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Paul Nater - Nater Associates, Inc False Alternative Lending Process San Ysidro CA
Paul Nater of Nater Associates, Inc. was referred to my company to complete financing for a business acquisition deal that we were working on. After pursuing financing from traditional sources, my primary broker and I determined that my credit profile presented a challenge to these sources. This was the result of a previous “lending” source shopping the file to scores of other potential lenders without prior approval.
Nater was brought in because of his alleged expertise in alternative financing, He presented a plan to secure financing from one of his sources through the use of a Standby Letter of Credit (SBLC). According to Nater, “Credit will not be an issue as the SBLC will act as the collateral to secure the loan.” He went on to describe how he would be able to get the deal done and that his team was on standby to get the SBLC drafted and presented to secure the capital. He also intimated that the lender was prepared to fund. The process was designed to secure two instruments in order to accomplish my objectives. Nater provided the fee agreement to secure the instrument. The document provided the details of all fees as well as the total dollar values to be secured. Nater went so far as to indicate that he would pay a portion of the fee. A promissory note was drafted to this affect. It is worthy to note that no record of him actually paying a portion of the fee was provided.
The process was to take place over a short period of time beginning in October 2017. This was designed to allow me to complete my transactions prior to the end of the year. As the process started, I was not fully kept in the loop as everything progressed. I was simply told that everything was progressing and that we would close by November XX, 2017. The date came and passed and there was still no feedback. Finally, my lead broker contacted me to inform me that the bank/lender did not accept the original structure, but had accepted an alternative structure. He went on to tell me what the next steps would be and when the closing would take place. As we progressed towards the closing, my lead broker unfortunately, had to bow out of the process due to a family emergency. At this point, he turned everything over to Nater exclusively to close; it was also at this point that everything fell apart.
Nater did produce an SBLC. I knew going into the process that an SBLC is a viable financial instrument, however the one that he produced was not. In order to produce one, a voluminous set of documents must be executed. Nothing of the sort was executed with Nater. What was eventually produced, was a worthless sheet of paper that could not be used anywhere; not even with his own funding source. Nater’s communication was sparse at best once he was handling the transaction. We missed the 2nd closing date which caused me to default on closing my deals. In all of my efforts to reach him, he would always give circular and unclear responses. He would also leave out pertinent information. Whenever he did respond, his response would be, “I’m waiting to hear back from the lender. As soon as I hear something, I will let you know.”
He eventually sent me on a wild goose chase to contact a 3rd broker that he had brought into the process. Upon reaching this 3rd source, I was told, “I don’t know why he told you to call me. I already told him that I wasn’t interested.” Given the lack of communication and the response from this 3rd source, it became clear that no further effort was being made and Nater was simply stalling out the process. Eventually the lead broker was able to rejoin the process. Unfortunately, as a result of Nater’s actions all opportunities were lost. It was later learned that the lead broker had multiple deals placed with Nater, and Nater failed to deliver on each of them. Nater presented himself as one that had the resources to complete the transaction through a specialized process, but in the end what was produced lacked the necessary components to complete the deal. Further, given Nater’s disappearance and cryptic messages after receiving the fee, leads one to draw the conclusion that the process was all about collecting a fee.
3 Updates & Rebuttals
Richard
Palm Harbor,Florida,
United States
Confirmation of Illicit Activities By Paul Nater and Steve Jones
#4Consumer Comment
Wed, August 22, 2018
Please be advised that Paul Nater, Steve Jones and others operate a fradulent financial business and the parties whom made the original report who Nater pointed out in his rebuttal are believed to be nothing more than honest business people who were victimized and lost great amounts of opportunities and profits at the hands of Nater, Jones and the businesses they represent including Nater Associates naterassociatesinc.com and 1st American Financial http://www.1stamfi.com/
Please contact Richard Olson at 813.546.5785 or by emailing rich.maverickventures@gmail.com if you would like any information including documentation of the evidence proving the fraud taking place by Nater and Jones.
Thank you
Jim
Lincoln,California,
United States
Rebuttal to Paul Nater Claims
#4REBUTTAL Individual responds
Wed, August 22, 2018
Paul Nater claimed I was the "mystery man" or unidentified party who filed the report on his company. I categorically deny filing any such claim on this website or any other internet site. But since he brought this up, I was involved in a transaction with Paul Nater & Associates through John Ferguson, President of Commercial Property Finance & Mortgage Company in Seattle WA.
