TCD Inc.
United States of America#2Consumer Comment
Tue, September 25, 2012
So did FII get you the loan or a refund ? Because I didnt get any satisfication and paid out $20K to FIICP.
Admin at FII Capital Partners
New York,#3UPDATE Employee
Fri, June 15, 2012
To whom it may concern:
Perry
Port Washington,#4UPDATE Employee
Fri, June 15, 2012
Mr. Myers
My last response was directed for Vince. Since I assisted during the process of the bonding sourcing and promissory bonding my comments are germane to the dispute as I have posted my correspondences with the insurers.
Let's take your comments and juxtapose what is specified in your marketing materials at http://www.fiicp.com/#!fii-program.
Item 1.
' Regarding bonding:
I have spoke to bonding agents as well and I do have some insight on this as well. A client must have suitable collateral for bonding. The bonding coverage that we require must be that equal to the outstanding principal of the promissory note at any time during the term. The amount of coverage will be reduced annually due to the principal reduction that will occur due to the principal that is received from the revenue generated by the portfolio. The client should be able to demonstrate growth (appreciation in its assets) in the company over time while reducing the principal of the promissory note annually. Each year, the bonding company's risk is decreased. '
THE FIICP WEB SITE:
Promissory Note Terms:
The Term of the Promissory Note will coincide with the Term of the Instrument.
Payments due on the Promissory Note will coincide with the coupon payment schedule.
The yield/coupon revenue will cover Principle & Interest requirements of the Promissory Note
The SPE's stock/membership units owned by the Client will be pledged as collateral.
FIICP will take a subordinate lien position against the Instrument behind the primary lender.
There will be no prepayment penalty on the Promissory Note.
Financial Guarantee Bond or Loan Default Insurance required for the principal amount of the Promissory Note where FIICP is the Obligee or Insured!!!!!!!!!
It's a boiler plate presentation sir. Nowhere does it mention a client must have suitable collateral in the amount of 2.5m. At the very least it's misleading. If a company or individual possess that amount of collateral why would they need to walk blindly through a process to procure $1M?
Logic tells us no one would do this, which is precisely why you and Vince have yet to show to us, and the people viewing this forum, a viable source who has closed a deal with FIICP.
Item 2
'These terms are disclosed in our funding proposal, the commitment, and the website. So it is NOT our intention to defraud ANYONE."
But that is not case. Once again you fail to comprehend this dirty little detail ... you took up front money of $10,000.00 (plus a non refundable $99 app fee) to provide a service based on the marketing concept advertised on your web site. This is called a bait and switch sir.
Additionally, I have printed copies from your firm ... the image posted here.
If you actually existed in NYC, which you do not, I would be happy to reach an amenable outcome. Or if you or Vince actually returned phone calls from a client that paid you 10k for services rendered, we would not make this sham public. If it's true that you guys have found a source to underwrite the bonding then we are more than willing to wait out the process. Thus far both of you have provided nothing more than industry jargon, which does notaddress the underlying problem.
Admin at FII Capital Partners
New York,#5UPDATE Employee
Thu, June 14, 2012
Perry Port Washington
We have no record of you being a FIICP client. If you applied for funding through KKPR, then you could have been applying for several different funding options. KKPR only performs application intake services for FIICP.
For the record:
FIICP's only obligation to our JV partners is the purchase the portfolio of investment grade fixed income securities per the commitment. Nothing more!
The responsibilities of the client are made known prior to ANY client engaging us. If a client cannot comply, shame on them. For this reason, we make all of the terms and conditions of our program known-UPFRONT. These terms are disclosed in our funding proposal, the commitment, and the website. So it is NOT our intention to defraud ANYONE.
Perry
Port Washington,#6UPDATE Employee
Thu, June 14, 2012
Yes, I am part of his team and I have personally called you sir on at least 4 occasions. Over this span of two months I left detailed VM messages. You never called back. You always seem to be in meetings. You know it's true.
Additionally, I reached out to KKPR who processes the $99 application. I will not mention names or slander third parties. I'm more than willing to arrange a conference call at your convenience ...
Then I'll be more than happy for you to educate me on the virtues of integrity and surety bonding. I can provide a laundry list of names and surety providers who refused to underwrite the bonding based on the Appleton Law.
You will explain how a firm can take upfront cash of 10k without providing a modicum of customer service ... and I keep very copious notes for the FCC.
Bottom line here is that you are representing and perpetuating a fraud -- unless of course you find us a provider to under write the bonding. We have done our homework. The lead person has tremendous financial acumen. A layman would not have been able to facilitate this exercise. The bonds have been sourced and we have the exit bank. All the paperwork has been executed. We've been ready since April ... it's now the middle of June and you or FIICP have taken our money and I don't like that.
All we're looking for is support. If that cannot be done I will tell you, futile or not, litigation and a wave of negative PR will follow.
Vince Napper
Atlanta,#7UPDATE Employee
Wed, June 13, 2012
James
Full Disclosure is telling a client what is required PRIOR to executing an agreement. It is the client's responsibility to fully assess the inherent pitfalls, hurdles, etc.
