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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 - Sheldon A. Berk - SAM PIERCE 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

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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: 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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