Amercap Funding Group
Complaint 37701 Details

I had been working with a gentleman by the name of Erick Medrano ([email protected] and [email protected]) to secure working capital for my business. Erick and I began working together back in December of 2010 and my deal was approved for $50k in working capital. He was provided all documentation requested (business license, bank statements, personal credit reports, driver license, etc.), in turn I was to sign a LOI and forward $2,500.00. Unfortunately, we ended up losing contact.

At the end of February 2011, I came across an individual by the name of Ron Dennis ([email protected], [email protected]) via Craigslist. Ron and Erick apparently work with each other and Ron put me back in touch with Erick.

Erick sent another LOI (which I will be more than happy to forward), a request for my driver license, a canceled 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) of which were accepted by Amercap Funding:

03/09/2011
BOOK TRANSFER DEBIT A/C: AMERCAP FUNDING GROUP LLC RONAANAHEIM, CA 928073296 REF: SCOTTSDALE TANNING DOC FEES TRN: 0334100068 ES 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 (which I will be more than happy to forward) 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 as of December and also at the end of February.

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 have ALL of those as well) 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 that 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. Ron said they had ALL documentation needed, but somehow when the deal "fell through" he suddenly wasn't kept in the loop on certain items (i.e. Paypal, etc.).

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 they wanted to 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, but the day of!!! I was told at the end of this call that I'd hear 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 phone 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 (but yet on the 23rd he had everything). 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, the same number that is on the letterhead from Ron Dennis (my assumption is that this fax number goes to Ron). In addition, Ron stated that they could now send all the documentation (strange they now have ALL the documentation) to another funding source and would I like to do that or he would return my funds. I told him "yes, but only if he was clear that there would be NO further delays. This was his business and I expected that he knew what he was doing". I called Ron AND Erick back within 30mins and left them both a message that I did not want to go through with the deal and just return my money. My money of which Ron stated during the telephone call (that I have recorded and saved) that I could have back in full or resubmit the deal to this new funding source (during this phone call, Ron NEVER said that resubmitting the deal would require an underwriting fee). I heard nothing back from either of them, until the following day (April 1, 2011 @ 714am) when I received the following email from Ron:

Allena,

Thank you for your email. However, yesterday when we spoke, you requested that we proceed with another funding source, which we did and that source required an underwriting fee to proceed. We will however, process your refund request and provide you with an accounting of our cost and refund to you any difference.

Moreover, we have a refund process and it does not include wiring funds. Our refund process takes 7 to 10 business days.

Best regards,
Ronald Dennis
333 City Boulevard West, 17th Floor
Orange, CA 92807
866.959.7246 Toll Free
714.983.5590 Direct
714.464-4676 Fax
www.amercapfunding.com
www.amleasingllc.com


Ron is now claiming that I was "provided a service with no guarantees.". By the conversations, emails and texts between Ron, Erick and myself I was repeatedly assured of this deal. In fact, per the proposal from AFG it clearly states (I also have a copy):

February 24, 2011

Scottsdale Tanning, Inc.

AFG, LLC is pleased to propose the following finance terms for your consideration. Please review the terms outlined and indicate your understanding and agreement by signing in the space provided below.

Equipment Collateral Various Items
Amount $50,000
Sale Lease Back / Tem 36 Months
Monthly Payment $1,661.76
Documentation Fee $500.00
Origination Fee $2,000.00
Total Due Fee / Deposit $2,500.00

By signing below you are indicating your acceptance of this proposal and commitment to use AFG exclusively for the financing of this transaction. Furthermore, you agree to provide AFG, and /or Lender in good faith, any and all necessary documentation in a timely manner. Should AFG, and/or Lender receive any derogatory information, payments and terms may vary. Upon your receipt of final documentation, you agree to execute and return the same within a commercially reasonable period of time.

An Origination Fee / Deposit of $2,500.00 is required for AFG to submit your transaction for Documentation. This Proposal will be binding upon each Party's successors and assigns, with any such assignment to be approved in writing by the other Party, and is for the benefit of such other Party and its advisors and consultants, which will be governed by and construed in accordance with the laws of the State of California.

The contemplated transaction represents a net equipment lease whereby maintenance, insurance, property taxes, documentation costs and all items of a similar nature are payable by the Lessee. Please overnight a company check to the address above made payable to Amercap Funding Group, LLC which upon approval of funds, will serve along with this signed proposal as your commitment to use AFG, exclusively for the leasing of this equipment. This proposal expires on 3/7/2011. If we do not receive the signed proposal and check for the deposit amount listed above by the expiration date, payments and terms may vary.

We look forward to being of service to you on this transaction and will work closely with you to endure your complete satisfaction.

Sincerely,
Amercap Funding Group, LLC; AGREED TO AND UNDERSTOOD



I have asked Ron to return the $2,500.00 in full (I have all correspondence) and he is stating that he will not, but will return a portion in 7-10 business days. 7-10 business days has clearly passed since Ron's email of April 1, 2011 AND the $2,500.00 was a deposit for services. Services that his company NEVER performed.

I turned Amercap Funding into the BBB, CA AG's office and AZ AG's office after Ron told me "no" on April 1, 2011. At which point Ron wrote to tell me AND also included this response to the BBB, that because I had turned him in he would now not refund ANY portion of the $2,500.00.

Ron & Erick's information is as follows:
Ronald Dennis
333 City Boulevard West, 17th Floor
Orange, CA 92868
310-918-1453 (m)- Ron's mobile number
866-959-7246 (o) - posted on both Amercap Funding & American Medical Leasing websites
714-937-3076 (o) - posted on both Amercap Funding & American Medical Leasing websites
714-464-4676 (f) - posted on both Amercap Funding & American Medical Leasing websites
[email protected]
[email protected]
http://www.amercapfunding.com/
http://www.amleasingllc.com/

Ronald's partner in the scam is a guy named Erick Medrano 818-279-4231.
[email protected]
[email protected]


Because I was dumb enough to transfer the funds directly to Amercap Funding, Chase will not refund the money because I initiated the transfer. Chase, BofA and Wells Fargo are fully aware of this company/individual BUT cannot do anything to him because victims are transferring funds. Lesson....only use a CC....never a check, never transfer funds!!!