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Prospexx Integrated Capital & Barrett Capital Exchange, Fort Erie, Ontario Complaints & Reviews - Upfront Fees and no completion

Prospexx Integrated Capital & Barrett Capital Exchange Contacts & Informations

Prospexx Integrated Capital & Barrett Capital Exchange

Posted:    Sandy Douglas

Upfront Fees and no completion

Complaint Rating:  100 % with 1 votes
Contact information:
Prospexx Integrated Capital
150 Battery Street
Fort Erie, Ontario
Canada
Phone: 716 989-0140
prospexx.com
Complain again and again as Prospexx Integrated Capital and Tom Mckenzie keep doing it.
They take fees off clients saying they will fund a project and do not fund anything but their continued bad practices.
Do not pay them
Comments Canada Loans
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 3rd of Nov, 2009 by   ...... 0 Votes
Clients agreed, with the process shown below. Clients signed the paperwork of the process shown below. Clients now have lost their memories, we did what we promised to do.
The client either comes directly or the project is brought by a broker to our offices. The project is then discussed to establish if it warrants going further by putting a conference call together. During the conference call the information gathered comes from the client offering a full and clear presentation in their words and not from a business plan. At the end of this conversation we ask for a day or two to look into the industry and possibly a bit of client background, and after if there was interest in taking the project on based on the possibility that there was potential funding available the client is advised of this and advised of our desire to take the project on and the process would began.
Now the engagement process takes place. All documents are issued, including a letter of understanding, letter of engagement invoice for the due diligence fee copy of the refund policy and cover letter. The payment of the due diligence fee is requested and we begin. Once the signed letter of engagement, signed letter of understanding and the due diligence fee has been paid then it is at this point that a file is opened and additional information is requested including personal financial statements, business plans, executive summaries, financial statements, proforma forecasts, architectural drawings, photographs, and any pertinent business related information.
Prospexx Integrated Capital (PIC) Studies the information provided, any information not understood or missing, questions are compiled, discrepancies are noted, and the project is then passed along to the due diligence department. The due diligence department has a two part job to do. Full background investigations are performed on principles, criminal background, civil actions and suits pending, settled or that has been registered with the courts and financial checks that may have an impact on the project as personal background checks.
The education and employment histories are verified. When any questions come up regarding any of the above points, either yourself direct or your broker or agent is contacted and is expected to discuss these matters with you. Then all of the new or corrected information is entered into the due diligence report.
It is at this time the other members of the team see the project. Primarily that is those able to study the spreadsheets and pro-forma’s to analysis the project and will provide their opinion about whether the project will perform as per the statements made in the business plan or executive summery. It is at this time that we often see extremely exaggerated points and inaccurate information and we begin to get the feeling for the integrity of the client. If they will provide inaccurate information to try to obtain the money we don’t question that we will be provided with inaccurate information when a loan has been put into place. It is made note of if we feel if the client has misrepresented anything.
The second part of the due diligence work is the preparation of reports for our inside and outside investors. The major report is called the SWOT report referring to Strengths, Weakness, and Opportunities Threats. It may, or may not be complimentary to your business, but it is compiled from supplied information, information mainly supplied by you the client, and industry information. The SWOT Report is prepared by business experts, sub contracted by Prospexx Integrated Capital to guarantee impartiality. All of the information gathered is put into an understandable format, to be presented to the investors. That format is complete when all aspects of the project have been thoroughly checked.
At this point if we feel it is important enough to bring the client in to discuss the results of the due diligence investigation and/ or to discuss any serious points in the SWOT Report, this is done. If there are any serious discrepancies at this time they are discussed with the client.
The SWOT and due diligence information is considered to be very confidential and is not provided to anybody for an argument. The SWOT report is viewed by investors only after confidentiality agreements are signed and due diligence information is complete.
All information we feel the lenders and investors should be provided with is put in place at this time. Obviously there are specific types of projects that will be looked at by investors, and there are other investors that do not work on that type of project. The most likely investors for your project will see the information first.
We then have ongoing discussions with the lenders and investors of which I am one and decide where the project will go from here. The process takes place weekly and used to take 6-8 weeks. But in today’s economic time the reality can be 6 months or more of working with investors to get to the point of a decision. In many cases we decide to take the project to our small group of outside investors if we are having a difficult time making a decision. That in itself adds more time.
