More licensees blast loan firm
Two more licensees have contacted the Morning Advertiser about the service provided by loan facilitator Funds4Business.
Shaun Wright, who runs the Fountain Inn in Horsham, and Jonathan Wood at the Britannia in Margate, Kent, both claim they paid the firm for a business evaluation they never received.
Wright and Wood claim they are owed almost £2,000 each.
Wright said he paid close to £2,000 in November to help him raise £200,000 to buy the lease on a hotel in Haverhill, Suffolk. When you try to ring all you get is a call centreShaun Wright, Fountain Inn, Horsham
Arrangement feeHe paid the company a £200 arrangement fee on 16 November and £1,733.50 for a survey on 23 November.
"Funds4Business said it will take two weeks to return the survey money to me.
Two months down the line I still haven't heard from them. When you try to ring all you get is a call centre.
I must have rung 40 or 50 times," Wright said.
SettlementHe was offered £1,351.25p as a settlement but said:
"I'm not satisfied. That will mean I gave them £600 for doing nothing."
Wood decided against an evaluation after the firm told him he couldn't have a loan.
"They said I couldn't have a loan if I was a tied house so I asked for my evaluation money back as there was no point having it done. This was last November but I haven't had it."
Have you had any dealings with Funds4Business? Good or bad, email us by clicking this linkYour Comments:Simon Trenter via email
"I wanted to borrow £45,000 so that I could buy out my partner.
"I asked Funds4Business in August 2005 and they said as long as my property was worth more than £50,000.
"I paid the £250 start up fee and another £1500 for a business evaluation from Pinders.
"I didn't hear anything for months and they wouldn't return my calls.
"Finally - about 6 months later - I got a call saying I couldn't have a loan because I was a tied house.
"They never mentioned this in the first place so I've paid £1750 for nothing."
The Morning Advertiser advises any licensee thinking of taking out a loan to read paper-work carefully and contact the National Association of Commercial Finance Brokers for advice on choosing a company.
