Amercap Funding Group

Amercap Funding Group Ronald Dennis, Nothing but BULL!!! Orange, California

25th of Apr, 2011 by User421513

I have been working with a gentleman by the name of Erick Medrano ( and ) to secure working capital for my business. Erick and I began working together in December of 2010 and my deal was approved. He was provided all documentation requested (business license, bank statements, etc.) and in turn I was to sign a LOI and forward $2,500.00. Unfortunately, we ended up losing contact because, I had three family tragedies occur back to back and was traveling dealing with that situation. At the end of February, I came across an individual by the name of Ron Dennis ( and ). Ron and Erick apparently work with each other and Ron put me back in touch with Erick. Here is where the BS begins! Erick sent another LOI, request for my driver license, cancelled check and $2,500.00. Because this deal was already approved and the funds had already been allotted for, these were the ONLY items needed. The LOI was faxed to Erick March 3rd and because I was out of town and did not bring my company checkbook with me, Erick gave me the information to wire the funds (see below): 03/09/2011
BOOK TRANSFER DEBIT A/C: AMERCAP FUNDING GROUP LLC RONAANAHEIM, CA 928073296
REF: SCOTTSDALE TANNING DOC FEES TRN: 03341***68ES 03/09
-$2,500.00 After receiving the funds, Erick told me the deal would fund that week. That didn't happen. On March 10th at 859am I received a text from Erick stating that the underwriter needed to speak with me again and would I be available within 30mins. My response was "yes" to which I received a response "Everything is okay. We will touch base in a few...". I spoke with the underwriter and was told that funding would now take place no later than March 22, 2011. After we hung up I called Erick back and asked him why was the new date the 22nd? What happened to the deal being funded the week my $2,500.00 was received and then being pushed out to the 15th and now the 22nd?! He knew I was alarmed, but assured me that they (Amercap) may have been a bit aggressive with the funding date. Mind you, that I've been told repeatedly that this deal was done and funding was already in place. On March 19th, I sent Erick an email to which I received no response, so I sent a text "Hi Erick - sorry 2 bother u on Saturday, but I didn't get a response 2 my email. I will be funded Monday correct?" to which I received the following response "Hi Allena, Excuse me I haven't been in contact. This deal will not get funded this week...you will be called by underwriting this week. If everything goes well the next week u will be funded. I don't have the details I'm on the road...I will get back to you with that.". Obviously by this text, Erick knew funding was not going to happen again and did not take it upon himself to contact me. Had I not contacted him, I would have assumed funding was going to take place as scheduled. Texting back and forth I was assured on March 20th by Erick "Please, understand that we will fix this. Please, wait until the week starts. You will have the results that you want. You will have the loan you need..." I was told by Erick that I would be receiving a call by Ron and to be patient. Ron and I did speak on the March 23rd and he assured me that everything was fine and he understood my concerns. I explained that not only had I come to the table with ALL documentation requested, but I also had paid the $2,500.00. Ron said my money could be returned immediately no problem, but that I would have to pay additional fees on the back-end. He assured me that funding would take place as the money ($50k) had already been approved. The "underwriting department" was extremely busy and had fallen a tad behind. On March 24th I received an email from Ron stating the following: We have you scheduled for a phone interview on Wednesday, March 30th, 2011 @ 2:30 PM PST. We will need your last 6 months of business bank Statements and Merchant statements before the phone interview. We can fund within 48 hours after that. Additionally, we will need a canceled check off the Business Account that you would like the funds wired into. This was yet another stall tactic, as all this information had already been provided several times. Again, I was told that this was a done deal, already funded and only the aforementioned items were needed. Now, more documentation to stall a deal that was not going to happen. These items were provided AGAIN and on Wednesday, March 30th at 111pm, I was called by Ron and Erick to discuss the documentation that was provided yet again and "coach" me on what to go over with the underwriter at 230pm. Not only was this call initiated approximately an hour and a half before the scheduled 230pm call, but the day of!!! I was told at the end of this call that I'd here back. My assumption was that the 230pm call was still taking place because I was not told any different. By about 300pm when I had not been called by anyone I concluded that yet there was another delay. I contacted Erick by text under the assumption that yet another interview was going to be scheduled "Its Allena LOL - I sent u an email - what time is the interview tomorrow, I'd like it to be early so banking deadlines for wire transfers can be met" and his response was "I will get the answer please be patient..." On March 31st at 909am, Erick called me with Ron on the phone and explained that the deal was declined because the bank didn't like the Paypal documentation provided. Documentation that was provided in December of 2010 and several other times since. Ron "claims" that he had just seen the documentation provided as of March 29, 2011. Whether or not that's accurate I'm unclear, but all documentation was faxed to the attention of Erick in December to 7144644676, the same number and attention as all the other repeated requests for the same documentation. Ron is now claiming that I was "provided a service with no guarantees.". Nowhere in our contract is this stated. By the emails and texts between Ron, Erick and myself I was repeatedly assured of this
deal. I have asked Ron to return the $2,500.00 in full and he stated that he will not, but will return a portion in 7-10 business days, in an email of April 1, 2011 at 7:14am. To date, NO REFUND! Not even a "portion". I turned Amercap Funding Group into the BBB (Complaint ID: 98600926) 4/01/2011 and on 4/05/2011 Ron Dennis posted that because I had turned them into the BBB and had posted "a defamatory and libelous post on Craigs List" that now the money would not be refunded. Nothing on Craigslist was defamatory or libelous. All information was a true accounting of what had transpired, what I was told, what I recorded, and what I have in written form be that email and/or text message. First of all, I CAN complain in anyway I deem fit, I have that right!!! Second, if the money had been returned, additional steps would not have been taken. Further....because I have this right, I will continue to post to ANY venue I deem fit until my funds are returned. AND I will continue to answer ALL inquiries with regards to those postings, so that others arent taken advantage of!

Track this Report 1 Comment | Post a Comment

Comments

4719 days ago by 123456

SCOTTSDALE TANNING and the owner have bad credit and can not get credit anywhere. They have posted a disingenuous statement about Amercap funding because it was discovered that Scottsdale Tanning was comingling credit card transactions with another business and thus were declined by the the funding source. SCOTTSDALE TANNING was fully aware of our fee UPFRONT and did not have to pay us anything. They could have found financing on their own but they chose to use us and accept our terms and conditions. We are now pursuing legal action against them for Libel.