My business received an offer in the mail stating we were pre-approved for up to $155,000 in funding. I called and was asked to complete the application and send bank and credit card merchant statements for the business. After sending all required information, I was offered about $145,000 in funding and was told I would be funded in 48 hours. They funded $7000 of the $145,000 in March, 2015 and I was told they were only going to fund that much now to make sure we could pay it back and then $137,000 would be funded in 30 days. Although they deducted more than $700 out of that original $7000 for fees, and we did not receive but about $6100, we were charged $477 per day and ended up paying back more than $9400. We were originally told that the interest rate would be around 10% and the underwriting fee would be no more than 1%. After 30 days, I received a "funding call" from the same lady that called before the original funds were issued. At the end of the call, she told me we would be funded within 72 hours. I called Michael Collins and he told me we would be funded on Friday between 2-3pm. This was the Friday after Easter weekend. We did not get funded that afternoon, so I called. Mr. Collins seemed surprised I did not get funded, then he said "Oh, some of our lenders have Passover today. You will be funded on Monday". Monday came and, once again, no funding. I called Mr. Collins again that afternoon and he seemed surprised I did not get funded. He told me to give him 5 minutes that he was going to "walk down" to see what was going on. Two hours passed and I did not hear back from him so I called numerous times until I finally got in touch with him. All he said was "You have my personal guarantee that you will be funded $137,000 first thing tomorrow morning". Tuesday came and there was no funding, so I called Mr. Collins again and told him we did not get funded. He seemed surprised again, then he said "Oh, the company filed chapter 13 bankruptcy so you are not going to get funded". Since we had already started on projects, with the promise of the #137,000 in funding, this left us in a bind. He told me he could get us a "stop gap" loan of $16,000 to get us through and then he would get us an additional $100,000 in a couple of weeks. That's the last I heard from him. That was about 3 or 4 weeks ago. They are deducting $477 per day for that loan as well. The bottom line is STAY AWAY FROM THIS COMPANY, IF THEY ARE EVEN REAL! They are scam artists! When we received faxes from them, the Cover sheet said "Valley Financial". Steer clear of both of these companies!Show more...
Funding as promised and at the 10% rate promised. We have the contracts and documentation of that promise.
Christopher, Michael Collins, Phillip