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Report: #1148975

Complaint Review: Imperial Advance - New York New York

  • Submitted:
  • Updated:
  • Reported By: Scott A — Steamboat Springs Colorado
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  • Imperial Advance 132 W 36 St. 3rd Floor New York, New York USA

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On April 7, 2014 I received an unsolicited mailing from Imperial advance stating that my business was pre-approved for working capital.  I saw an opportunity to expand my company's services and increase revenues so I reached out to them via their online chat.  A representative contacted me shortly thereafter and discussed my needs.  I was emailed an application which I returned the next day with my bank and merchant acoount statements demonstrating my company's cash flow. 

While their website states that they would contact me within 24 hours with an array of financial options, I spent the next 13 days attempting to contact my agent with no response to emails or hone messages.  On the 22nd of April I finally got an email with a contract attached stating that I had been approved for funding.  The emailed said that all they needed me to do was sign and return the contract and the funds would be wired into my account the same day.  I took several days to read over the contracts before returning them, assuming that the money would follow that same day.

It has now been a month since then and no funding has occured.  I have been required to provide more bank statements, more documentation, I have had to be subjected to an inspection of my business, and still have not receivec the funds that I was told I was approved for a month ago.  Now they are telling me that they can only provide half of the original amount that they told me I was approved for, and that I have to rpovide even more documentation.

The amount of damage that Imperial's deceptive and ingenuine business practices have caused to my business is ridiculous.  I have lost staff, business, and suffered financial losses all because they drug a process that they advertise takes just a day into a 6 week fiasco.

 

This report was posted on Ripoff Report on 05/22/2014 03:47 PM and is a permanent record located here: https://www.ripoffreport.com/reports/imperial-advance/new-york-new-york-10018/imperial-advance-took-me-for-a-serious-ride-new-york-new-york-1148975. 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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Updates & Rebuttals

REBUTTALS & REPLIES:
1Author
3Consumer
1Employee/Owner

#5 REBUTTAL Owner of company

UPDATE 3/11/15

AUTHOR: Acura Tech - (USA)

POSTED: Wednesday, March 11, 2015

I am pleased to report that the Upper Mgt Team of Imperial Advance has reached out to me to discuss my experience. They listened to my complaints and made it very clear to me that the way I was treated was neither condoned nor appropriate and that they would take the necessary steps to make sure it didn't happen again. I honestly believe that they will and their prompt actions after reaching out to me prove this to be true.

They have offered to reimburse me a portion of the fees I paid which is something they didn't have to do. They could've easily blown me off and there would've been nothing I could've done about it. I want to now give Imperial credit for their diligence in resolving this matter. 

It is very refreshing to me to see that people actually do care. As a business owner myself, I can appreciate the struggle at times with finding employees who will share a vision and work hard to satisfy the customer. Imperial's leaders clearly appreciate their clients and are more than willing to step up when the need arises. 

I can honestly say that at this time I wouldn't hesitate to do future business them. 

 

 

 

 

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#4 Author of original report

Business as Usual

AUTHOR: Scott A - ()

POSTED: Friday, February 27, 2015

I actually had this happen.  Someone from Imperial wrote a nasty review about my experience with them on my business's Yelp page.  It took several weeks for Yelpto remove it.

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#3 Consumer Comment

Stay Classy Imperial Advance

AUTHOR: Acura Tech - ()

POSTED: Thursday, February 26, 2015
UPDATE:

At 11:58 AM on 2/26/15 I received a call from someone named "Nick" who was supposedly representing Imperial Advance. He threatened me that if I didn't take down my negative reviews of my experience with Imperial that he would have his marketing department file false negative reviews on the internet against my business in retaliation. Also made many personal insults. This reinforces everything I have said to this point. Stay away from Imperial Advance!
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#2 Consumer Comment

Scammed by Imperial Advance

AUTHOR: Greg - ()

POSTED: Tuesday, February 24, 2015

Imperial contacted me last year offering an advance. After submitting all of my information and requesting $20k I was told that I was approved but that I would receive 50% of the funds immediately and the other 50% in 30-45 days as long as my revenue numbers did not drop by 25% or there was no change in ownership of my business.

I accepted the offer and was funded the first 50% on 12/18/2014. Starting 45 days later I called Imperial multiple times a day trying to get someone to help me. My calls were never returned and all I received was the run around. Finally after getting fed up with them I started calling the lenders directly that Imperial used to fund the deal. That is when I was informed of what was really going on.

Imperial used two lenders to fund the deal, but the lenders were not aware of this. Imperial made sure that both deals were funded on the same day so they could hide one from the other. Imperial knew full well that both of these lenders were not going to release any additional funds in 30-45 days. They also knew that once one found out about the other that I would not be able to get renewed.

All Imperial wanted was to get something funded so that they could receive a commission from the lenders with no care that I would not be able to receive the rest of the funds that I needed to make my plan work. Had I known that the other funds weren't possible and that Imperial was flat out lying to me I would have avoided the advance altogether. This type of business practice is not acceptable and others should be warned so that they may avoid this same type of scam.

As I mentioned earlier, I spoke with the CEO's personally of both lenders and they were not happy with Imperial's practice and also stated that they would have never funded the deal had they known Imperial was "double stacking" lenders at the same time to avoid being caught.

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#1 UPDATE Employee

Answer from Imperial Advance

AUTHOR: Jason - ()

POSTED: Thursday, June 05, 2014

My name is Jason and I work at Imperial Advance.

Our commitment to customer service is unparalleled. We treat each one of our clients as real people rather than a ledger entry and pride ourselves on the amount of businesses that we have funded and continue to help realize their business goals. We provide merchant cash advances from our own funds or through affiliate lenders.

In April of 2014 we sent Scott Agnew one of our pre-qualification letters which prompted him to contact us in order to obtain working capital to renovate his bar/restaurant, the 'Double Diamonds' located in Colorado. We were unable to approve Mr. Agnew for funding from our in house programs due to the fact he had just crowd funded $65,000 to the 'Double Diamonds' using gofundme.com (http://www.gofundme.com/2zyzg4).

We were able to get Mr. Agnew approved by Rapid Advance (one of our affiliate lenders that takes on riskier investments), however they required an onsite inspection of the 'Double Diamonds' bar, which he was not present for. The inspector cited that the property appeared to have been closed down. Rapid Advance then pulled their initial offer based on the reporting of their inspector (which I have personally verified & can be viewed here: http://postimg.org/image/k3cx7t561/).

We still wanted to help Mr. Agnew & the 'Double Diamonds' bar, and approved Mr. Agnew for a smaller amount in the hopes that he would be able to at least make some of the desired renovations, with the one requirement that he submit his updated May bank statement (so that we may better assess the health of the 'Double Diamonds' bar). Mr. Agnew has failed to produce this final stipulation to this date, or respond to our calls.

We are in the business of helping others grow, succeed and realize their goals. It would not be in our interest to turn away anyone who we can find funding for, and we apologize that the process has been confusing for Mr. Agnew. We will continue to keep our offer tabled if Mr. Agnew would like to submit the required May 2014 bank statement (as previously requested).

If any of our clients have issues regarding customer service please contact me directly at jason@imperialadvance.com or submit a ticket using our Feedback / Support widget located on our page http://www.imperialadvance.com.

Jason

Imperial Advance

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