In September of 2017, Mr. Ferguson introduced Mr. Nater into a transaction seeking funding for a client using an SBLC. After much discussion by both Mr. Ferguson and Mr. Nater with myself and the Client, at Mr. Ferguson's suggestion, I loaned him $17K to partially support the process cost of an SBLC for my client who signed a note payable to Paul Nater & Associates for $37K, the full amount needed to fund the SBLC initially.
Both Mr. Ferguson and Mr. Nater assured me and my client that this process was very common, would take 3-4 weeks and I would get my loan back plus interest. As of today, August 22, 2018 I still have not been paid back. Mr. Nater holds the note payable for the $37K amd told me he would not pursue collection but would just let it go. This seemed very strange to me that he would just let $37 K go.
He did offer to sell me the note payable for $7K in May of this year, but I did not accept his offer. Likewise, when I pressed Mr. Ferguson in May to pay me back the $17K I sent him in October of 2017, he offered to give me half if I could wait 90 days. I paid an attorney to produce a note payable, but Mr. Ferguson failed to sign the note when it was sent to him and he refused to take my calls. Given this experience, I would never do business with either Mr. Nater or Mr. Ferguson again.
I have supporting documentation (copies of emails) for everything I have stated and it is in the hands of my attorney. The Client can and is willing to verify this story for as much as he was involed.
Paul
San Ysidro,California,
United States
Mystery man has been identified (inside response) who filed this false, fraudulent and misleading report in retaliation for his failure(s).
#4REBUTTAL Owner of company
Sat, June 23, 2018
I would like to provide a rebuttal to the false claims made by the individual who does not have the courage or “backbone” to make these salacious accusations to me directly. As with most failures in life, this individual must hide in darkness like other vermin, rather than stand in the light of truth. Our “mystery man” begins with a falsehood. While it is not of any great consequence he states:
Paul Nater of Nater Associates, Inc. was referred to my company to complete financing for a business acquisition deal that we were working on.
The mystery man was referred to me by his commercial loan broker who is highly respected in the industry. Nater Associates, Inc. did not approach mystery man. This is a minor falsehood by our mystery man, whom I can only assume,is previous client. Our mystery man continues:
After pursuing financing from traditional sources, my primary broker and I determined that my credit profile presented a challenge to these sources. This was the result of a previous “lending” source shopping the file to scores of other potential lenders without prior approval.
This is absurdly false. To “shop” a loan to scores of potential lenders, a broker must first obtain the loan package from the borrower – our mystery man. Obviously then, our mystery man provided his financing package to a broker with the full knowledge that it would be presented to a lender or lenders. There is a more glaring lie in this untrue statement, which I will point out in a moment. Mystery man continues his lies and (at best) partial truths with:
Nater was brought in because of his alleged expertise in alternative financing, He presented a plan to secure financing from one of his sources through the use of a Standby Letter of Credit (SBLC). According to Nater, “Credit will not be an issue as the SBLC will act as the collateral to secure the loan.
With this statement, our mystery man acknowledges that negative credit was one problem with his financing package. What he fails to note in his complaint, is the true reason for his failure to receive financing. The spineless mystery man continues with more innuendo and lies:
He went on to describe how he would be able to get the deal done and that his team was on standby to get the SBLC drafted and presented to secure the capital. He also intimated that the lender was prepared to fund. The process was designed to secure two instruments in order to accomplish my objectives. Nater provided the fee agreement to secure the instrument. The document provided the details of all fees as well as the total dollar values to be secured. Nater went so far as to indicate that he would pay a portion of the fee. A promissory note was drafted to this affect. It is worthy to note that no record of him actually paying a portion of the fee was provided.
It is NOT “worthy to note” that no record of our payment of a portion of his fee was paid for by my company, in that a.) our mystery man never requested a copy of that payment; b.) a copy of the payment receipt WAS IN FACT provided to his broker, and; c.) the mystery man did not pay a single dime towards the fees required to obtain the instrument he requested. All of “his” investment was put up by other parties, including Nater Associates. Such receipt of payment is available to this date, if he would simply request it, but in order to do so, he would need to come out of the darkness where vermin hide. The falsehoods continue as the mystery man claims:
The process was to take place over a short period of time beginning in October 2017. This was designed to allow me to complete my transactions prior to the end of the year. As the process started, I was not fully kept in the loop as everything progressed. I was simply told that everything was progressing and that we would close by November XX, 2017. The date came and passed and there was still no feedback. Finally, my lead broker contacted me to inform me that the bank/lender did not accept the original structure, but had accepted an alternative structure. He went on to tell me what the next steps would be and when the closing would take place.