Underwriter Checklist: If an underwriter is going to fully assess the risks, then YES they will be VERY thorough if they are to provide $2.5M of initial coverage. This is the reason for the 114 item checklist. You asked for my help in this capacity and I am fully committed, but you have to do your part. The underwriter requires this information. Until he gets it, we are at a standstill. He has given me the initial quote based on the information that I have supplied.
We have numerous clients who are able to obtain the required protection-all of which are based on the risks associated with the client's company.
FIICPs ONLY obligation is the purchase the portfolio according to the specifications disclosed in the program guidelines. The portfolio that you supplied was fine.
I am not going to continue to go back and forth. I am here to help in whatever capacity I can regardless of your claims not to "throw rocks" and damage my reputation and accusations of FIICP of perpetrating a SCAM.
I await the documentation required by the underwriter. This is the only hurdle that you must overcome so that we can CLOSE your deal. Its that simple. Let's quit all of the back and forth and work together to close this deal! That is what I am interested in doing.
Anybody reading this wishing to view the FII Program, step by step, please go to:
http://www.fiicp.com/#!fii-program
At the end of the transaction, the client has build net worth equal to twice the funding request from a balance sheet standpoint. There are NO SMOKE & MIRRORS.
JAMES W
OAKLAND,#8Author of original report
Wed, June 13, 2012
Vince,
"FULL DISCLOSURE" would have been " Hey man your going to have a heck of a time getting this promissory note bonded or insured why don't you source that before you send us your money". That sir would be "FULL DISCLOSURE".
We have spoken to what I believe is every Insurance & Bonding provider out there to no avail nobody is willing to touch this program of yours. We've even had "Full Disclosure" conference calls with the providers detailing this program your offering and even they laugh at it. And I quote " Who in there right mind is going to be on the hook for and make payments on a $4M line of credit to only have access at $1M. Your still going to need to provide us with 100% cash or acceptable collateral to write this."
As for your supposed assistance with the bonding that you were to pass on to one of your "Lead Underwriters" it's laughable. The checklist that was given is a JOKE. 114 additional items requested after submitting a 34 page business plan and completing 10 other forms for another of your "Lead Underwriters". Needed to approve a transaction that according to your own website is 100% Guaranteed. If the FII Capitals funding is 100% Guaranteed what's the deal with all this underwriting and if you Mr Napper care so much about your reputation why not "Fully Disclose" the fatal flaw in your offering. The simple fact that anyone who takes on this program will be left to there own devices to wonder through the "Financial Woods" in search of Insurance or Bonding that may never come. But that's a chance that according to the way your program is offered everyone would want to take once all the facts have been "Fully Disclosed" to them.
My intent is not to throw stones as you say but to "Fully Disclose" my experience with your outfit.
Vince Napper
Atlanta,#9UPDATE Employee
Wed, June 13, 2012
To Perry:
Are you a client of FIICP?
Regarding the comment about NI working for free: the client was being very disingenuous with his comments. This client has blogged that we have somehow scammed or defrauded him. Therefore I felt it necessary to indicate that NI is assisting this client without any compensation.
Regarding Financial Guarantee Bonding: we have been in contact with many bonding agencies. Bonding is different than insurance. The bonding company will guarantee an amount to FIICP if there is a default, and then they will go after the client to recoup their loss.
1. Bonding is industry based.
2. The client has to have sufficient collateral (cash is better, but not required) equal to the amount bonded. With the FII Program, the financial guarantee required is a diminishing coverage. Therefore, as time goes forward, the bonding requirement becomes less. The client's project CAN serve as collateral.
Regarding the insurance: there are insurance products out there that will accommodate FIICPs requirements. The underwriter that I have for this client stated that the coverage would be a 7 year policy and the total premium would be 10% (which is divided over the term of the policy, thus about 1.43%/year). I have arranged this for NUMEROUS Napper Investment clients. Through my insurance contacts, we have even located "Personal Guarantee Insurance" which will serve as a personal guarantee for persons who do not have the liquidity or equity requirements by a lender. Napper Investments driven by finding solutions for its clients.
Perry
Port Washington,#10UPDATE Employee
Wed, June 13, 2012
Mr. Napper
There is no insurance company (Travelers, Zurich, Liberty M, Farmers, etc) that will underwrite a surety
bond for 2.5m without an LOC or cash substitute.
Hence, if the borrower has the 2.5m on hand, why would he/she go through this exhausting process to procure 1m?
Frankly, this process is not based on the venture, but strict guidelines that adhere to a guarantee in the form of an LOC or suitable collateral. Therefore, it renders your argument moot until further evidence comes to light.
Below is an example of the roadblock the client encounters. This should be taken into consideration before upfront money is collected by FIICP or an agent like yourself:
I tried Hartford, with whom we write almost all our bonds and they do not write this type of bond. I then tried a bond broker that specializes in bonds that are difficult to place and they advised that this bond type is a financial guarantee that all of their sureties would require the client to post 100% of the bond amount in cash in collateral , so they do not think they can help with this one either.
