Anatomy of a real estate scam – this one has everything: brothels, straw buyers, rigamarole, Orange County, confusing financial arrangements, Florida, and a condo development that seems to attract these sort of characters.
I read it twice and I still don’t understand all what’s going on here.
Local appraisers, real estate experts and community leaders say they have never seen deals in which banks are willing to lend more than 50 percent of a condo’s purchase price on the promise that the extra cash will be placed in an amenity fund.
Amenity fund? WTF?