- Report: #1376530
Complaint Review: Coral Gates Business Funding - Pembroke Pines Florida
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Author Not Confirmed
Why?
Coral Gates Business Funding
320 South Flamingo Road, #307 Pembroke Pines, Florida, USA
Phone:
954-821-8272
Web:
coralgatebusinessfunding.com
Categories:
Business Rating:
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Coral Gates Business Funding World Business Lenders Advance Fee Commercial Loan Scam Pembroke Pines Florida
Roger Campbell is the head of Coral Gables Business Funding.
Roger has charged our client $4,400.00 for a commercial Real Estate loan that was supposed to have closed a month ago. After the fees were paid, there have been a survey and other odds and end services performed. Another company World Business Funding is also involved in this particular loan.
The client did receive a term sheet but no commitment letter. The date of the extension is now passed. This loan was to close over a month ago. In addition, we had a legitimate lender who charged no upfront fees ready to do this loan. The reason we did not choose them is because of the timing. They claimed he would have his money in 4 weeks or less.
For this reason, the client chose to pay the $4,400.00 to avoid having to pay for another extension. This client is purchasing Real Estate of a building they already occupy as tenants and already paid in a substantial amount of money to the landlord. This is now on the 4th month waiting for "one more thing" to e completed.
Now that the deadline is on the last day, we supposedly have a lender/investor ready to write a check for the $3,000,000 to purchase the property (MAI Appraisal of $5.500.,000). Here is the catch. Now the borrower has to pay an additional $19,000.00 for the investor to fly in from Germany. Last time I looked, it does not cost $19,000 to fly from Germany to Birmingham AL.
There is also a person named Jennifer who is tied to WBL (World Business Lenders). She claims to be working with Roger Campbell at Coral Gates Business Lending but the email has the @wbl listed which we found out is the email for World Business Lending.
This is a classic scam for commercial lending. I have been involved in commercial lending for a long time Wachovia (now Wells Fargo) and others. We only get paid upon success of a loan or contracted work that is known in advance (such as grant writing or business plan writing). Please avoid these two companies when borrowing money as this is dishonest and hurts others in the industry.
2 Updates & Rebuttals
Bob
Pembroke Pines,Florida,
USA
legal documents was falsified
#2REBUTTAL Owner of company
Tue, July 11, 2017
Please note additional information will be following this false accusation however for now please note our brief response:
This particular client came to us from a broker who was requesting a 10% commission when this particular transaction we explained to his broker that this would not be possible all fees for this transaction will be discussed with the client directly. The client received an engagement letter that was nonrefundable with all terms explained thoroughly the client signed the engagement letter and accepted all conditions as indicated.
As we came to the conclusion of the underwriting portion and requested two additional documents prior to funding the documentation was falsified and our underwriting department recorded at that point the transaction was rejected because of the falsified documentation that was given to us for the loan.
We then found a different investor was willing to do the transaction understanding what it happened previously but he had different terms and conditions which to this client had to write to accept or refuse. Again a legal document that was requested was falsified and this is why this transaction did not go through and they forfeited their deposit.
Coral Gates Solving Problem
#3Author of original report
Mon, June 05, 2017
Coral Gate claims they will get a commitment letter for the client this week and client funded as well. I am willing to retract this letter if they follow through with their promise.
I purposely am leaving this anonymous until either the problem is resolved or not resolved in a reasonable period of time. Fortunately I know many attorneys in the Coral Gables Area and Miami who will be more than happy to take this company to the next level if they take advantage of this client.
The client nor any of the known people to this deal are involved. This is totally independent report.
