This is an archive of a consumer complaint published against Abler Finance at Scamity.com on 28-Aug-14.
Business Details –
- Name: Abler Finance
- Address: 440 west 33rd st
- City: New York
- State: Chile
- Country: United States
- Website: www.ablerfinance.com
Original Complaint against Abler Finance published at Scamity.com on 28-Aug-14 says, verbatim –
We engaged Abler Finance Jan. 9, 2014. We initially enlisted their help to procure financing for for approximately $15MM deal. We were given a pricing and fee structure, an avg.for rates and a Non-Compete/Non Disclosure form along with a Project in-take document. We provided full details of our project to include: an executive summary, 5 year synposis, a one page prospectus and renederings for the real estate. At this point, I was told our loan request would be processed. | On Jan, 17, 2014 I was asked if I would consider a joint a venture partner woud be seeking 25%-30% ownership stake in our project. I agreed to entertain any and all offers. We didn’t hear from Abler Finance until Jan. 27, 2014 as we inquired about the status of our deal. After answering questions sent from said potential JV PartnerWe again waited. On Feb 19, 2014 we learned that there was indeed a prospective JV partner interested in our deal and that could supply the funds needed. | After many cancellations and postponements we were finally able to speak Ranil Fernandez via Abler Finance on March 03, 2014. During this call I was informed that the JV Partner Mr. Fernandez had a deal in place with a lender that would fully fund his project. His project was substantial, but he would indeed have enough money left over to fund my deal. Not only would he fund my deal, but do so as a non-recourse venture. Meaning, I was under no obligation to pay back the monies. All that was required of me was to place $105,000 with the lender in an escrow account. I would first be required to place $10,000 into escrow and then I would be able to know who the lender was, recieve the escrow instructions and basically get the terms of the deal. To begin this process, I was required to show I actually had the funds on hand, all $105,000. | After negotiating what the deal would look like, I was reassured over and over that Mr. Nav Shipra had done business with this particular lender many times and had never encountered any trouble what-so-ever. He explicity told me that he had a working relationship with the lender and they shared an extensive history. Mr. Shpra told me he could not give me a previous version of an escrow agreement from a prior deal because that was not allowed by this lender and he did not and could not get permission from either a former client or the lender for my attorney to review. At this point, I knew that the entire deal rested on my ability to trust Mr. Shipra and any and all diligence I could gather. | We did submist the proof of funds and other required documents so that we could continue with the deal. It was at this point that we were presented with the name of the escrow attorney, James Scalisi of Univer Law and the name of the Funding Group, JS Funds. Our major concern of course was the security of our funds and we requested an insurance policy for our funds. Mr. Scalisi was admant in saying that our funds were safe and could be returned to us at any time. We then placed $10,000 into the escrow account. Still not being convinced of what were about to do, we had approximately 10 days to deposit the other $95,000 or risk losing the intial $10,000. I was then put into contact with a Mr. Paul Estolloso of JS Funds. Havig many questions, I asked several of Mr. Estolloso that revealed some very telling details that were unbeknowst to us until this moment. First, the entire deal could be made up of non-recourse funds. This means that the entire loan sum for the JV was non-recourse, not just our $16MM portion. | I immediately questioned Mr. Shipra about this new revolution and feigned shock at the insitence that entire deal was non-recourse. This was telling for me in two ways; either he knew this from the start and was pulling a side, shady deal or he had no clue that the entire loan could be non-recourse because he had never closed a deal with JS Funds as he so vehemently stated numerous times prior. Either way, there was no way in which I felt I could trust Mr. Shipra explicitly. Nor was there any way I would be willing to take all the risk, with my $105,000 in escrow and simply hand over $52MM to Mr. Fernandez. The deal as construed no longer made any sense at all. I tried re-negotiating a more fair deal with Mr. Shipra on Behalf of Mr. Fernandez and all they were willing to offer me was more of the money I was paying for in the first place. | On May13, 2014, I informed Mr. Shipra we could not move forward, he informed me that the JV partner had found another party and was ready to move on as well. In this same correspondence Mr. Shipra stated the due to my “non-performance” that JS Funds would no longer consider funding my deal. I took exception to this, because we had every intent to follow thru on a fair deal and where we ended as opposed to where we started with Mr. Fernandez was a complete 180. | I believed that Mr. Shipra’s misrepresentation and incompotence led to the failure of this deal, not our unwillingness or inability to perform. My lawyer agreed and deemed due to negligence and malfeasance, any and all contracts with Mr. Shipra were indeed null and void. At this time I did contact JS Funds and told them that I thought my deal with me was tainted from the start and that is when I learned that Mr. Fernandez, not Mr. Shipra was actually the party with the relationship with JS Funds. By now it was pretty clear that Mr. Shipra had misrepresented hmself completely and his relationship with all parties. Mr. Shipra then contacted me, as I attempted to salvage a deal with JS Funds. He told me that he begged on my behalf for JS funds to reconsider my project, which I knew was not true because I was speaking directly with them. | Ultimately, I believe both parties were in contact with myself and each other and correspondence and information was shared between the three of us and in no way do I feel a deal can be consummated. I have been told that my funds will be returned, but as of June 4, 2014 I have not been fully refunded. I do plan to update this posting in a few days and heopefully by then this will be concluded.