These people are full of BS. If you're seeking private investors for a project, Please stay away from them. I think it's the best scam I've come across. I put them through the test and this is what I came up with. When you first contact them, they ask you to give a brief summary of your project. They tell you your project is within their guidelines and will draw interest from their investors. At this point they suggest that you reserve a spot to present your idea to the investors by live video cast. However you must pay a $250.00 non-refundable presentation fee. This where they make their money, there are literally thousands of people seeking private investors for their projects. You do the math. They take your $250.00 and never intend on funding your project, they only come up with a way to make it impossible for you to close the deal, thus letting them off the hook.
The live video cast is between you and this guy Tom Miller. He tells you that your project will draw further interest and you will receive a letter expressing further interest within 5 days. However this letter of interest never come. You will have to keep calling them to get updates. I've had the liberty to submit projects to them using 3 different scenarios. First as a new start up business, Second as a existing business and third as an existing business with a operating history and assets. On all 3 occassions they tell me that they are interested in my projects. They will always come back with what is needed to procceed, the kicker is, it's always something literally impossible for you to do. This lets them off the hook. One example is, I requested $100k to start this new business, they expressed interest of funding $25k but I need to find another investor willing to invest the other $75k. Okay, if I'm approaching you to fund the $100k, it's obvious that I can't find anyone else. In the second scenario, I approached them with my other business, it's been in operation since 2006, has an operating history with verifiable assets. They came back stating, they would fund 50% of what I need but they need to be in the first lien position. That's impossible. In this project the bank is entitled to the first lien position because they loaned me the largests sum of money, I also contributed a large sum of money to this project, now all I need is funds to complete the project.. I suggested that if they pay off the bank they could get the first lien position...They stated they can't do that..Once again, they are off the hook, because the bank will never give up the first lien position.. In the other case, they stated they were interested in my project but they don't fund the finish construction costs on homes,,, duh ,, How could you be interested in my project but don't fund the finish construction costs, when that's why I'm contacting you in the first place, all I need is the funds to complete construction. Doesn't make since. These people are making thousands of dollars ripping off unsuspecting entreprenuers, they sucked me in and they will continue to suck more people in, no one will ever think they are frauds because they fulfill their end of the bargain and they put the ball in your court, only you can't proceed to dribble because they are asking for the impossible. This lets them off the hook and they have your $250.00, sure you could continue to submit new projects to them but you will always come up empty.
Columbia, South Carolina