U.S. Medical Funding, Inc. U.S. Medical Funding Marc Cornella U.S., Glenn Cornella Scammed us out of over $22,000.00 Sparta New Jersey

Leroy:

I just came across this. it has been some time. Did you explore legal remedies?

Companies with that name usually fund A/R, which traditional lenders won't do.

A construction project, naturally can be financed by a bank, as they simply went to Wachovia.

This sounds fraudulent, and I hope you were able to recover this ridiculous fee.

This claim is completely false and is simply a case of buyers remorse.

One (1) case of customer dissatisfaction in 16 years and after approximately 700 client transactions in providing a valuable service is not such a bad track record.

Client testimonials have been included at the end of this rebuttal. 

Please feel free to read the following transcript and form your own opinion.

Letter sent to client on 11/27/2007

Via facsimile & certified mail

Mitsie Vargas, DVM

Mr. Gaston Vargas, Jr.

Orchid Springs Animal Hospital, Inc.

615 Overlook Drive

Winter Haven, FL 33884

Dear Dr. Vargas & Mr. Vargas:

I am writing to you in response to your letter dated November 20, 2007.  By writing this letter, I hope to clarify any confusion you both may have.

As you are aware, I have recently received many emails from your financial advisor, Julie Phillips.  It seems to Ms. Phillips is very confused, and possibly frustrated with the fact that she was not involved in securing the financing approval for your expansion project from the beginning.  At the same time, it seems that she is also confusing the both of you with her "brainwashing" behavior,  and making you feel that you have be "taken" or "swindled" which is NOT the case at all.  On the contrary, it is quite the opposite.

I would like to summarize what has occurred during the past 9 months.  I received your initial phone call on February 13th, of this year.  We had a very nice conversation, and you explained to me your plans of expanding your veterinary facility.  At that point, the figures you furnished me were preliminary; however, they were enough to get pre-qualified for an expansion loan.  On February 16th, I informed you that you were officially pre-qualified for a significant size loan ($2,200,000).  From that time, until approximately April 12th, we had occasional phone conversations regarding your project. 

On April 13th, I presented you a conventional (non SBA) financing proposal for your project.  The conventional financing I proposed has no SBA requirements and is always a premier way to finance a project of this nature.  A loan summary, outlining the costs, fees, and loan structuring was also attached to the proposal.  As you are aware, the summary outlines the specific costs, fees, and loan terms involved.  It specifically outlines the USMF 1% fee and the Lender's 1% fee involved in this project.  Both costs are based on 1% of the loan amount.

Since you were in agreement with the terms and conditions, very satisfied with the proposal, and ready to move forward, you signed it, and sent in your Good Faith Commitment (GFC) check in the amount of $22,000.  As my proposal states in the very first paragraph, U.S. Medical Funding, Inc. (USMF) or its assigns (the "Lender") will be the ultimate funding source.  There are many times where USMF is the ultimate funding source, however, there is also many instances where USMF may secure much more competitive terms by assigning it to another funding source such as Wachovia.  In your situation, USMF assigned it to the lender.  By assigning it, USMF secured probably the "best" most "competitive" terms in the veterinary lending industry.  Once I received your authorized proposal and GFC, I assigned the financing and underwriting to Aaron Smith with Wachovia for formal approval.  On May 11th, the project was formally approved for financing by Wachovia and a commitment letter was presented to you for a total of $2,321,000.  In fact, it was $97,000 higher than I originally committed to. 

After notifying and speaking with you regarding the loan approval, you seemed very happy and satisfied with the services we provided.  Since that point, Aaron Smith with Wachovia has been working closely with you getting the necessary requirements in line, in order to start funding your project. 

