Complaint Review: Continental Funding Company

We have worked  with Continental Funding for quite a while now and have never had any problems with them. They have nver asked for money outside of escrow, etc. I will tell you this, they don't work with outside brokers, only buyers and sellers. They have access to major product lines and are direct on many programs. Many brokers get angry when they can't get that product, and the result is a situation like the "Sam Murphy" incident. I heard they are suing this guy. That's as it should be. This whole website is a load of crap. If you have a problem with a company, file a complaint with the Better Business Bureau, not some lousy website that you can't get things removed off of. If you don't like someone all you have to do is place a lie on this website, and when someone Googles the company, it pops up with their website and they are ruined. Great idea guys!

I read the above report in utter disbelief that ANY website could allow the publication of such claims without checking on the validity of the writer or the content. Consequently, I find myself writing this.

It has been my pleasure to work with both Paul and Susan of Continental Funding Company (CFC) over that past year. They are seasoned professionals with a long history of experience, both in the REO arena and outside. That being said, CFC was chosen by a Non Profit Organization to aid in the disposition of assets in a federal arena. I know, because I am a buyer who is working with them and going through all the hiccups and detours that programs like this have and then having to address "reports" like these... certainly does not make me envy them.

CFC does not ask for bank account numbers nor do they verify funds. This is why it is obvious that Mr. Murphy has never worked with CFC.  A bank representing the government agency following strict guidelines and protocols proofs via bank to bank communication. Being a government program, does one really think they are letting CFC take people's money? By the way, of the 3% commission, 2% of that is going back to the non profit organization and will be invested back in the community to create jobs and provide housing. Mr. Murphy failed to mention that, didn't he? 

I think what we need to look at is who is Sam Murphy and why the ridiculous accusations about banks, commissions, etc.? He's never done any business whatsoever with CFC. What is this guy's motivation? My guess is that he's a member of the angry broker/intermediary chain that Continental will not work with, because he is certainly NOT a buyer and not speaking from a point of knowledge or authority.

Further, the writer's comment about this being "retarded" is actually more descriptive of the writer himself. Any logical minded person knows that nobody can just take money from your account without authorization. Look deeper at Sam Murphy and you will find a cowardly liar with allot of time on his hands, who better have a good attorney - because the way that this is going, he is certainly going to need one.

I read the above report in utter disbelief that ANY website could allow the publication of such claims without checking on the validity of the writer or the content. Consequently, I find myself writing this.

It has been my pleasure to work with both Paul and Susan of Continental Funding Company (CFC) over that past year. They are seasoned professionals with a long history of experience, both in the REO arena and outside. That being said, CFC was chosen by a Non Profit Organization to aid in the disposition of assets in a federal arena. I know, because I am a buyer who is working with them and going through all the hiccups and detours that programs like this have and then having to address "reports" like these... certainly does not make me envy them.

CFC does not ask for bank account numbers nor do they verify funds. This is why it is obvious that Mr. Murphy has never worked with CFC.  A bank representing the government agency following strict guidelines and protocols proofs via bank to bank communication. Being a government program, does one really think they are letting CFC take people's money? By the way, of the 3% commission, 2% of that is going back to the non profit organization and will be invested back in the community to create jobs and provide housing. Where does the writer even come up with his $30,000 figure?

I think what we need to look at is who is Sam Murphy and why the ridiculous accusations about banks, commissions, etc.? He's never done any business whatsoever with CFC. Is this just a guy with allot of time on his hands and nothing else to do? The writer's comment about this being "retarded" is actually more descriptive of the writer himself. Any logical minded person knows that nobody can just take money from your account without authorization. Look deeper at Sam Murphy and you will find a cowardly liar who better have a good attorney - because the way that this is going, he is certainly going to need one.

I personally dealt with Paul and he had no idea what he was talking about.  Telling me the FDIC will call me once funds are verified and I have to be in the room by myself. If anyone else would be in the room the FDIC would hang up immediately and I would no longer be eligible to buy the property.  I also spoke with their lawyer who is based out of Florida and supposedly represents these large non-for-profits who control these FDIC deals out of his house.

This has scam written all over it.  Whether their commission is 3%, 1%, or half of a percent, it still makes absolutely no sense.  I have the paper work where they actually ask you to go to the bank and have the bank write the their letterhead the following.

BANK LETTERHEAD

Date: 

Subject: PROOF OF FUNDS

TO WHOM IT MAY CONCERN:

Please accept this invitation on of behalf of (BUYER) to execute proof of funds due diligence related to the purchase of bulk REO properties.

My client, (____________) is ready, willing and able to purchase the REO product specified in the LOI in the amount of $____________USD.

Therefore, please have your representative contact either of the undersigned to establish the account name, account number and relevant financial information.

______________________                             _______________________

Bank Officer                                                    Bank Officer

Address                                                            Address

Phone                                                               Phone

Email                                                                Email

Please note that our SWIFT number is: _____________________________

{Letter head of Buyer}

LETTER OF INTENT

Date:

PLEASE ACCEPT THIS LETTER OF INTENT TO PURCHASE AN INITIAL ORDER OF FDIC ASSETS AS OUTLINED BELOW.

