Complaint Review: Matrix Business Capital - Long Beach California

  Beware of unethical and potentially illegal business practices with this “company”.  We attempted to have Matrix Business Capital (MBC) finance our equipment with a target delivery of 1 September.  We initiated the process on 27 July and did not receive a request for documentation until 4 August.  The documentation was not just a few documents but ended up being well over 200 pages.  We sent the 1st batch of documents on 8 August, just 3 Business days after the request.  Later that day we received an email from MBC with a list of 7 more items that were needed to complete the packet.  The following day, 9 August we sent the remainder of the documents. 

  After not hearing back, I began calling to inquire the status of the packet with our assigned Equipment Finance Specialist (EFS) my calls and voice mails went unanswered for nearly a week.  Frustrated I contacted my initial POC on 15 August who informed me that my assigned EFS had been out of the office for the past week.  So essentially the required documentation sat in her email inbox and the fax machine for nearly a week without action.  This is especially troubling considering that there contract states failure to provide required documentation within 7 days is a breach of contract and failure to do so results in a loss of the deposit (how convenient for MBC). 

  Upon her return she sent me an email dated 15 August stating that she would review my packet and let me know within 1 hour the status of the packet.  I did not hear back until 17 August where she stated that she could not find 2 documents (note this was the 1st time that MBC’s actions/inactions and/or possibly incompetence prevented us from providing documentation within 7 business days).  Fortunately for us, we were in Orange County on Business and were able to print out the 2 documents that she claimed she could not find and we hand carried the documents to MBC ( within 1 business day).

 While there we were assured by 3 different MBC employees that our packet was now complete and that MBC could still meet our target date.  On 21 August I received an invite via outlook to do a conference call at 8am PST with my EFS.  In the invite I am informed that the conference call may result in a need for additional documentation (note their contractual requirement to submit all document within 7 days is hard to do when they request additional documents 14 days after the execution of the contract). 

  I received a request for two additional documents on 22 August.  I was still in California providing training for soldiers who were deploying so I took a break, printed out the documents and had one of the Soldiers that worked there help me fax the two documents to MBC.  I asked him to that we do it twice just to make sure they got the information due to past issue with claims of not being able to find the documents (sent the same day).  The fax status report indicated that both attempts were successful. 

The next day 23 August I got a text message from my EFS asking if I was able to send in the two documents.  She inquired how and I told her I faxed it to the Fax number that was on the form she sent me.  She informed me that was in another person’s (Erik) office and that she would check and get back with me.  She got back to me and claimed that she could only find one of the two form and asked that I resend the second one.  She instructed me to take a picture of the executed document and that she would send me an email with her personal email address to send it to due to her claim that they were having issues with work related mail.  I waited until that evening and never having receive the email she promised to provide I sent it to her work email as I had a full day of travel returning back to the East Coast (Yet again I sent it the same day). 

  Two days later, 25 August I get a text message from my EFS asking if I sent the picture of the document and if so how.  I explained that I never received her email providing her personal email so I was forced to send it to her work email.  She then informed me that her work email that she sent 2 days ago was just returned by the server 10 minutes ago.  I then basically “launched on her” about my frustration with MBC’s ability to get our packet together and relayed all their missteps above.  I reiterated that we needed the equipment by 1 September and it was clear that MBC has failed to make happen.  She then texted her apology and stated that my packet would go forward without the last document. 

 On 31 August I receive a call from Erik, he informed me that my packet was still waiting on the one last document before it could go forward.  I then launched on him and told him that I sent the form to my EFS on 23 August and that I had zero confidence in their ability to meet our financial needs now or in the future.  I explained all the failures on behalf of MBC identified above.  He profusely apologized and explained that my EFS screwed up and that’s why he was becoming involved.  He asked me to print, complete, sign and take a picture of the document and send to him directly, which I did. 

  Despite all the setbacks I did as requested to try to salvage what had been a terrible mistake of trusting MBC to provide our equipment financing.  The next day 1 Sep, I received an email stating that our packet was now complete and going to underwriting and to mark our calendars that we would hear from MBC NLT 14 Sep.  14 Sep came and we heard nothing then, nor did we hear anything on the 15th.  So on 18 September my wife called and talked to our EFS and asked her what the status of our packet was.  Her response was that she wasn’t sure where it was in the process. 

At that point we began doing research on MBC and saw 3 negative reports on BBB.org and were not surprised that the complaints were unresolved and that they were not accredited with the BBB.  We also found negative reviews on other social media and blogs that reported questionable business practices.  Having discovered all this, coupled with what appeared to us a gross incompetence we were confident that we had made a terrible mistake trusting MBC for our business needs and decided that we would officially cancel our request on 21 September, we did so via email and registered email.  The facts are clear that we did everything possible to include going to MBC’s office in an attempt to make this happen and MBC failed on multiple occasions. 

Additionally,  MBC contacted us on 15 August and claimed the original contract was illegible because one of the blocks was not initialed and went back and forth a couple times and they finally discovered that it  need to be redone because it had my name on it and my wife signed it.   So my wife printed out the new contract signed it, scanned and emailed it to MBC without the contract being dated on 17 August.   That undated contract was returned to us “magically” dated 7/27/17, apparently by someone at MBC along with a rejection letter claiming that we violated the contract by failing to provide all required documentation within 7 business days, as such our deposit of nearly $6700 was not refundable. 

Our company in Annapolis Maryland, Annapolis Wellness Center and Spa would love to bring a class action lawsuit against this company to force them to end what we belive is unethical and potentially illegal buisness practices.