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report scam| Country | United States |
| State | Florida |
| City | Pembroke Pines |
| Address | 320 South Flamingo Road, #307 |
| Phone | 954.821.8272 |
| Website | http://www.coralgatebusinessfunding.com/ |
Coral Gate Business Funding Reviews
Roger Campbell is the head of Coral Gables Business Funding.
Roger has charged our client $4,400.00 for a commercial Real Estate loan that was supposed to have closed a month ago. After the fees were paid, there have been a survey and other odds and end services performed. Another company World Business Funding is also involved in this particular loan.
The client did receive a term sheet but no commitment letter. The date of the extension is now passed. This loan was to close over a month ago. In addition, we had a legitimate lender who charged no upfront fees ready to do this loan. The reason we did not choose them is because of the timing. They claimed he would have his money in 4 weeks or less.
For this reason, the client chose to pay the $4,400.00 to avoid having to pay for another extension. This client is purchasing Real Estate of a building they already occupy as tenants and already paid in a substantial amount of money to the landlord. This is now on the 4th month waiting for "one more thing" to e completed.
Now that the deadline is on the last day, we supposedly have a lender/investor ready to write a check for the $3,000,000 to purchase the property (MAI Appraisal of $5.500.,000). Here is the catch. Now the borrower has to pay an additional $19,000.00 for the investor to fly in from Germany. Last time I looked, it does not cost $19,000 to fly from Germany to Birmingham AL.
There is also a person named Jennifer who is tied to WBL (World Business Lenders). She claims to be working with Roger Campbell at Coral Gates Business Lending but the email has the @wbl listed which we found out is the email for World Business Lending.
This is a classic scam for commercial lending. I have been involved in commercial lending for a long time Wachovia (now Wells Fargo) and others. We only get paid upon success of a loan or contracted work that is known in advance (such as grant writing or business plan writing). Please avoid these two companies when borrowing money as this is dishonest and hurts others in the industry.