I can assume by this statement that our mystery man is also complaining regarding the failure of his “lead broker” to keep him informed. (Anyone else?). Apparently there was a conspiracy of everyone the mystery man knew. His false narrative continues:
As we progressed towards the closing, my lead broker unfortunately, had to bow out of the process due to a family emergency. At this point, he turned everything over to Nater exclusively to close; it was also at this point that everything fell apart.
It should be noted that while the circumstances are tragic, Nater Associates, Inc. is not a loan brokerage. Perhaps it would have been more appropriate to turn the closing over to someone in the “primary broker’s” own office. The false narrative continues with:
Nater did produce an SBLC. I knew going into the process that an SBLC is a viable financial instrument, however the one that he produced was not. In order to produce one, a voluminous set of documents must be executed.
Obviously, our mystery man, like many clients and even brokers, are ignorant in the area of financing, and are easily impressed by “voluminous” agreements and documents which they do not understand. His statement that “…a voluminous set of documents must be executed” prior to the processing of an SBLC disclose that ignorance. It appears that our mystery man needs a “…voluminous set of documents…” in order to feel that he is in the “Big Financial Game”. He follows his display of ignorance with:
Nothing of the sort was executed with Nater. What was eventually produced, was a worthless sheet of paper that could not be used anywhere; not even with his own funding source.
This statement is the closest the mystery man comes to the truth in his complaint. The document produced for our mystery man did in fact turn out to be worthless, WHICH WAS DUE TO HIS OWN SUB STANDARD UNDERTAKING AND HIS OWN CRIMINAL ACTIONS AND INVOLEMENTS. I will disclose those actions in a moment. The mystery man went on to claim:
Nater’s communication was sparse at best once he was handling the transaction. We missed the 2nd closing date which caused me to default on closing my deals. In all of my efforts to reach him, he would always give circular and unclear responses. He would also leave out pertinent information. Whenever he did respond, his response would be, “I’m waiting to hear back from the lender. As soon as I hear something, I will let you know.”
He eventually sent me on a wild goose chase to contact a 3rd broker that he had brought into the process. Upon reaching this 3rd source, I was told, “I don’t know why he told you to call me. I already told him that I wasn’t interested.” Given the lack of communication and the response from this 3rd source, it became clear that no further effort was being made and Nater was simply stalling out the process.
The twisted falsehoods of our mystery man make for good reading, but are untrue. The comment that he attributes to “a 3rd source” were actually made by a lender who had become aware of the mystery man’s criminal and civil legal problems and was not interested in the package. This lender had been contacted previously by one or more of the mystery man’s ownprevious brokers to which he has already admitted in his complaint. There was no stalling involved. The brokers to whom we referred the client’s package, were attempting to locate a lender who had not already learned of our mystery man’s serious legal problems and possible criminal indictment. In addition to his involvement in a major SEC criminal investigation,our mystery man was/is involved in a lawsuit with a bank. The refusal of our spineless mystery man continues with:
Eventually the lead broker was able to rejoin the process. Unfortunately, as a result of Nater’s actions all opportunities were lost.
The “opportunities”were lost due to the ongoing criminal investigation by the SEC and bank lawsuit. In early January, the mystery man’s “lead broker” advised the broker to whom we had referred his undertaking, to discontinue his efforts due to mystery man’scontinuing legal problems; specifically the bank lawsuit. The next half truth from our mystery man claimed:
It was later learned that the lead broker had multiple deals placed with Nater, and Nater failed to deliver on each of them.
