Quick Loan countered that Tran was fired for chronic tardiness and failing to meet loan quotas. He says if he had broken any laws, someone in the state would have taken action. Sadek is, in many ways, a classic immigrant success story.
He was born in Tripoli, Lebanon, in July , the son of a construction manager who worked overseas. Sadek says he stopped attending school after third grade. He points to a white scar on his right forearm that he says was from a gunshot wound when he was 9. He points to a bump behind his ear, a piece of metal from another wound he suffered at age He says he has no idea who shot him.
In , at age 18, he followed an older brother to California. Speaking only a few words of English, he landed a job at a gas station in Cypress. Friends said he got the idea of going into lending after selling so many Mercedes-Benz at Fletcher Jones Motorcars to customers in the mortgage business. Quick Loan soon became a cash cow. Sadek shared the wealth — supporting an employee diagnosed with cancer, giving jobs to friends of friends, donating to AIDS charities.
He threw office parties at Tentation Ultra Lounge, a Newport Beach night club he co-owned, paying for everyone to ride home in a taxi. He also lavished money on his cars and gambling. Fear nothing. Contact the writer: or jgittelsohn ocregister. Register reporter Ronald Campbell contributed to this report. Contact him at rcampbell ocregister. Show Caption. Just five years ago he was selling cars.
Thanks for the tip. I will be sure to forward it to the authorities. I too worked for Daniel and he owes me a lot of money as well. I'm my experience of working for a few of his many companies I found that he is pompous and self absorbed. He's doesn't worry about repaying his debts until his reputation is being smeared.
Then he scurries to prove that he is a good guy so others wont think poorly of him. He has his moments when he can be charming and caring, but for the most party he always has his best interestin mind and is heartless when it comes to screwing people over.
He spends his time flaunting his money and reputation and indulging in daily sins. He is a shady business man and has a horrible reputation throughout Orange County. Even my hair stylist had a bad experience with him!!!
What a small world. Or maybe he has just screwed over that many people! What many people don't know though is that he is deeply depressed and troubled by his debts. I guess what goes around comes around.
I met Daniel this past summer in while visiting OC. I had some good Lebanese food at his restaurant and even took flight with him to Vegas for a weekend and even visited his beautiful Vegas condo. I will not pass any judgment or praise Daniel as I don't know him all too well. However, I would like to state the facts as they are and they happened. All this talk about what kind of education he had and fact he used to sell cars is all irrelevant to what happened at QLF.
In , Daniel started QLF with main focus on subprime loans so far so good, nothing wrong there. At same time, the Federal Reserve Bank with Alan Greenspan at helm was lowering interest rates at an unprecedented rate. This caused the the huge demands for homes and the subsequent rise in real estate prices as demand sky rocketed. Daniel happened to be at right time and place at that time and did what any reasonable business man would do.
He took advantage and ramp up his services. This made banks hungrier for these loans and they went to people like Daniel and Daniel obliged. So far I don't see what wrong he did so Daniel was in middle of this most amazing boom story of our times. He did not create it but merely benefited from it legally. Now I am assuming he or QLF did not falsify any documents to get loans approved, now that's criminal and would make Daniel liable. We all know what happened next, the real estate market collapsed and along with QLF and many others including the investment houses mentioned above.
So now, all of a sudden, everybody started focusing on Daniel's private life and along with it, came questions like: how dare he buy all these exotic cars and all these beautiful homes and how dare he try to make a movie and how dare he live the life of a rich and young bachelor. He borrowed money when times were tough hoping to get back on his feet but the tidal wave was much more powerful than him so now like many Americans is in debt on his level and scale.
So what if he owes say 10 MILL now, he was once making that in 1 quarter. Take any average person who makes 70K a year and now owes 20K Regardless of whether he spent money remodeling his house or he likes parties and gambling. He was able to afford it at time and the rich billionaire investors who lent him this money knew that very well.
They felt he could repay it and they were wrong so this is USA.. Take the good and bad He played the system of this great nation called USA tp perfection My two best friends worked at QLF for over a year.
One of them became very close with Daniel and his bodyguard Ben. Me friends took me to their X-Mas party at his club Tentation in Irvine, everyone was wearing suits and decked out and Dainiel was wearing torn jeans with a bright pink t shirt and a bright pink beanie to match. What a homo. I don't care what anyone says I know first hand that QLF was working hand and hand with appraisers to inflate the prices of homes so people could qualify for the loans.
He is definitely responsible for a huge portion of the economic downfall. I worked there for over a year in Irvine and in Costa Mesa. Did He have a temper? It was wonderful working at QLF I actually miss it and would gladly work for him again.
I also worked with Alex and they are both very kind and giving individuals. People dont know how many checks he would write to help solve an employees problem who maybe asked him for help. Or maybe pay a friends hospital bill who had cancer and was unable to work. If it was within his power to help you and it was a reasonable request he would help you if you were a loan officer for him or a receptionist. Did he have a lot of assitants? Yes but each one I met enjoyed all the perks that came with working for him.
It is very sad what has happened to his beloved Quick Loan and that people are judging his personal character. Even if it wasnt another mortgage company, whatever he is doing now i know he is making sure his employees are taken care of. When it was good it was good and when he could afford to lavish us with Plasmas and digital cameras for a company party he did and if he couldnt afford it he didnt. Wish QLF was still around!!!! The Orange County Register some "reporter" John Gibblestein or something like that made an aszz of himself criticizing Sadek for immigrating with an elementary school education and starting out pumping gas to eventually rise to CEO of QuickLoan.
Gibbleshutz is clearly heard complaining about the fact Sadek "doesn't even have an MBA Either Orange County is stupid elite and Gibblewhatz is another birth defect of No wonder California is an economic toilet when the OCRegister and people like them are in control of the establishment. So it's been a couple of years since this posting has been up and I have to say, WOW. There seems to be a lot of opinions on Mr.
The sheer size of the state, along with the demographics of its population, and lack of regulation of the mortgage-related businesses made it prime territory for subprime predators. By , the biggest subprime lenders had set-up shop in the Southern California city of Irvine. Quick Loan Funding quickly became an active part of the industry. It's founder, Daniel Sadek , is a Lebanese immigrant with a third-grade education.
He used some of that cash to finance a Hollywood film. The movie went bust, and eventually Sadek's business did too. CNBC anchors and reporters discuss how subprime loans developed, why these loans should have been regulated more closely and how they ultimately fell apart. Lenders Relax Borrowing Requirements show chapters. Easing the Rules for Mortgage Approval. The Return of the Adjustable Mortgage. Rates Drop, but Adjustable Loans Persist.
Mortgage Crisis Spirals, and Casualties Mount.
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