In January through New England Investment Network we were contacted by Mr. Gurnee and informed if we paid a $750 fee for LOI Review and Due Dilegence they believed they could get us funding they had a 96% success rate to fund.in February we paid another $1750 for an approved Term Sheet to fund $1m for our company. On April 1st we were given a green light and promised docs within days. After several excusses we received an email stating they had tax issues needed til the end of April. We offered several options reduced funding, phased funding. Then we got a closing date of May 11th but had no docs. We even received an email from him with a guarentee for funding by the end of May which we used to borrow money from family and friends. Finally at the end of May we received all the documents along with a Definitive Agreement and closing date for June 1st. Our attorney prepared everything we signed and sent everything. All that was left was the funds transfer the escrow accounts was set everything. Then a few days later we were informed they were under water on deals and couldn't fund us. We drove to his office in CT and met with him where he said he was working on a warehouse loan and offered us a Letter of Credit. We took this to several banks and one finally informed us his company's financials could not support the Letter of Credit. Several months and several thousands of dollars later ($2500 to HCR and $4000 in attorney fees) we never did receive funding. We asked for our fees we paid him back and he threatened us. I have everything in writing and text messages and can substantiate all of these facts. I have no idea if he has ever successfully been able to secure funding, however, for us it was 9 months and hours upon hours of promises that never came through. We have found an investor and honestly didn't have to pay anyone a penny to find them. Be careful ask for referrences and make sure you know what you are getting in to.
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