If you can post the entire amount in cash, let me know. Otherwise, I will not be able to help you with this.
I am so sorry.
Insco Insurance Group
---------------------------------
Per our conversation on Thursday, 4/26/12, attached is a link to a website that describes Appleton Law, etc. I may not have all of the details of your request, but it seemed the need fit the definition of credit
enhancement, which Zurich is precluded from writing as a multi-line insurer. There was no underlying performance or statute requiring the bond
from your description.
Unless you have additional information that shows the bond need would be a commercial surety obligation, Assured Guaranty is a company provides guarantee coverage.
Zurich Surety - Commercial Northeast
One Liberty Plaza, 30th FL
165 Broadway
New York, NY 10006
Phone (212) 553-3307
-----------------------------------
I referred him to Surety Solutions, Inc., one of HCC Surety Group's valued agents whom is proficient in procuring surety bonds for their clients. From my discussion it sounded like the $5 Million bond portfolio is currently be held as collateral, which would prevent it from being used as collateral for the surety bond obligation.
----------------------------------
BTW ... I would not outwardly object to providing some free consulting to a client. Any reputable firm, or a broker representing that firm, should be collecting loan processing fees after actually finding a suitable loan, or a proven funding mechanism, for their client.
If people are trolling this forum it means they have sacrificed earnest money with no palpable results. You seem to be irked about hand holding a client through a process that will benefit your reputation in the long run, and that is precisely why you and FII Capital Partners have been called into contention.
Perry
Port Washington,#11UPDATE Employee
Wed, June 13, 2012
Mr. Myers
You still have not answered the question.
Can you point to any individual or company that has been able to locate an insurer to underwrite the bonding for the promissory note?
My research yielded similar results. In lieu of the Appleton Law there is no suitable method of bonding without a 2.5m dollar cash guarantee.
FYI:
Per our conversation on Thursday, 4/26/12, attached is a link to a website that describes Appleton Law, etc. I may not have all of the details of your request, but it seemed the need fit the definition of credit
enhancement, which Zurich is precluded from writing as a multi-line insurer. There was no underlying performance or statute requiring the bond
from your description.
Unless you have additional information that shows the bond need would be a commercial surety obligation, Assured Guaranty is a company provides guarantee coverage.
Zurich Surety - Commercial Northeast
One Liberty Plaza, 30th FL
165 Broadway
New York, NY 10006
Phone (212) 553-3307
----------------------
Indeed, sourcing the bonds to match your criteria is difficult, but not impossible. The real hitch is the bonding, which is predicated on a cash guarantee.
I would bet that most entrepreneurs applying to FIICP's program do not have the resources to compel a provider to underwrite a surety bond of this magnitude.
Yes, the promissory note details are clearly defined in your marketing materials. However, for an upfront fee of 10,000.00, the lack of communication/cooperation is inexcusable.
This could easily be remedied by providing the client with discernible references who have been funded. If that cannot be done then refund the money since the surety bond cannot be procured without a cash guarantee.
Thus far your business methods are just as unscrupulous as the hundreds of so called funding practitioners being reported on this site.
Vince Napper
Atlanta,#12REBUTTAL Owner of company
Tue, June 12, 2012
To whom it may concern:
I was made aware of this report yesterday by my colleague, David Meyers.
I am here to set the record straight regarding this client-James W:
Admin at FII Capital Partners
New York,#13UPDATE Employee
Mon, June 11, 2012
I do not work for Mr Napper as his secretary.
I have not notified him of this post, however, I will so that he may address you directly.
I wish you all the best,
JAMES W
OAKLAND,#14Author of original report
Mon, June 11, 2012
The companies you've listed on your website as closed transactions of clients you've worked with in the pass are bogus. My company has tried contacting all of them but only one still seems to be around. Everyone else numbers have been disconnected and sites have been taken down. When we inquired with the one company we could reach about how there transaction went. They said they were yet to close anything with your company but you list them as a closed transaction.
I also find it curious that Mr Napper himself doesn't respond and he has his secretary Mr Meyers give his side. As I understand it you have nothing to do with the process nor could you give any direction as to how to proceed.
JAMES W
OAKLAND,#15Author of original report
Mon, June 11, 2012
I leave it at this. The companies you've listed on your website as closed transactions of clients you've worked with in the pass are bogus. My company has tried contacting all of them but only one still seems to be around. Everyone else numbers have been disconnected and sites have been taken down. When we inquired with the one company we could reach about how there transaction went. They said they were yet to close anything with your company but you list them as a closed transaction.
I also find it curious that Mr Napper himself doesn't respond and he has his secretary Mr Meyers give his side. As I understand it you have nothing to do with the process nor could you give any direction as to how to proceed.
Admin at FII Capital Partners
New York,#16UPDATE Employee
Mon, June 11, 2012
To whom it may concern: