North American Funding - Rick Adams demanded $3,000.00 retainer to get loan, ripoff! Northville Michigan

This is MOST DEFINITELY a scam. I don't care what the shill says. You NEVER pay money to get money.

Dear Mr. "Martin":

It has been brought to my attention that you were disappointed that North American Funding Group, LLC was unable to secure a refinancing package for your Pub business.

In all lending transactions, a true representation of a business' financial situation is the key to obtaining funding. A steady growth history and outlook is ideal; however, even a company with a clear plan to meet and explain financial setbacks may be able to secure financing. Unfortunately, as I recall your financial position, you were experiencing continued declining sales with no turnaround plan in place. These results were distinctly adverse compared with the Pub's steady growth under the previous ownership.

While NAFG has not always been successful in securing funds or the lending terms that a client desires, we have strived to maintain a high standard of professionalism.

In your case, your current situation was addressed and we contacted a number of bank and non-bank institutions on your behalf in pursuit of a financing solution. Without a clear plan of turnaround in the Pub's revenue stream, no lender interest was found.

NAFG sincerely regrets that you did not receive the intended financing. However, as per the contract you agreed to and signed, the retainer was used for expenses expended on your behalf and was non-refundable.

Yours Truly,
Eric A. Adams
North American Funding Group

What kind of place was this? Your not supposed to pay for a loan, that is why you get a loan is for money, never give money to obtain one.

Martin,

two things...1st you can get your money back by suing them in samll claims court and filing a complaint with the FTC. Any money you paid upfront for the purpose of obtaining this loan is due your under federal regulation. Whether your withdrew your application or cancelled it, under RESPA, Regualtion Z, you are entitled to your $$$.

2nd...Notify this jerk in writing to his company that you are going to contact the (your state) State's Attorney General for violation for (your state) Michigan's Fair Lending Practices and your will post a complaint to Department of Real Estate (state of Michigan). This should get his butt moving. Stay on it...$3000 is alot of moeny. In the mean time look for a SBA lender in your area. Stay away form guys like this. Typically small banks or specially chartered banking institutions are your best bet becasue the loans are guarenteed by the federal government....Good Luck