CalComm Capital Incorporated

CalComm Capital Incorporated Review

Reviews: 1

1 RATING
(1)

Total views: 4009

Published: 08 November 2017

Posted by: Anonymously

I am an Investor in Point Center Financial, a real estate investment company run by Dan Harkey and currently in Bankruptcy proceedings. Dan Harkey is the President of other LLCs essentially doing the same kind of financial dealings, and which Calcomm Capital is one. Dan bundles Investor’s money and loans it out to Borrowers at Hard Money lender rates, typically in the 10%+ range. Hard Money Borrowers are usually those people/companies that cannot get loans at the more conventional institutions, or cannot wait for the money, and are therefore willing to pay more for a loan. They are a generally a much higher risk for default, as one would expect. For handling the marketing, paperwork, and your money, Dan Harkey gets FEEs. They are usually pretty healthy Fees and come off the top of any Investment loans. He also advertises attractive returns, and will tell you they are relatively safe because they are backed by 2nd Trust Deeds on the properties. And he will tell you that he only loans on some percentage of the Appraised Current Value of the property, so your money is really safe. In 2006/7, when I invested in one of the 2nd Trust Deeds, as well as a bundled group of Deeds he offered, land prices were high and land development was raging. Dan Harkey used highly inflated Appraisals of property in order to justify the loans he was making. This meant he was loaning far more money than the property was really worth – a lot more! Hundreds of millions of dollars more. So when the land development and markets Tanked in the 2007/2008 recession, ALL of the developers defaulted on their loans, and the properties that were supposed to be protecting our Investment were suddenly worth Pennies on the Dollar, or maybe nothing, after all the bills are paid (to include Dan’s Fees). So he finally declares Bankruptcy and begins to try and hide what money is left in other companies of his, or other shenanigans to keep from paying Investors anything. The court appointed lawyer is more interested in recovering money to cover Dan’s Creditors rather than his investors. The result is Investors in Point Center Fiancial will most likely get almost nothing back. I know there is always some risk in Investments in Real Estate. However, the level of risk involved with Dan Harkey and his company(ies) is a whole lot higher than he advertises. I would have been a whole lot better off just taking my money to Las Vegas. At least there I have some idea of the odds of making money, and I get some enjoyment in spending it. With Dan, you get nothing but the chance to support him in his life style. And he WILL SPEND YOUR MONEY FREELY. Rather than throwing your money away by giving it to Dan Harkey, just go out and throw it in the city streets. It will be more appreciated and used for better purposes. And you can’t feel any worse!

Rate and Write a Review on CalComm Capital Incorporated

Sending

Be an Informed Consumer

An informed consumer is capable of making sensible decisions, gains insight about a business prior to an interaction or transaction. Our newsletter provides resources and information that informs you, the consumer. of such things as consumer rights and protection.