BEWARE! Lone Star National Consultants LLC ("Lone Star") is an unlicensed Investor Wholesale…read moreFinancier operated by Gerald G. He will give you an impressive introduction and then pressure you to make a decision & pay him $2500 that same day without time to properly read his contract's fine print or research wholesale financing. I believe that Lone Star's online reviews that positively influenced me were likely planted; in fact, one of the reviews was written by Gerald. I am a former client, and the information I provide herein is based on my experience, loss of money, evidence, and brutal real estate market conditions. I allege that Lone Star is proffering a real estate scheme that scams $2500 (a nonrefundable $2500 must be paid before you can get reviewed and approved) and preys on innocent people desperate to get a home. Gerald's sales pitch built false pretense that you can afford a decent home when you really don't stand a chance due to the current dynamics of outlandish bidding wars that will price you out of the real estate market and/or force you to lower your standards and confront buying an unlivable dump or tear-down. His company will only loan you so much money while you compete with deep-pocketed buyers. Accordingly, I allege that Lone Star exploits, misleads, falsely encourages, and/or preys on people with bad credit or flying under the radar who have "mattress" money to buy a home but can't qualify for a conventional loan. Lone Star offered me an unconventional loan based on salary not credit, but charged an up-front nonrefundable $2500 with an additional $2000 due at closing, an exorbitant fee for a down payment ($15,000) and closing costs ($8500-$9000), which I agreed to in order to get a home. I was led to believe that I would have no problem getting a home of my choice with "livable" conditions. In fact, this was not the case. The list of homes I was given to choose from all had major problems, and l competed with other deep-pocketed buyers who repeatedly outbid my approved loan amount by approx $20,000 to $30,000; and my $15,000 down payment was raised to $18,000. Also, sellers refused to pay closing costs. Gerald initially said he would roll closing costs into my approved loan amount and then retracted the offer. Gerald didn't seem concerned with the fact that I had been priced out of the market because he already had my money. Furthermore, Gerald was hard to deal with and disappeared for days on end, which left me in limbo not knowing what was going on with my offers and how to counter bid? He was impossible to reach in the mornings when deals were going down. I requested that offers be placed on several homes and had to chase Gerald for action and results. I complained that he was unprofessional and evasive. He would either conjure excuses or just lie despite my many text messages proving my allegations. I finally had enough when I asked him to place an offer on a home, and I caught him lying to me while having to chase him for a response. He said he submitted an offer, but a day later his correspondence indicated that he had not submitted the offer. I canceled his service. I told him that I was going to submit a review and warn other consumers. He threatened me with a "cease-and-desist" order. ++Addendum: Lone Star apparently read my negative review and had several people add glowing reviews two hours after I posted mine to seemingly undermine me; they didn't explain anything, which questions intent. I believed the first 5 reviews that were posted when I first checked out Lone Star and was sucker-punched. Be advised that Lone Star's operations are questionable and certainly not professional. As soon as I gave Gerald my $2500, he disappeared for 3 days to apparently avoid a 3-day cancellation period. Thereafter, communications grew worse. All I can say is be wary of anyone requiring money upfront. ++After submitting this review to Yelp, I was placed in the "not recommended" section by an automatic review system and my rating was not factored in. I object to being outcast in reviews simply because I told the truth!