TO:   FDIC:

 Chairman Sheila C. Bair:

1776 F Street

Washington, DC 20006

****   Non Profit  CONTACT PERSON:

          RNCDC Robert Rosenthell

           Proof of Funds will be completed Bank to Bank (Citibank) CDE
 

FROM:   ____________________________________ (Buyer)

Telephone:  (775) -853-5626

Telefax:      _(775) -853-2755

E-mail: __ispeedtoo@gmail.com

Acting on behalf of Buyer: _Continental Funding Company   

.

The buyer agrees to accept any increments up to and including the full amount requested, and will close increments as presented if accepted by buyer.

Order Amount: $

LTV:  Shall not exceed  40% + Fees of 3%

List Asset ______________________________________________

______________________________ (send attachments if needed)

Preferred Geographical Location: 

State (s):     _________________________            

Other restrictions if any:

WE ARE REQUESTING A ___ DAY DUE DILIGENCE PERIOD

We are ready, willing and able to complete such a transaction.

THIS LETTER OF INTENT IS GOOD THROUGH ________, 2009

     Buyer                                                             Seller

By: ___________________________                        By: _____________________________

     Print Name                                                        Print Name

     ___________________________                  _____________________________

     Signature                                                          Signature    

     Company Name:                                              Company Name:                

     Title:                                                                 Title:

     Date:                                                                Date:

    Witness                                                          Witness

    ___________________________                   _____________________________

UPON RECEIPT OF THIS LETTER OF INTENT YOU WILL BE CONTACTED BY THE CDE DIRECTLY FOR FINALIZATION AND EXECUTION OF ALL APPROPRIATE PAPERWORK. PROOF OF FUNDS WILL BE DONE BANK TO BANK.

I would like any client of Continental Funding or Cindi Infiesto and their FDIC program to report any successful transactions in purchasing FDIC distressed property. I believe Continental's program is a scam but just have not been able to figure out what they are getting out of the drill. They originally were trying to get bank numbers but since have rescinded that request. The non profit that is supposedly going to receive some of the proceeds has no knowledge of Continental or Ms. Infiesto whatsoever.

As someone who has done business with Continental Funding I would like defend their name.

I'm a client of theirs and when I was introduced to this FDIC program, my deal almost didn't go through because of the representative who was trying to get paid a full 1 percent by just introducing me to the folks who are the actual representative of the FDIC who is Continental Funding.

The representative was being greedy asking for 1 full percent of my purchase price and recurring purchases just for introduction.  I was willing to pay the representative who had given my name and phone number to the FDIC representative, but not a full 1 percent.  Representatives need to do the introduction and move out of the way because of representatives, buyers like myself are not getting what we want, which is bulk REO and this is why this industry has become so muddled it is because people like representatives who is preventing the deal to go through.  If a representative does some work, then I understand they deserve a full 1 point, but not when they're only doing an introduction.  I gave my representative a fee for his introduction and fired him.

Continental Funding has been professional, fair and very friendly through my purchase and diligence with my purchases.

I, Susan Masegian, as owner of Continental Funding Company am shocked that a report with false information and out right lies are published without any verification by "ripoff reports".  A false and containing misrepresentation in a rip off report is publishing a report to the general public without concerned by the publisher about dispensing incorrect information to the general public.  A publisher should put out to the public correct and informative information, not lies and untrue statements. 

Sam Murphy has made untrue statements and has provided a report that contains misguided information.  First FDIC is in fact selling real estate owned property (REO's) through a non-profit organization.  The non-profit organization contacted, through their representative, Continental Funding Company to sell the REO's.  FDIC (a Federal government agency) requires proof of funds, to make sure the Buyer has the funds to purchase and is not a Broker like Sam Murphy.  The proof of funds merely indicate the Buyer has sufficient funds to purchase the REO's, there is no information about bank account numbers.   FDIC does not want to deal with Broker chains.  Brokers are trying to sell the REO's and will contact other Brokers, until there is a Broker chain of many Brokers involved in the process, which always confuses the process, because each Broker is making sure he gets his commission fee, even though they have not done anything to document the purchase and sale of REO's except make a phone call to another Broker trying to find Buyers.

As far as the false statements about bank accounts and the fees collected by Continental Funding.  Continental Funding does not collect any fees. it is paid when the Buyer actually buys the REO's and the fee is only One Half of One Percent (1/2%)to One (1%) Percent of the purchase amount and is paid by the title company or paymaster at closing NOT the three percent claimed by Sam Murphy.  Sam Murphy makes it sound like Continental Funding gets three percent fee, which is completely incorrect and false.  Continental Funding does not verify funds, that is done by FDIC, and Continental Funding DOES NOT take out funds from the account, we have NO information about account numbers.  Continental Funding has nothing to do with the bank accounts.  Continental Funding has been in business for over thirty years and not once has there been anything published or any investigation been made because of improper actions done by Continental Funding or any of its employees or owners. 

  Continental Funding nor Susan Masegian has never done any business with Sam Murphy, nor has there been any documentation between them.  Therefore, it is clear that Sam Murphy is a disgruntle individual who makes up lies about innocent companies.