The Party’s On Hold

Little sign of work outside Burr Ridge behemoth

Construction has apparently ground to a halt on the 41,000-square-foot hilltop castle just outside Burr Ridge owned by the mortgage broker Nick Memeti. According to building officials from DuPage County, the project’s construction permit had expired twice, both times for “lack of required activity."(Memeti, the head of Freedom Mortgage, insists that the permit expired only once and is currently up to date.) In mid-November, DuPage officials said nothing had happened on the property for more than 90 days, but they had agreed to reopen Memeti’s permit for another three weeks. As Deal Estate reported in December 2006, Memeti was building the enormous home for himself, his parents, and hundreds of anticipated party guests. Since then, workers have installed some stone siding on the house, but otherwise the exterior looks much as it did more than a year ago-though Memeti says work has been proceeding indoors.

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7 years ago
Posted by Anonymous

CEO's of Fortune 500 companies don't build castles like this. What was this little fella trying to prove?

6 years ago
Posted by Anonymous

I don't know what was he thinking, however, I have heard that he is been trying to sell this...as is

6 years ago
Posted by Anonymous

I think people shouldn't comment until they know the whole story behind it. As always people like to see and hear of others failing. It makes them feel good about themselves! Rather than give people a benefit of the doubt.

6 years ago
Posted by Anonymous

People can say what they want... That is what makes this a great Free country!
As far as the truth.... Let's face it, a 30 year old businessman in the mortgage business who had a string of success got to big for his own good! he should have known that the business would not last forever but that will come with age and experience.
He thought he would continue to make the money he did a couple of years ago and lost control! He almost lost his business when one (That was caught at least) of his employees swindled people out of money. When one gets distracted with things in life that are not important like entertaining employees in an obnoxious house, that is just plain stupid. The mortgage business is a lucrative business if done the right way. If your business model is to attract and prey on people through Radio adds, you will not survive. I hope that he has learned many lifes lessons through this and comes out OK. I am sure he has developed his business skills tremendously over the last 12 months! Keep it real and keep it simple Nick! Your over 30 now... people really do not care! Impress yourself, not others, and make a difference in this world. Good luck Nick!

6 years ago
Posted by Anonymous

I guess speaking the truth is part of the, no pun intended, Freedom we hold as Americans.

6 years ago
Posted by Anonymous

My opinion is what the kid has invested so far into his castle is more than alot of people will make in there entire life time and then some. He is young and motivated he will figure thing's out and he will have a good future ahead of him. He has what it takes which is balls and brains .

6 years ago
Posted by Anonymous

This guy has to stop GAMBLING and concentrate on business he might have a new home to live in.

6 years ago
Posted by Anonymous

Drove by this castle today, i might say its located literally in the middle of no where. Sure its right off frontage road, on a little street called meadow brook ln, but i mean theres only one other home that even its a million in this area. I see alot of development in this area in the future, when the economy picks up, since its in a secluded area with acres and acres for sale. I think Nick's got a good thing though,his parents own over 3-4 acres in this same area. In fact the lot next to him is owned by them and they have a sign with their company advertising home construction along with a 2 acre lot. I dont think nick will have trouble selling this property, i'm not sure how much this house is worth but he'll be able to sell it if he has to.

I feel bad for the ranch next to the home, it looks totally out of place next to things thing.

6 years ago
Posted by Anonymous

I saw his ads for 100% loans and interest only loans. Way to go subprime bloodsucker!

6 years ago
Posted by Anonymous

This guy is a true disgrace. His predatory lending tactics were towards lower income individuals that he knew would eventually lose their homes, he should be investigated by the state for his lending practices. His top broker is in jail for falsifying documents and he should be right next to him. I wonder if he still has the five star personal chef or if he is making ramen noodles for himself for lunch.

