Seren Funding is a ripoff

Milton, Ontario 1 comment
Not resolved

I was in dire need of some capital and I recieved an unsolicited fax.I should have known better but I called them.

They told me that they were licensed in Florida but when I called the Florida Dept of Bank and Finance it wasn't true at all. The guy on the phone was slick and asked me for a deposit to cover an application fee as well as my appraisal. I told him that it was illegal in Florida to ask for an application fee and he said they had special permission under the Obama and AFL-CIO refinance act.

These guys are crooks and they are being investigated for fraud in several states including NY and Ca.Run the other way.

Review about: Seren Funding Loans.

Comments

Anonymous
#449621

Rich,

I am not affiliated with Seren Funding but I am familiar with a Seren Funding based in Long Beach NY.

Commercial mortgage brokers are an unregulated sector in finance. That means the State Banking Dept does not regulate (oversee) commercial brokers, but the commercial broker does in fact have to adhere to the Dept of State regulations. Now if your application was in fact for a commercial loan, it is common practice for a commercial mortgage broker to collect the appraisal/application fee upfront. This initial check is usually written directly to the attention of the bank/financial institution the loan is being arranged through unless the type of loan you applied for required private equity in which case the broker would then be ordering the appraisal themself.

Based on your opening sentance, (being in dire need of some capital) leads me to believe one of two things... the property/business you needed financing on was not desirable for a traditional commercial lender, or the business/yourself did not qualify for a standard commercial loan. In either case, its a small industry and from the limited knowledge I have of Seren Funding they are a legitimate broker and certainly not profiting off of application/appraisal fees when those are generally third party fees.

Best of luck with your business.

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