April 2021

Rhinebeck banks

Missing lawyer falsified mother’s signature to take out millions in loans: lawsuit

The elderly mother of a real estate lawyer – who went to AWOL last month after clients accused him of stealing their money – says her son forged his name to contract millions ready.

“I am 94 years old and have been the victim of a terrible fraud,” she wrote in an affidavit filed by her lawyer alleging that her son Mitchell Kossoff forged his signature to borrow a total of 2, $ 6 million.

Capital Stack gave Mitchell the upfront money in exchange for his agreement to repay $ 3.67 million – money from his law firm’s future income.

The loan documents show not only Kossoff’s signatures, but one purported to be his mother’s – and these don’t look like legitimate examples submitted to the court.

After Mitchell failed to repay the loan, the finance company sued him and his mother in Manhattan Supreme Court.

Phyllis Kossoff said her son forged his signature on Capital Stack loan documents.
Getty Images

“I only learned about the fraud last week when my son, Mitchell Kossoff, told me that there were documents that had my signature but which I had not signed,” she wrote in Thursday’s filing seeking an injunction to prevent Capital Stack. to sue her for unpaid loans.

“I certainly didn’t sign any of those affidavits or underlying documents.”

Mitchell’s conversation with his philanthropic mother is the first public indication that he hasn’t fully gone MIA, according to RealDeal.

A general view of the Manhattan District Attorney's Office.
Phyllis Kossoff claims Mitchell Kossoff borrowed $ 2.6 million using his signature.
Christophe Sadowski

His law firm has essentially closed and his clients fear he may have run away with their money, the site reported. Several of his clients are suing him.

The Manhattan District Attorney’s Office is investigating the allegations.

Kossoff could not be reached for comment.

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Rhinebeck banks

Top 10 Loans in the Outer Borough of New York in March 2021

David Wolkoff of G&M Realty (Getty, 5Pointz LIC)

The 10 largest commercial real estate loans in the outer boroughs in March totaled $ 1.96 billion, more than double the figure for March 2020 when the pandemic gripped New York City. Last month’s total was nearly 50 percent higher than February’s $ 1.3 billion.

Of the first 10 loans, five were issued for Queens, three for Brooklyn and two for the Bronx. Most had to refinance existing loans, perhaps because long-term treasury yields started to rise, borrowers took advantage of lower interest rates while they could.

The complete list:

1) 5Pointz refi | Queens | $ 300 million

The Wolkoff family’s G&M Realty obtained this refinancing from JPMorgan Chase for its 1,115-unit luxury apartment project at 22-44 Jackson Avenue in Long Island City. The loan will repay the construction loan G&M received from OZK Bank in 2018. The huge two-tower complex, called 5Pointz LIC, replaced the famous 5Pointz graffiti mecca.

2) Garden apartment refi | Queens | $ 165 million

A&E Real Estate Holdings, through Kew Gardens Hills, has secured this 12-parcel loan in Kew Gardens Hills from Signature Bank. The properties included 147-07 / 147-51, 147-08 / 142-52 and 150-16 / 150-46 72nd Road; 147-39 / 147/43, 150-19 / 150-45, 150-14 / 150-40, 147-40 / 147-44 and 153-14 / 153-36 73rd Avenue; 147-42 / 147-46, 150-18 / 150-48 and 153-04 / 153-60 75th Avenue; and 72-24 / 72-30 Kissena Boulevard in Kew Gardens Hills. These plots house three-storey apartment buildings.

3) The Arches multifamily refi | Bronx | $ 163 million

Cheskel Schwimmer’s Chess Builders secured this refinancing for The Arches, a two-tower apartment complex located at 198 East 135 Street in Mott Haven. The lender was Prime Finance Short Duration Holding Company, a division of Prime Finance. The residential complex has 430 apartments, including 129 units reserved for middle-income households. The Arches address is also known as 224-228 East 135th Street.

4) Rabsky gets moving | Brooklyn | $ 120 million

Brooklyn-based Rabsky Group secured this loan backed by plots at 52 Walton Street, 174 Harrison Avenue, 249-257 Wallabout Street and 243-274 Wallabout Street. The financing consists of a $ 79.6 million construction loan, a $ 19.8 million mortgage and a $ 20.5 million land loan, for a total of $ 119.9 million . The lender was Bank Leumi USA. Rabsky’s plan to build a 12-story mixed-use building was approved in February. It provides for 77 apartments, 53,600 square feet of community facilities and approximately 39,600 square feet of commercial space, according to the application filed with the city’s building department. The property, also known as 34 Union Avenue, is located near the southwestern edge of Broadway Triangle. Rabsky bought it in 2012 for $ 12.75 million, according to property records.

5) Opal refi | Queens | $ 110 million

A&E Real Estate Holdings has secured this loan against the Opal rental apartment complex located at 75-25 153rd Street in Kew Gardens Hills. A&E purchased the 388-unit building from Dermot in 2015 for $ 134 million. The loan was issued by Signature Bank.

6) Mower refi | Brooklyn | $ 100 million

Clipper Equity secured this financing from Citi for its office building at 141 Livingston Street in downtown Brooklyn. The real estate investment trust purchased the building for $ 14 million in 2002 from Blackacre Capital Management, the real estate investment arm of Cerberus Capital Management. The REIT refinanced the property earlier than the original loan expiration date and extended the term with a lower interest rate, according to David Bistrier, CEO of the company.

