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Report: #1447107

Complaint Review: Gibraltar Equity Funding Group, GEFG , Addison Funding, Commerical Finance USA - CA, Gibraltar

  • Submitted: Tue, June 12, 2018
  • Updated: Tue, June 12, 2018
  • Reported By: Honest Entrepreneur — United States
  • Gibraltar Equity Funding Group, GEFG , Addison Funding, Commerical Finance USA

    , CA, Gibraltar
    United States

Gibraltar Equity Funding Group, GEFG , Addison Funding, Commerical Finance USA GEFG, Ben Levine - blevine.gibraltar@gmail.com Sheldon A. Berk - loanwiz@sbcglobal.net SAM PIERCE -spierce@commercialfinanceusa.com COMMERCIAL FINANCE USA (925) 837-7752 COMMERCIALFINANCEUSA.COM WARNING FRAUD ALERT!! They will steal your upfront money with no explanation or underwriter report and say sorry BYE! CA, Gibraltar

*REBUTTAL Owner of company: Rebuttal to report

*REBUTTAL Owner of company: Off Shore/international Lending Due Diligence

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This scam all starts with broker sam pierce in CA and then moves to Sheldon Berk with Addison Funding to state he wants the first upfront fee of 1995.00 USD for processsing( processing of what we have no idea, just another way to steal money). After this they ask you to submit an application into them, that they send into GEFG and if their board approves it then you will get an LOI and invoice for all of the upfront fees to vet out your project. So they send the lovely LOI with their 9.785% interest with the promise of 100% debt funding.

  We asked for references and proof of funds and they state they will do that after the invoice is paid. Well, we paid the invoice and nothing ever came, although several requests were made. SO next comes the scheduled visit with Ben's best buddy that he contracts work to named Nick.  This guys will do nothing but tell you about himself and what he has done which is all BS.  He will also eat and drink as much as possible as he knows you are paying the bill.

This guy is an insecure joke that will then go back and write a report that will say if he thinks your are a nice person or not.  We asked for a copy of this report we paid for many times but it was never provided.  We now have to get 3rd party approved appraisals that will cost another 20-30K USD.  So now we submit in our final package that meets all the terms and conditions in their poorly written and vague LOI.  They tell us it will take 30 days for underwriting to process, so after 60-75 days, we get a we are sorry but our underwriting dept did not believe the opinion of the appraiser that we approved even though they are certified and licensed.

So we have decided your project is denied and by the way we are keeping all of your money!  BUT WAIT!  We have another investor who will do a BG for you but wants 17%, 15% for him and the bank and 2% for their brokers who do nothing but forward emails. So they sit on this option with little or no communication for another 60 days and then they ask for more money upfront.  Warning to everyone!  Stay far away from any of these guys!  GEFG Gibraltar Equity Funding, Addison Funding, Commerical Finance USA

This report was posted on Ripoff Report on 06/12/2018 07:16 AM and is a permanent record located here: https://www.ripoffreport.com/reports/gibraltar-equity-funding-group-gefg-addison-funding-commerical-finance-usa/ca-gibraltar/gibraltar-equity-funding-group-gefg-addison-funding-commerical-finance-usa-gefg-ben-l-1447107. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
0Consumer
2Employee/Owner

#1 REBUTTAL Owner of company

Rebuttal to report

AUTHOR: Samuel Pierce Commerical Finance USA - (United States)

I was shocked to see my name and my company's name appear in a Rip Off Report, especially since we are currently working with customer who is subject of this post to obtain approval for their loan. At this writing, they have lost no money since process is ongoing. In short, even in the report we were (rightly) not accused of any wrongdoing because there wasn't any. To be clear, the client did not write this compaint. Contact us for an explanation of where it came from.

My 30+ year career has been devoted to providing the best loans and service for the clients referred to us, more than 90% of whom are referred by another professional who represents those clients' interests directly. These professionals see the ongoing positive results and become our repeat clients.

As an intermediary, we offer one or more programs that we think  satisfy the client's need. We never promise nor guarantee any result. We don't try to convice a client to take any specific action or pay any money. The clients are sophisticated business people who make their own decisions. Although we could legally do so, we never accept money from a client prior to a successful closing.

I HAVE NEVER BEEN SUED NOR HAD A COMPLAINT TO THE AGENCY THAT REGULATES MY BUSINESS.

THE REASON FOR THAT IS SIMPLE: WE ACT ETHICALLY AND PROFESSIONALLY WITH THE PRIMARY AIM TO SERVE CLIENTS.

We always respond promptly to client requests and try to resolve any issue that arises. We work hard to get all loans approved, but we ourselves do not approve or decline the loans. We don't decide how much money is to be paid for services to approve a loan. We are very sympathetic with any client whose loan does not get approved, but have found that since lenders don't make any money unless they close a loan, they try to approve as many as possible.

I have also engaged in these professional activities:

  • Expert witness assisting attorneys and their clients get legal satisfaction when suffering harm as a result of the actions of a real estate or mortgage company
  • Guest college lecturer on the ethics and acceptable practices in the real estate and mortgage businesses.

I have donated thousands of hours to these causes in service to the community:

  • Big Brothers/Big Sisters of America
  • Court Appointed Special Advocates as a volunteer advocating for children in foster care
  • Salvation Army: Mentoring men re-entering the work force and serving on Northern California Advisory Council

For more information visit commericalfinanceusa.com and click on Testimonials to see letters from previous clients and others who attest to our abilities and standard of ethics. 

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#2 REBUTTAL Owner of company

Off Shore/international Lending Due Diligence

AUTHOR: Sheldon - (United States)

Rip Off Report Rebuttal   - Sheldon A. Berk, Addison Funding.....

International / off shore financing is an extremely convoluted and time consuming process totally unlike the other more than twently five loan products offered by our company.  It can take more than one year from application to funding due to the most emense underwriting screwtiny I have ever known in all of my thirty five years in lending.  From site inspection, to appraisal/evaluation, election of a CPA firm, choice of legal representation and London based underwriting there is a level of due dilligence unlike anything found in this country (USA).  Underwriting is based in London, UK, and it is near impossible for them to be approved for errors and omissions insurance so little wonder the approval rate is at about 25%  with underwriting decissions that can take more than two months.

I maintain more than five different licenses in the United States and am proud to say that every one is completely blemish free as I have never had any difficulty with any other type of loan product we offer as none is as convoluted or complex as international lending.  From residential, commercial, hospitality, construction, partial construction, private money, vacant land lending and a variety of business loans there are many types of loans funded here, over twenty five in all.

I wish it were possible to fund every loan request that comes through the door but unfortunately there is no one in the lending industry that can possibly maintain a perfect batting average.  All it takes, aparently, in over thirty five years of lending is one single person or entity not satisfied with an underwriting decision,to taint what was a flawless lending record of more than thirty five years. 

Thanks so much for your kind consideration and for thaking the time to read this.     

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