I had an ad listing on Craig's list looking for someone to help me with a business opportunity. I was looking for an Angel Investor. About two days later I recieved an email from G. Davis at "Preferred Global Funding" located in Fort Worth Texas. She had an impressive response leading me to believe it was a "real" offer. She sent me a detailed questionaire asking for a brief description of what the funds would be used for. She never asked for a business plan or my social security number. After one email response back she replyed with an email saying the following which is a direct copy and paste.
Good morning XXXX,
Thank you for your funding request. Our network is interested in the funding request for your project. Please advise a preferred time and contact number to contact you today. (12/31/08) Please advise your time zone along with the following information. (We do not go off credit, we go off viability of the project)
Name of contact person
Name of the Business
Total Amount requesting
Do you prefer debt, equity, combination of both, or unsure at this time
Full Contact Address
Best Contact Phone Number
Any credit issues (ie bankruptcies, foreclosures, slow pays, etc)
Approximate FICO
Any assets, etc to secure as collateral (if needed)
Please attach your Executive Summary (if available) (if not, just email a brief synopsis of the funding need.
Please find attached information regarding the network.
I look forward to hearing from you.
Sincerely,
G. Davis
Preferred Global Funding
800-518-2612
I replied back with a brief description on my business idea with only small details.
Next is another email after I briefly answered her above questions.
Good morning XXXX,
I apologize for the delay. End of year has made for a hectic time around here. I have been playing a lot of phone tag.
Please advise a preferred CENTRAL time to be contacted today and I will call you at that time.
I look forward to speaking with you.
G. Davis
Preferred Global Funding
800-518-2612
After that email she made an arrangement to talk on the phone. She called me and we again VERY BRIEFLY discussed the details, asking me how much money I needed and I answered with $500,000.
On the 7th I recieved this email.
Good afternoon XXXX,
Thank you for allowing us to review your business information. I am pleased to inform you that the group is interested in moving forward with your project and I am attaching our standard agreement letter for your review and approval.
To begin the funding process, please fax the Business Agreement back to 800-518-2612 or to 817-294-8295, to my attention. Please be advised that the funding process will begin IMMEDIATELY upon receipt of the Funding Agreement refundable processing fee. Please advise in a timely manner of how you wish to proceed.
Also, please find attached some information regarding the network.
Congratulations! I look forward to doing business with you.
Sincerely,
G. Davis
Preferred Global Funding
800-518-2612
I was very excited about being "approved!" I wasn't however excited about sending a $2,500 fee before the process would start. So I began to question things, and I asked her for a list of people that had did business with, and where her physical business was located, I also discovered while searching the internet that I "couldn't find" anything about her business either good or bad. She wasn't listed with the Better Busness Bureau, and I did a google search and found all kinds of business names that were "similar." She was like a ghost. So I emailed her to call me and I discussed my concerns. She replied back with this email.
Good morning XXXX,
Thank you for the quick reply. I am at a meeting out of the office today. I will be back in this afternoon around 6 CST.
I can call you then, if you like. Please feel free to email any questions, that you have also if you can't wait until then. I will be checking the emails during breaks.
Please find attached some information regarding the company.
Also, please be advised that the investors are Private Angel Investors. They do not offer a Funding Agreement unless they plan on funding the project. However, to make the client feel more comfortable we do offer a refundable Funding Agreement so that if for some reason you are not funded then you get your fee back. However, you are 99.9 percent guaranteed.
I hope this helps. Also, please be advised the funding process will begin immediately upon receipt of the Agreement and fee. Furthermore, NOT finding information on the internet is a good thing. These days, people will slander your name just out of spite on the internet, if they declined or you blink wrong. So, I am happy to hear we are not on the internet because since we receive over 100 requests a day, we decline ALOT of clients-which does not make them happy.
I look forward to doing business with you.
Sincerely,
G. Davis
Preferred Global Funding
800-518-2612
I told her about my concerns about the "upfront" fee. I suggested we set up an escrow account, and that I was willing to do that. She said NO, her company doesn't do business that way. I said, well fine, let me get my attorney to handle the transaction then? She said NO her company only will do business this way. I have to send the money up front. She said, NOT to worry as the fee is 100% refundable! I said I understand that, but I am not feeling good about this, I need to have some reassurance. She was getting frustrated with me and so I decided to check further.
I went on to the Circuit Court of Fort Worth website and found her business listed as "Preferred Global Funding" and owned by "Patton Mona Davis." Her business was listed beginning 09/12/08. I asked her about being in business for only a short time and she responded that she had been doing this for over 12 years, and one of her clients suggested that she put it into a real business name.
I was still uneasy about sending the money upfront. So I called her back and asked if she had a physical address, instead of the PO number. I figured worse case scenario I could get on an airplain and flight out there. So she emailed back this address.
6008 Ridgecrest Way, Fort Worth, Texas 76132
I did a Google search and came up with Ridgecrest Apartments in Fort Worth. So I called the apartment complex to verify it was indeed their address, and they said YES.
So I emailed Ms. Davis and asked her if she lived in the apartments and what was her apartment number? And this is the reply I got from her.
No, that is not correct.
As I said earlier, I think it is best that you go to a bank. I am done. As I said I have lived in Texas for 44 years. I am NOT the one asking for funding. I have been doing this for over 12 years and have never had someone so scared to do business. I understand that you are new to funding. I don't have time to jump through hoops. Therefore, I REALLY think you would be better and more comfortable with a bank. (not to be rude) I just don't think angel funding is a good fit for you.
Again, good luck on your project.
Gale
So now she won't email or anything. I am convinced that if I had sent my $2,500 in, that would have been the last I saw of it!
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