7) Supported by Sumet | Brooklyn | $ 74.5 million

Metropolitan Realty Group obtained this loan from Orix Real Estate Capital for 12 plots at 198, 202, 204, 208, 226, 230 and 234 South First Street; 237, 233 and 231 South Second Street; 215 Roebling Street; and 209 South Third Street in Williamsburg. These properties house apartment buildings, known collectively as Sumet I, with 200 units.

8) Riverdale refi | Bronx | $ 70 million

A&E Real Estate Holdings landed this plot-backed loan at 5530-5572 and 5535-5565 Netherland Avenue in the Riverdale neighborhood. The four properties, called Riverdale Gardens, have buildings totaling 438 apartments. The loan was issued by Signature Bank.

9) Innovo’s industrial game | Queens | $ 62.6 million

Innovo Property Group, a New York-based real estate investment and operating company, secured this loan for the plot located at 23-30 Borden Avenue in Long Island City, where the company plans to build a five-story warehouse of 842,000 square feet. . The company, in partnership with Atalaya Capital Management and Hong Kong-based Nan Fung Group, purchased the property for $ 75 million from Atlas Capital Group in 2019. The loan was issued by Starwood Property Mortgage, a subsidiary of Starwood Property Trust.

10) Chetrit’s industrial refi | Queens | $ 56 million

The Chetrit Group marked this loan backed by the 588,000 square foot distribution facility at 57-18 Flushing Avenue and three countless adjacent plots on 59th Place in Maspeth. The 9-acre site is zoned for manufacturing. UBS Bank USA issued the loan.

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Signature loans: all you need to know

A signature loan is a type of unsecured personal loan that does not require any form of collateral. Sometimes referred to as a good faith or character loan, you will need good credit to get the best rates and terms, as well as enough income to make the payments. (iStock)

If you are looking for a loan but do not want or cannot put up collateral, then a signed loan may be an option. Signature loans – also known as good faith or character loans – are unsecured loans, which means you don’t need collateral to apply. But to qualify, you’ll likely need a good credit history, stable employment, and enough income to make the principal, plus interest payments.

If you are considering this option, consider using Credible. With Credible, you can compare the personal loan rates of several lenders without affecting your credit score.

Unsecured loans: all you need to know

What is a signature loan?

Signature loans are different from secured loans, which require you to provide some type of collateral, such as your home or car, to qualify. With a secured loan, if you don’t make your payments, your lender can cancel the loan agreement and take your collateral. Like unsecured loans, signature loans are secured only by your signature on the loan agreement. No guarantee is necessary.

You can use a signature loan for almost anything like debt consolidation or to cover a medical emergency. Interest rates and terms vary from lender to lender. Once you qualify, your lender will pay off your loan all at once. Loan limits also vary, but can range from a few hundred dollars to several thousand. But since they are not backed by collateral, loan amounts are often lower than secured loans.

What Are the Interest Rates for Signature Loans?

The interest rates on signature loans are the same as for personal loans and depend on your credit rating, your credit history, and your ability to repay your loan. Signature loans are provided by banks, credit unions, and many other financial institutions, including online lenders. If you have good credit, you are likely to qualify for much better rates than borrowers with bad credit.

Typically, the interest rates on signature loans range from around 5.5% to 24%, depending on your credit rating, the amount and the length of the loan. To find out what rate you’ll qualify for on your signature loan, visit Credible today and use their personal loan calculator.


What other fees should I watch out for?

In addition to paying a higher interest rate (sometimes up to 30%), signature loans usually come with a fee, but not always.

  • Original fees: Some lenders charge a set-up fee to process your new loan. The set-up costs are shown as a percentage and deducted from the total amount of your loan. So if you take out a loan of $ 5,000 with a 2% origination fee, the amount you will receive will be $ 4,900 due to the $ 100 origination fee.
  • Penalty for early repayment: Lenders may charge a prepayment penalty if you pay off your loan before the end of the term. Most lenders don’t charge prepayment fees, but it’s worth looking for them on your loan document.
  • Late penalty fee: Many lenders charge a late payment penalties if you miss payments or make multiple late payments on your loan. Avoid making late payments as this will negatively impact your credit report.

Some lenders offer signature loans to borrowers with poor credit without a credit check. However, the interest rates are usually considerably higher and the loan amounts are often much lower. This is why it pays to shop around for the best personal loan rates and visit Credible to speak with an experienced loan officer and get your personal loan questions answered.


Will signature loans have an impact on your credit score?

When you apply for any type of loan, including a signature loan, your credit score will take a temporary hit because you incur additional debt. But if you make all of your payments on time according to the loan agreement, your credit score might actually improve over time. This is because your payment history represents 35% of your FICO credit score.

How to get a signature loan

To get the best rates and terms on your signature loan, it pays to compare rates and lenders by visiting Credible. Most lenders have a fairly straightforward application process, much the same as for a personal loan. You can apply at your local bank or credit union, or find a lender online and complete the application online.

You may want to consider prescreening, as your loan could be approved within minutes of applying. Although loan application requirements vary, you will likely need the following:

  • Valid ID
  • Social Security number
  • Proof of income
  • Contact information
  • Citizenship status

Ready to explore all of your personal loan options? Visit Credible today to find the best rates and lenders without affecting your credit score.


Have a finance-related question, but don’t know who to ask? Email the Credible Money Expert at [email protected] and your question may find an answer by Credible in our Money Expert section.

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