what you're expecting.
Good luck!
[email protected]414-600-0123
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Jan Bruce
Member since 2023 · 2 posts · 0 votes
3y
Quote from @Marty Johnston:

@Jan Bruce they're legit in their lending platform for sure. I assisted clients in funding with them, so I can only speak to that side of their business.

Right around the time I stopped working with them they launched their investor program - I never did anything with this or had any clients who did either, so I can't speakto that side or its validity. But my hunch is yes, their investment opportunity is legitimate, I just can't speak to how profitable it has been or others. I would ask for a referral from whoever your POC is at Iconic to confirm its a great opportunity and is what you're expecting.
Good luck!
Thank you!
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Sadie Marlowe
Member since 2024 · 1 post · 0 votes
2y
Hey, I was just invited to the same thing and skeptical. When I started asking questions like that actual name of the company they use for background checks and verifying identity… she started to get defensive… apparently it’s a $1,000 to have them get your guaranteed short term funding. Anyone actually go through this? My gut says if you can answer basic questions without getting an attitude, something isn’t right…?
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Nate Marshall
Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 738 votes
2y
Quote from @Indrani Peyton:

I am a newbie. I was invited to a zoom with this funding company called "Legacy Leavers", who has a 1st time investor program.
This program offers funding up to 400K with a 660 Fico, and at least 27K in yearly W-2 income.
No down payment, no Collateral, no proof of funds, no closing costs. The money gets funded directly to your bank account in 4 to 5 business days.
You can use the money however you want or you can fix and flip using the "Mo Money Matters" Program. It is a totally hands off program. I did a little digging and it appears they are affiliated with Elevated One Group (same programs)
Basically, I get the loan and they do all the work. Average 90 days to 6 months turnaround time from purchase, fix a d flip.
Has anyone heard of this.company or is it a scam?

I couldn't for sure say whether they are legit or not but I am highl
y skeptical. Unless it's their own funds this would be highly reckless to do with OPM.
0 Reply
NA Friedman
Member since 2024 · 1 post · 0 votes
2y
Hi,
Did anyone hear about this company Named: Release or TryRelease.com they claim to be investors help for future investments based on current properties future income, no collateral needed.
Is this a scam? Or it could be true?
0 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
2y
Quote from @NA Friedman:

Hi,
Did anyone hear about this company Named: Release or TryRelease.com they claim to be investors help for future investments based on current properties future income, no collateral needed.
Is this a scam? Or it could be true?

what do you think ???
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
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Marty JohnstonPro Member
Lender · Wauwatosa, WI · Member since 2016 · 571 posts · 204 votes
2y
Quote from @NA Friedman:

Hi,
Did anyone hear about this company Named: Release or TryRelease.com they claim to be investors help for future investments based on current properties future income, no collateral needed.
Is this a scam? Or it could be true?

I don't know this group specifically - haven't heard of them. But this sounds to me like it may be in line with a Cash Flow Advance Program that's available. Basically you can get a loan that's underwritten based on a property's NET Cashflow (after debt service and all other expenses per a T-12 P&L, or in other words, REAL world cash flow), and based on that, obtain an unsecured loan against it. No Personal income, credit, or other required. Terms are usually 5-10 years fully amortizing in the low-mid teen's on average.
They are basically taking a pledge against your future cash flows, similar to an MCA, but with rates from 11-16% fully amortizing on 5-10 yr terms, so payments are not nearly as ugly as an MCA, but similar concept.
If they're a TPO or Broker for the same company, the program could be real. But unfortunately not enough here to know for sure!
[email protected]414-600-0123
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Nate Marshall
Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 738 votes
2y
Quote from @NA Friedman:

Hi,
Did anyone hear about this company Named: Release or TryRelease.com they claim to be investors help for future investments based on current properties future income, no collateral needed.
Is this a scam? Or it could be true?

I would need to see more information and then I can have my crack team look into it and get back to everyone.
My crack team...
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