Please remember that this allegation, like all of those above,is made by an individual who does not have the courage to put his name on his fraudulent claims. This “information”is claimed to be from yet another “mystery man/lead broker”. If the accusation were completely true, it would beg the question as to why this “mystery broker” continued to send his clients to Nater Associates. In hopes of interjecting some truthinto this rebuttalrather than lies and innuendo from our mystery man, the name of the “lead broker”is John Ferguson. Mr. Ferguson is a professional, competent, respected commercial loan broker, with an office in the northwest United States. As a further note, Mr. Ferguson can confirm that of 3 clients he referred to Nater Associates, one was declined due to his involvement ina previous illegal scheme which was EXACTLY the same as thatwhich he was attempting toperpetrate through our company. A secondclient referred by Mr. Ferguson received funding but refused to pay him or the broker to whom we referred her project for financing. The third client referred by Mr. Ferguson secretly engaged 3 additional brokers to locate financing for his project after signing a 90 day exclusive agreement with the initial broker to whom we had referred his project. This third client went so far as to refuse to sign documents as requested by the lender located by the broker to whom we had referred his package. I can only assume that this third client intended to circumvent the authorized broker and avoid payment of a commission. Our mystery man continues his fantasy by claiming:
Nater presented himself as one that had the resources to complete the transaction through a specialized process, but in the end what was produced lacked the necessary components to complete the deal. Further, given Nater’s disappearance and cryptic messages after receiving the fee, leads one to draw the conclusion that the process was all about collecting a fee.
Our mystery man is truly gifted in his ability to draw conclusions based on nothing more than his own false, unsupported, allegations and innuendo. I have never disappeared. I may be contacted at any time, should our mystery man ever locate the courage to pick up the telephone and call me, or even DISCLOSE HIS OWN NAME.
I will admit however, that I am well aware of the identity of the company filing this complaint. That company is Great Earth Minerals (GEM). Its current COO is David Martin. I cannot state categorically that Mr. Martin prepared the statement, but as it is his company, he is responsible for it and I will respond accordingly.
Perhaps most important to note, is that the overwhelming reason for the denial of Mystery Man’s/GEM’s application is that AT THE TIME OF SUBMISSION OF MYSTERY MAN’S PACKAGE, HE AND HIS COMPANY WERE UNDER INVESTIGATION BY THE SECURITIES AND EXCHANGE COMMISSION, FOR FRAUD; a Ponzi Scheme involving approximately $62,000,000.00. Mystery Man had submitted fraudulent financial statements indicating that his company was worth far in excess of $3.2MM. Considering that Mystery Man was unable to pay ANY of the fees required for the instrument(s) he was attempting to obtain, it is possible that one or more of the officers of his company have by now been arrested and convicted in the SEC investigation. This information is readily available on the internet, as public information.
It is more likely that a Mr. Jim Skinner prepared the complaint and is our mystery man. While Skinner is not, to my knowledge, employed by GEM, he loaned one half of the funds to GEM as and for the fees to obtain the instrument requested. Nater Associates provided the other one half of the fees. If you will “do the math” you will see that the “injured”, outraged and piousGEM had NO INVESTMENT OF ITS OWN FUNDS IN THE UNDERTAKING. They had no money and thus the financial statement provided in support of the loan they were seeking, was probably fraudulent. I hold a promissory note signed by the President of GEM – Janice Jones - which is valid and far overdue. I had not intended to pursue collection of the note. With the filing of this fraudulent complaint, it appears that our Mystery Man has left me no choice.
In my last conversation with Mr. Skinner, we discussed that he might buy my promissory note and sue our Mystery Man and GEM for the money he had loaned to GEM in order to obtain the proposed financing instrument. For this reason, I am unsure as to Mr. Skinner’s intentions or position with GEM. He has been authorized to speak on behalf of GEM by David Martin, COO of GEM, while at the same time negotiating with Nater Associates to buy the GEM promissory note in order to sueourMystery Man and GEM. This appears to be unethical and unprofessional at the very least.
In summation, the individual who prepared the complaint, is simply a liar. He does not have the “backbone” to divulge his own name, but instead hides with vermin in the darkness of lies and innuendo.He fails to mention his own criminal activities discovered by the SEC and blames his failures on others rather than accepting the truth that those failures were the result of his own criminal activities. In the end, these criminal activities, use of numerous incompetent brokers and total lack of – not wealth, but SOLVENCY – were the causes for the Mystery Man’s failure to receive his funding. The instrument provided through the efforts of Nater Associates was – as one prospective lender stated – “The best part of the loan package.” Unfortunately, the criminal fraud investigation by the SEC and other weaknesses of the package could not be offset by ANY instrument (other than cash) issued by ANY provider.
My name is Paul Nater. My company is Nater Associates. Our number is (619)600-8643. I do not hide in the dark with the vermin, as does the spineless mystery man.