Complaint Review: FundingEdge – Power2Fund

I agree with the first complainant about Funding Edge, false advertising all around.  I started with them in August of 2014 they gave us a letter of Intent, which stated that our loan would be interest only for six year at a rate along with what the payments would be. 

This I strongly believe is used to gain your confidence and bait you so when they turn around and ask you for the upfront fee of $1,600 which we wired into their account, you are thinking you have a deal and closing will be at least within 30 days.   As the first consumer who filed a complaint stated they then send you a fee agreement with high percentage rate of fees which they say cannot be negotiated. 

We accepted that, still thinking, we have a letter of Intent it will be worth the cost and then they send us a list of 13 things I spent several days’ long hours each day for two weeks compiling six months of banks statements, our tax returns, letters from our contractors, realtor’s opinion letter, explanations for uses of the funds, explanations for credit reports we promptly provided everything requested within 30 days when ever they requested something new.  One thing that really adds insult to the injury they began to ignore my emails.

I would call at least three times each month to inquire about the loan status.  Each time I called I was told my file is transferred to another of several different so-called loan assistant processors, and one actually got rule with me for inquiring about the status of the loan.  They ran my credit report several times and finally I was told by one of the loan processor that on January 9, 2014 that my file is in underwriters, wow I thought it won’t be much longer now, well it is now February 9, 2014 and the now third contact person on my loan will not return my request for a phone call or answer my emails.

These people use every trick in the book to find a way out of fulfilling the loan.  lately they said red flags are up because they found an old website that an ex-partner had up.  They said they called the number  on the web site and this individual told them that we are close, and because of that they proceed to send me a new slip list with another 30 things that I had already sent them.  But now it is April 2015 almost a year since I began this process I am disgused. 

So I emailed the Managing Director and I was told that this person whom I never spoke with or received an email from is working with an investor on my behalf.  Well I thought six months ago when they sent me the letter of Intent stating the terms of the loan that they had investors all ready in place.  I caution anyone against using Funding Edge and they also go by Power2fund.  We are further in the hole wasting time and money with them if there be a class action law suit filed against them please count me in.  It is not moral or right to rob and lie under the pretense of doing business to vulnerable unsuspecting business owners.