6 years ago
Posted by Anonymous

It's a shame but it happens. The house is huge, i have been in it, its simply amazing. The master bedroom is the size of some people's houses. This is the European mindset. We love big houses, the fastest cars, the hottest girls, etc. Its his money and he can do what he wants to. He likes to gamble and that is going to be his downfall, that is exactly why construction came to a stop and basiclly most of the materials were outside , left like no one cares. If he minimizes his problems, jump starts a new image for his company, then it will be good for him.

6 years ago
Posted by Anonymous

I love how people on here are talking like they know this man. If his buisness is a fraud or he scams people like this guy is claming it would of been noticed and shut down. I heard that Nick turned his worker who was doing bad loans in himself? Talk about being a scammer? yea thats what i thought. And why is everyone is assuming he has a gambling addicting because you google him and see some poker things. I dont even know the guy but a friend does and says he does not have a gambling problem just likes to play every here and there. And for the house i passed it not to long ago thing is just sick. My house fits in its bedrooms lol! I wish the best for this man and his buisness hopefully it goes back up again.

6 years ago
Posted by Anonymous

He will never be able to finish this house. I work in the building where his Oakbrook office used to be. I heard from a guy that works there too that heard the story of their demise. The management was told on a Friday that they were all fired and the office was closing but the assholes neglected to tell anyone else about the office closing. Completely clueless, the other employees showed up that Monday only to find out that they had all been fired. They went crazy and ripped off anything of value left in the office. I bet those plasma tvs are looking good in someone's living room right now. I didn't believe the guy at first, but I stopped on the 7th floor today and the office is in fact completely closed. Now is there a mention of this on their website? I think not. Freedom Mortgage totally screwed up and they won't even admit it!! They ripped off enough people and they deserve to be poor just like the rest of us.

6 years ago
Posted by thetruth

your such a dork with no facts... every manager that has been there for 7 years, is still working at Freedom. I know one of the managers and just spoke with him, and he had laughed at this ludicrous accusation. He even critized nick for being to nice and not reducing the work force. NOT ONE SALARIED EMPLOYEE was let go you moron. This is coming from a managers mouth. They did have more than one location you know.... Most importantly it is obvious that many people are critizing someone they are jealous of.

Have you ever called his company to get a rate quote...since you claim he is predatory?

Have you ever talked to him yourself, to see if he is arragont or self centered?

Have you ever even seen him work one day before you critize him and assume it all came so easy for him?

Ive read some articles on this guy and many people i know that have met him claim is actually a really cool guy...

Good Luck Nick! You are an inspiration to all young aspiring business people!

6 years ago
Posted by Anonymous

"I heard from a guy that works there" Are you serious? This is pretty serious stuff! I called a manager that works there and asked if what you posted was true, fearing for my friends job! He laughed at me because your post was 100% crap. He says they downsized yes, but NOT ONE SALARIED EMPLOYEE WAS FIRED. INFACT he says every employee is still there and extatic about moving into there Chicago office. He also critized Nick for often times being too nice to his employees. He says the company is doing fine and they currently have more employees than ever...

Ive never met Nick personally, but i have read articles on him, and know quit a few people that do know him personally. They all rant and rave about how great of a person he is, and he is always making people laugh or at the least smile.

Have you ever met him? Since you criticize him...

Have you ever recieved a mortgage quote Freedom? Since you say they ripp people off?

Do you even know anyone that works there? Since you claim employees got screwed?

Rather than hate... try and at least imitate.

Good luck with everything Nick! You are an inspiration to all young business people!

6 years ago
Posted by Anonymous

what a joke!!!

6 years ago
Posted by Anonymous

whatever

6 years ago
Posted by Anonymous

a guy who is 30 and makes a muti million dollar house. HMMMM....
A smell a scam. No matter what anyone says a person can not go from a average guy with an average income then about 4 years have all this money. No wonder our econmy is in this crisis. Freedom mortgage started some of the problem and put people into forecloser. One of his employers got caught but with time the others will get caught as well. Don't think that he is not under investigation still. It just a matter of time.

6 years ago
Posted by Anonymous

It is truly fascinating to read all of these posts here. I guess people like to vent some of their frustration with the economy and everything that is going on. What better way to do that than to attack a self made individual, who apparently has to be a "scammer" because he is young and successful.
I would like to put in my 2 cent here. I know Nick not through some guy who knows some guy who f@#@ed a girl who has a cousin that cleaned the building that Nick worked in, I know Nick personally, he is a friend. I hate to see his name associated with all of these unpleasant acronyms from people that don't have the slightest idea.

First of all like many other companies in this time of crisis and turmoil Freedom Mortgage had to downsize and restructure. So they consolidated from several locations to one. That means that space becomes more valuable, so the COMMISIONED people that just hung out and did not produce (aka some of your friends that are talking Sh@#) had to go. However the hard working people along with the SALARIED supporting crew are still working. The other choice would have been to close the place down and go about his business (which is more of a norm in the industry today.)

With respect to Freedom, believe me it has been audited by the state many times and has passed their audits without any issues.
As far the the individual who worked for him that got arrested, well I'll give you the true story on that one (unlike my pitch and fork totting friend here that wants Nick to go to jail.)
The guy was caught by the company doing unethical things and was fired a while ago. He went on to work for another company and was caught committing fraud. At the time when he go arrested they looked and investigated all of the places that the guy had worked for. Freedom was cleared.

FBI as some of you might know, arrested over 400 individuals though out the country a few months ago, from banking big wigs to mortgage brokers. They were charged with fraud and an array of other charges. If Freedom or Nick had done anything illegal he would be sitting behind bars right now.

You can't sit there and accuse Freedom or Nick for predatory lending, when in fact it was an entire predatory industry bankrolled by Wall Street that provided the ammo. Freedom did not make up the programs that they advertised, they sold whatever product was available from the banks. The lending institutions went crazy creative, just to get people hooked. I remember getting an e-mail in 2006 from a lender that advertised mortgages for illegal immigrants without any documentation. So please save your rhetoric and animosity toward Nick and Freedom. I don't deny the fact that many mortgage companies did extremely unethical things. With his successful marketing Nick would sometimes complain that there was too much business, so he had absolutely no incentive to commit fraud just to make an extra buck.

Nick DOES NOT have a gamblig problem. He likes poker and that is the end of that. He has been only in one tournament, thus the google results that show his earnings. He has several revenue sources including a very successful modeling agency in New York.

Nick is a truly successful self made individual that has achieved it through hard work not by "scamming" people. So please hold on to your shorts and get your facts right before you accuse somebody and drag his name through the mud because you did not like his commercials.

6 years ago
Posted by Anonymous

It happened to Google another person named Nick and by surprise I ran at Nick’s Memeti name and I read the article of his future home. After I started to read the comments, I got the impression that most of you out there think - Nick is a “monster” and complete failure.
The truth might be different.
I had the chance to meet Nick Memeti couple of times. He is a very smart business man. He is young and ambitious. When you young and you have big dreams, there is nothing wrong with that, vise versa god bless… we all have different dreams.

As far as ethical’s of his mortgage company I can’t talk, because I never did any business with his firm; however it’s not nice to write anonymous in order to generalize things and comment on his practices; like the way he dealt with employees, management etc.
If anyone has anything against him, or his company practices there are legal institution that you can complain and than let the justice decide if he or his firm did something wrong or not.

The truth is that economy is bad and evens the smartest business people couldn’t predict of what happened in the last year. In a free market economy everything is possible. Who thought Bearn & Stern, Merry Lynch, IndiMac etc… would go down…… so you can comment on those if you have the free time and the knowledge.

Well, we all try to make a living by working hard and smart. We all have different hobbies, jobs, experience, dreams and so on. As long as we don’t steel, don’t cheat, and play by the rules of the land, than in my opinion I think we should stop talking bad about other people and focus more on ourselves.
Himare_Chicago

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