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Tag: Emiel Kandi


State must act against loans that steal homes

This editorial will appear in tomorrow’s print edition.

Exhibit A: Lender extends $17,000 loan to unemployed mechanic who’d fallen behind on his property taxes, dupes mechanic into signing a note for $170,000 and a quitclaim deed that allows immediate seizure of house after a single missed payment.

Effective interest rate: 45 percent. Lender claims house.

Exhibit B: Lender loans $5,000 to single mother of two; she misses payment; he seizes her house in Graham and $70,000 in equity.

Exhibit C: Lender extends loan to Lakewood hairdresser facing foreclosure. Origination fees: $26,400. She believes she’s getting $240,000 at 14 percent. Effective interest rate is nearly 90 percent, with payment in full due in 90 days.

She says she didn’t understand paperwork but lender assured her the forms were standard. She goes to hospital, returns to find foreclosure notice on her door.

Such – according to The Seattle Times – is the modus operandi of hard-money lender Emiel Kandi, a University Place man already known in these parts for opening a casino and an illegal marijuana shop in Tacoma. Kandi may not be the most unscrupulous operator out there, but he may be the most brazen.
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Emiel Kandi and the underside of medical marijuana

Emiel Kandi of University Place has risen to prominence recently as a serial scammer who separates desperate people from their homes with slick, deceptive loans.

As it happens, Kandi is also one of the local marijuana dealers who last month stampeded Tacoma Mayor Marilyn Strickland and other members of the Tacoma City Council into letting outlaw medical marijuana dispensaries keep on operating in the city, at least for the time being.

The city staff had issued cease-and-desist orders to the pot shops, but the council quickly caved in the face of a threatened protest.

One of the protesters was no other than Kandi, operator of the “C.O.B.R.A. Medical Group” and a leader in the region’s commercial medical marijuana movement. “We shall fill your chambers and spill into the streets,” Kandi threatened. “We shall be heard.”

Kandi and his fellow entrepreneurs were obviously heard, by Strickland and Tacoma’s panic-stricken council.

Kandi’s involvement in dispensaries ought to persuade the industry’s knee-jerk defenders that not everyone hawking “medical” pot is doing it for the pure altruistic thrill of succoring the ill and dying. A bottom-feeder like him wouldn’t be in the dispensary business if he didn’t see big profits down the road.
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