| Coreana Funding Group |
| Coreana Funding Group 36-09 Main st. Suit 205 Flushing, NY 11354 Pay For Loan Fee Scam Flushing , New York |
| 4th of Jun, 2011 by User286292 |
| John Y Kim and His associate Caryn Prayse are involved in a nationwide pay for Loan Scam.. Buyers be very careful.. John Y Kim presents himself as a well knowledgeable loan processor with over 20 years experience in the banking industry. His side Kick Caryn Prayse a loan officer previous of a company that was shut down in Tampa Florida in 2006 for loan fraud have quite the scam going. I was introduced to John Y Kim of Coreana Funding back in March of 2011 after being taken by Remington Capital for 21K by none other than Caryn Prayse at which time worked for Synchronized Financial Services. After Remington was raided by the FBI in Feb 2011, I figured the pay for loan scam I had read so much about had added me to the list of victims as it had. Caryn than came back with another deal with none other than John Y Kim of Coreana Funding, this group claims to be able to put up cash collateral in form of a CD or other cash equivalent to secure high dollar commercial loans. Coreana had offered to secure a 50 Million dollar pre construction loan for my property in Puerto Rico. It all started out with no upfront fees, no application fees; well this ended in the first meeting with John Kim, once he drove down to hook you in his deals the fees started to be spelled out. In short we had to pay a 26k application fee 300K at commitment of which I refused as well 18 Points on the loan and a 40 % equity stake in my property owned free and clear valued at 500 Million. After being taken by Remington Capital I simply refused to get involved with another pay for loan scam and respectively declined to put any money out, well after being worked and promised he had contacts in Chicago I gave in and put up 1500.00 to cover some of his travel. John worked the loan request upwards to 200 Million claiming we needed more money and that the total loan once construction started would end up being close to a billion dollars. Over the past 3 Months John continued to work on the loan request and in June he claimed no bank was interested in doing a deal based on my liquidity not being high enough I am only worth 500 Million so I found this was nothing but BS. Finally mid June 2011, I told him to put the bigger loan aside and lets do a smaller deal for my Government contracting company in the Metro DC area. We agreed he would secure a loan in the amount of 10 Million for my company to be used for long term working capital and expansion. The only thing we need per John Kim was to secure a bank that would be willing to do the loan. I was able to get my local Bank to agree to make the loan using Coreana Funding system of putting up cash collateral. I than was able to get a term sheet from the bank and arrange a meeting with John and the bank. Prior to the meeting of course John springs on me a pay for loan fee sheet of which through me for a complete loop. Here we have a bank willing to do the loan, his points at closing netted 2 million. You would think if you are going to earn 2 Million dollar by closing a loan, the bank has agreed to do the loan pending his group verifying the funds for collateral this would be a good thing. But not for Coreana Funding, after having me Use my relationship with the bank founder of whom I have known for several years, John Decides he need 30K from me upfront before he could do the deal. Somehow these people never quit, what is 30K to 2 Million unless you are never planning to close anything. The bank told John Kim in our meeting last Thursday 6/2/2011 that they would issue a commitment to close once funds used to secure the loan could be verified. The bank even agreed to do other deals for his group once this one closed. When the senior Loan officer asked John Kim pointed questions about where he has worked and what banks he answered by saying I have been around end quote, completely refusing to answer any direct questions about who he is. The bank than asked him how will he provide proof of funds, he than answered Some guy will call you, I am not sure who it is different people handle specific duties in my company end quote. Again you ask to meet a bank that you are asking to do a 10 Million Dollar loan of which you are getting 2 Million off the top and you come to the meeting with no support documents to verify anything about you and your funds, you simply avoid to answer any questions. But wait after we leave he is pushing me to wire him 30K in fees. Giving john the benefit of the doubt I offered to pay his so called processing fee in full once the bank issued a commitment to close which of course was depending on his group verifying funds. This to anyone that would close a deal shouldve been acceptable. But not John Kim, I quote these people I am working with will not verify funds until they get the nonrefundable processing fee end quote. So here is the scam, Coreana Funding claims to be able to provide cash collateral for borrowers who can secure loans via banks through the use of them providing cash or cash equivalent for collateral. They have never closed any loans with anyone. No history of any banks ever doing deals with any of his so called investors. But yet he demands upfront fees and using banks as a means to leverage his fraud. John plays on desperate borrowers much like Kennedy funding, MeCorp, Remington Capital and all the rest. The difference is Coreana Funding is using real banks as a means of getting there victims to believe they are really going to fund the loan knowing the banks will not commit without a verification of funds from his group which they never provide. Stay away from this company and Caryn Prayse they are not doing deals only shopping application fees and non refundable processing fees. They got me for 1500.00 as I gave into a small request on the 200 Million dollar loan he could never fund and had no way of funding. John has ripped off a company in NY he claimed to be doing a deal for 90 Million over 8 months ago the borrower paid him 90K commitment fee to-date there is no bank involved in the deal as best I can tell this borrower is demanding a fool refund. Coreana Funding had a 2 Million Dollar net on my deal and all that was needed was for them to verify funds and they refused to so. My bank agreed to do the deal, John had no more excuses, as expected he only wanted my 30K in advance fees. Do not get involved with this group they do not do loans, they are only scamming fees. I have sent a file the FBI, and the DOJ, NY states Atty Office and VA States ATTY Office. I will do everything I can do to shut this company down before they steal money from anyone else. |
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| I am the author of this report, Mr. Kim and I have come to an understanding as well he has agreed to provide proof of funds and no fees will be required. |
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