- Report: #1207766
Complaint Review: FundingEdge – Power2Fund - Internet
Reported By:
Urban Family Ministries -
MEMPHIS, Tennessee, USA
Submitted:
Updated:
-
Author Confirmed
Why?
FundingEdge – Power2Fund
Internet, USA
Phone:
(830) 331-4030
Web:
www.power2fund.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Funding Edge Power2Fund Funding Edge Power2Fund Ronda Hubbard Funding Scamers Boerne Texas
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.
2 Updates & Rebuttals
FundingEdge Mngmnt
Boerne,Texas,
USA
Attempted Loan Fraud - Faatimah Muhammad w/ Urban Family Min.
#2UPDATE Employee ..inside information
Wed, June 03, 2015
After further review of this file the client crossed the line into attempted Loan Fraud. This occurred by many ways but right off inflating the value of the property to $1million+ while having it listed for sale at $550k. Also, the client gave falsified data regarding a renter of the property and lease to show debt servicing and this was inaccurate and false which is also considered Loan Fraud. Not only was the proposed renter/lessee of the property not utilizing the property it was still an empty facility when a drive by inspection was performed and the "lessee" proposed business was inactive with the Secretary of State. Further details and notes below. If any investor or bkr is assisting this client Faatimah Muhammad with Urban Family Ministries, be very careful.
Furthermore, we have discovered Faatimah Muhammad may not even be an owner of Urban Family Ministries nor own the property, this is still under investigation.
We are responsible to our investors to provide accurate data and if the data is inaccurate or false we are held accountable and our investors are reliant on us to perform necessary initial due diligence. We have a Zero Policy for Loan Fraud.
----------------------------
File Review
We have been doing commercial loans for 18-years and the reason that we are successful is that we can provide financing where others have failed. One of the most important aspects of helping borrowers is for them to be HONEST and provided TRUTHFUL info. Here are the issues that we had with this borrower:
RED FLAGS:
1) Borrower (Faatimah Muhammad) would not provide necessary documents needed to underwrite the loan and the info that has provided was often incomplete or could not be verified.
2) Borrower (Faatimah Muhammad) represented that there was a tenant in the property, but when we tried to verify the tenant info we learned that the tenant listed on the lease had not been there for several years and had gone out of business.
3) The borrower (Faatimah Muhammad) then sends another lease, indicating that she had sent the wrong one. This is supposed to be a Restaurant and we could not find and info on the business. No active phone number, no website, no marketing info, no business listing and when we did a corporation search with the Secretary of State on the business name we found that company was INACTIVE (old company out of business, which was owned by our borrower).
4) The property had been listed with a Real Estate Agent in the past and we called to talk to the Real Estate Agent. The Real Estate agent clearly stated that he had been by the property recently and it did not have a tenant and had not had a tenant for some time.
5) We requested proof that there was a tenant and proof of rent payments. We had requested proof of the lease payments several times, when pressed, it was stated that the tenant pays rent ($5,000) in cash every month. She could not provide and any proof that she was receiving income from the property.
6) We requested recent pictures of the property. The borrower sent pictures, but when we started questioning the lease we obtained pictures thru a third party and the updated pictures showed the property as vacant.
7) Financial: The borrower to date has not provided the requested financials on her or the property. She can not show that she has the ability to make the payments.
FundingEdge Mngmnt
Boerne,Texas,
USA
Set the record straight - allow us to recitify situation
#3UPDATE Employee ..inside information
Mon, May 18, 2015
I work for FundingEdge and unless we know who is making the ripoff report we can't communicate clearly to rectify the situation. Putting an anonymous report about our firm on this site doesn't help you recitify the situation. We have hundreds of clients we are assisting and sometimes we have deals that have issues such as values lower than stated, debt servicing issues, credit issues, etc. We request that the business owner and/or individual or anyone that isn't satified with our services request a refund and we will do so willingly. We also ask that you let us know of the remarks to ripoff report so we can get this settled and a response added that the situation was settled. We understand that often deals take longer than anticipated and/or end up not working out and this can be incredibly frustrating. We apologize in advance for the frustration that may occur and ask that you disclose who you are so we can get a refund asap. Thank you, Ronda Hubbard