Just recently, since your financial advisor, Ms. Phillips, has been involved with your project, your satisfaction has changed.  It seems Ms. Phillips, feels that she could have secured "better" financing terms for you.  If this is the case, then maybe Ms. Phillips should have been involved since day ONE (February 13, 2007), and maybe Ms. Phillips should have been contracted by you, instead of engaging my firm, to secure the financing for your project.  I truly feel that it would be a total injustice to you, to have Ms. Phillips start shopping financing at this point.   If you have developed a case of buyers remorse and are truly not happy with the terms I have delivered and you feel that you may find a "better" loan program from a local bank or another lender, then you should start from scratch and start shopping again. I cannot emphasize enough that you received an excellent, very competitive loan program from USMF and Wachovia, and should feel confident with it.  I sincerely doubt that you would have found much better loan terms, especially as quickly as I have.  Please do not let Ms. Phillips make you feel any worse than she already has.  She is obviously not aware and doesn't understand how competitive this loan approval is and what is available in the marketplace.  Many times when a 3rd party as Ms. Phillips gets involved in the "eleventh hour", borrowers end up confused and frustrated when they shouldn't be.  In this case, I truly feel this is exactly what's happening.

USMF is a commercial brokerage/consulting firm specializing in the veterinary field, contracted by many different clients in order to shop and secure the financing they require and agree to.  There are many lenders/banks that provide financing, however, NOT many specializing in veterinary.  I take much pride in operating my firm in a very ethical and professional manner for the past 12 years and will continue to do so.  I deliver what I propose and in many situations better than what I propose.   This is exactly what I delivered for your project. 

I charged a 1% fee in order to secure the financing I proposed and you agreed.  Unfortunately, my firm is NOT a nonprofit organization.  I cannot work and provide services for free.  Wachovia, in this situation charged a 1% fee in order to fund the transaction.  As an industry standard, these fees are extremely reasonable.  Compared to this Wachovia conventional bank loan, if this was a typical local bank SBA loan, you would have been expected to pay up to 3 - 3 1/2% in additional fees.  You would have been required to put much more capital injection into the project, pay higher SBA fees, and pay a higher variable interest rate.    Not only did I secure the financing that I proposed, I secured a higher dollar amount, delivered a 3/4% lower rate and also delivered the 5 and 10 year FIXED rate options with approximately a 1/2% lower cost of funds.

I am sorry that you have suddenly become dissatisfied with the loan commitment, simply because of Ms. Phillips' involvement. Stating that I have misrepresented my financing proposal is totally inaccurate.  If you would like to put the loan on hold or cancel with USMF and Wachovia, simply notify me or Aaron Smith.  As it states on page 2, section #12 of my proposal, "the GFC will be applied to the USMF cost".  Also, the USMF consulting and origination cost is detailed on page 1, section #9. Unfortunately, as stated in the proposal, since the loan has been formally approved, ready to fund, and a commitment letter has been issued by the lender, your GFC is not refundable.  However, if you wish, I will issue you a credit in the amount of $22,000 to be used for any future transactions.  Please feel free to contact me directly with any questions or concerns you may have.  I have enjoyed working with you and thank you again for giving US Medical Funding this opportunity to help

Very truly yours,

President
US Medical Funding

Please take a moment to read a few of our Testimonials and feel free to visit our website www.usmedicalfunding.com

Testimonials

Usually when you think its too good to be true, it usually is, NOT in this case. Even though, I was very interested and curious, I was still very skeptical. Thanks to USMF and Marc Cornellas professional persistence, I have realized an immediate 11% increase in cash flow and a $170,000 savings in overall financing cost! USMF made the entire refinance process very simple and straight forward. If it wasnt for USMF I wouldnt have gained the tremendous savings and cash flow benefits. Thank you again Marc for your polite persistence. I have been associated with other finance companies and none could compete with USMF in quality or cost. I highly recommend the services of USMF.

Thanks again Marc,

Steven Harden, DVM Clarke & Glenpark Animal Hospitals, Springlake, MI

Whatever your financial needs are and no matter how complex the situation or how innovative the financial package needs to be, US Medical Funding is the only company you need to consider using. What is so unique about US Medical is that you are given options to pick and choose from to insure your cash flow is maximized while accomplishing your goals. Having used US Medical services in the past and currently working on a second deal, I personally would never consider using anyone else. Banks that I have done business with for years could not even compete with the program US Medical structured for me. Marc and Glenn Cornella are tops in their field. If your financial needs cannot be met by US Medical, it simply cannot be done, period.

