CAPITAL SOURCE SITE - THIS IS AN INVESTOR SCAM PRAYING ON SMALL BUSINESSES THAT NEED FUNDING! I was contacted on 10.01.10 by Melissa James of All Business Funding via email. She indicated that she had a private investor for the ($385, 000) funding I was seeking for a restaurant in Jamesville NY. She requested my business summary and informed me that the investors would review it. On 10.04.10 I received an email from Melissa James stating that I had been approved by the investors and Lisa Sanderson of Capital Source would be calling me. At this point I didn’t have much contact with Melissa James.
I completed some paperwork regarding the restaurant for Lisa Sanderson and submitted it. I then received an email and telephone call indicating that I would need to send them $1000.00 for the investor to visit the site. I sent the money and a woman named Monica Paterson from LA came in. She visited the restaurant property and informed me that I needed to borrow more money and purchase the property. She was onsite less than 30 mins. I was told “They want to come and meet with you to establish a working relationship and go over how you prefer to have the debt structured. (debt, equity or a combination of both) and to structure according to what works best for your needs. With all the fraud and scam taking place on the internet, we prefer to meet in person and do things the old fashioned way. This seems to make things more comfortable for all parties involved.Upon receipt from you of the Agreement and fee, we will schedule the meeting. They prefer to come within the next two weeks, if possible with your schedule. The fee covers the expense of time and travel. This is not a income, it covers time/travel to come and meet with you to establish working relationship and go over your funding packet.”
Monica Patterson never discussed any of this and she barely looked at the restaurant. I was informed that the site was approved and I received a “closing” document – Funny – I was the only one that signed it. Capital Source representatives did not. Lisa Sanderson hounded me for more money ($4500) – and I paid it. She informed me that this money was to run reports for due diligence required for closing. After they received this money – they stopped accepting my telephone calls and rarely responded to my emails. I demanded my money back and haven’t gotten any response. This company is a dba of Dominique Patton of Fort Worth TX. Monica Patterson was from LA California. Lisa Sanderson is from Fort Worth TX and Melissa James is from TX.
Do not rust investor companies that you have to pay money upfront to received funding for your business!