-Tom Huber, DVM, League City, TX

Thanks for all your help. US Medical Funding has made it possible for me to realize my goal of owning and operating my own veterinary hospital. I was skeptical when I first saw the ad in a veterinary journal, as others before promised complete financing but was unable to provide the necessary funding. Not only did you make the process easy, but you understood my situation and were able to secure the necessary capital where others wouldnt even give me a chance. I appreciate the tailored plan which allowed me to choose the equipment I wanted and pay for it in a way that was best for my new practice. My experience dealing with US Medical Funding has been very positive. I have already recommended your services to others and I will continue to do so in the future. Its a pleasure to finally deal with someone in the finance business that provides service with integrity.

-Samuel Vaughn, DVM, Louisville, KY

Marc Cornella has been a trusted advisor since my transition from employee to employer. I had very little prior business experience when I started the process of buying my current practice. Marc not only guided me into a great mortgage but also advised me through my building acquisition two years later even though he did not directly broker the deal. I appreciate Marcs skills so much that I have recommended Marc to my associate as she starts the process of buying into my practice.

-George Runnels, DVM, Augusta Animal Emergency Hospital, Augusta, GA

I have refinanced my real estate loan twice and my practice loan once with Mr. Cornella. Each time the rate quoted was the rate locked and Mr. Cornella facilitated the process from start to finish. He met with me and my accountant at my office to present several bank offers from which we could choose. His professionalism and responsiveness made a daunting process much easier and very cost-effective.

Bruce N. Hoskins, DVM, Croton Animal Hospital, Croton-On-Hudson, N

In the current financial environment it has been difficult to get financing for expansion projects. I have turned to Marc Cornella, because he always presents me with multiple options, many of which I would consider outside the box to ensure our projects get completed. Hes made the process smooth by believing in our recent Seattle expansion plans and understanding our complex corporate structure. Our project is growing steadily in a down economy thanks to the support and service provided by Marc and his team at US Medical Funding.

-Adam Reiss, DVM, Pacvet, LLC, Medford, OR

As a result of the customized financing program USMF tailored for our new, state-of-the-art facility, our revenues have grown, our profits are strong, and we have experienced greater control and satisfaction in our new business. Many thanks to Marc Cornella and the entire USMF staff!

-Sybil Davis, DVM, Ridgeland, SC

I had already contacted a few other funding companies with little satisfaction. I felt U.S. Medical was on my side. All aspects of the funding were explained in simple terms and all my questions were gladly answered. They did all the work for me. My expectations were not only satisfied, they were surpassed. I had a choice between mounds of paperwork and unreturned phone calls or the caring, knowledgeable staff at US Medical Funding. It was a no-brainer. I highly recommend US Medical to anyone seeking funding.

-Robert McCarthy, DC, Greenville, NC

US Medical Funding did an excellent job in funding my recent purchase of an established dental practice. I spoke to many lenders and leasing companies and found US Medical was best able to serve my needs. My representative was always just a toll-free phone call away to make sure that the process went smoothly and quickly. They appreciated my business and I highly recommend them to any doctor looking for funding.

-Mark Dundas, DDS, Scottsdale, A

USMF put together for me the most unique and competitive debt restructuring program I found. The resulting 30% monthly cash flow increase has given me greater revenues and allowed me to expand my practice and gain more control of my business. I highly recommend USMF.

-Joseph Seneczko, DVM, Genoa, IL



Thanks for all your help. US Medical Funding has made it possible for me to realize my goal of owning and operating my own veterinary hospital. I was skeptical when I first saw the ad in a veterinary journal, as others before promised complete financing but was unable to provide the necessary funding. Not only did you make the process easy, but you understood my situation and were able to secure the necessary capital where others wouldnt even give me a chance. I appreciate the tailored plan which allowed me to choose the equipment I wanted and pay for it in a way that was best for my new practice. My experience with dealing with US Medical Funding has been very positive. I have already recommended your services to others and I will continue to do so in the future. Its a pleasure to finally deal with someone in the finance business that provides service with integrity.

-Samuel Vaughn, DVM, Louisville, KY

USMF secured all my funding requirements under one program, and now I write only one check a month for the entire expansion, including remodeling and new equipment. Since the expansion, my revenues have increased dramatically, and I thank USMF for making it all possible.

-Edward Flatow, DDS, Forest Hills, NY