When a lender/investor/group has made a decision that a project is potentially able to be funded the terms the lender would like to see in the project are provided to the client for review. If those terms are acceptable they are returned to the investor unmodified. If there is anything the client wishes to negotiate then it is done at this time. Then the contract and verification of all proceeds being available is put together. Because most projects have more than one investor it is a negotiated issue amongst the investors associated with the project for how much money.
When a contract is provided it means all monies have been put into one holding account usually belonging to one investor. The final contract is signed and funds are dispersed.
When a positive decision to fund has been made by Prospexx Integrated Capital we will indicate to you the terms at which we wish to move forward. Sometimes this may not be what was original discussed or what is expected by the client. At this point the terms can be negotiated. Following this will be a contract and administrative terms. No project is considered funded until contracts are signed.
The degree of risk of a project is what determines its likelihood of funding. Risk is not fixed. Risk is based on may variables such as the market the project is in, the financial position of the client. An example of changing risk is projects in the real estate industry brought to pic e8 months previously. They may have looked very good and low risk at the time but because of the economy they now are very high risk projects and likely not to be funded by anyone. We may have looked at these projects in appositive light but the times have changed affecting the risk. Lenders who were enthused originally lose that enthusiasm when they see the market beginning to come apart.
If a project is declined during the time the investors are negotiating and producing the contract, because of the degree of risk, or if the project loses the level of interest that is necessary for it, then we ask the client to allow us to take the project “to the street”. That means we can place your projects in front of very large number of legitimate lenders and investors. Their interest in a project will be immediately made aware to you, because the investor or our firm will contact you directly. The outside investor will notify Prospexx Integrated Capital of their interest. That in itself helps as we may be interested in partial funding, but not the whole thing. Also this guarantees that the brokers are protected because we will know what investor is working with you, to fund your project.
With some of our most recent projects, we have kept them open longer that we should have. This is mainly to try and fund projects that are being discounted because of the current economic times. Some projects not being funded are not the fault of the quality of the project, nor the fault of Prospexx Integrated Capital, but are the results of these current economic times. It appears in some ways that things are turning around, and some projects that were scheduled to be declined, may just have been given a second wind. We can discuss that with you to see what we might be able to do. Our job is to do our best to fund.
Something that has come about recently is the clients have been asking for the due diligence fee to be returned to them. This is not our usual protocol.. We offer a legitimate service. We have a refund policy and we will gladly honour that policy. When a project is not funded, it certainly is not because of something our firm did or did not do. We have gone to the limit of what we are capable of, to fund your project. If we are wrong and you do obtain funding in the same manner as your project was brought to us, we will gladly honour our guarantee posted here. http://www.prospexx-i-c.com/Refund.html on our website.
We are very thorough. If your project is not funded through the work of Prospexx Integrated Capital, we will do everything possible to assist you in any other opportunity available to fund. You must remember, we do not work in a fee for funding scheme. We do not make any promises. The project itself and the quality of the presentation are there in every case. If not funded, it is not the presentation nor the lack of understanding from our investors that are the reason for the lack of success. That is why our refund policy stands strong.
We hope this information has been helpful to you. If you have a project that has not been taken to our outside investors, regardless of when the project was first brought to us, your project will be presented to every one of the hundreds of outside investors that we have compiled if you just ask. Our aim is to fund every project we take in, unfortunately that cannot be done, but anything we can do to see your project funded will be done. We wish we could fund every project, but that is not possible. We have and will continue to deal with all reasonable requests.
Tom McKenzie


1. I am aware that Prospexx Integrated Capital will provide a best efforts attempt to provide the funding required.

2. I authorize Prospexx Integrated Capital to do all necessary credit and background investigations involved in their due diligence work.

3. I am aware that I am working directly with lenders and investors capable of securing the funding I am requesting.

4. I am aware that no term sheets, interest amounts, principal amounts, and time frames can be contracted until the due diligence procedure has been completed.

5. I am aware that the procedure of securing financing can take up to six (6) weeks before funding is provided.

6. I agree that any fees paid to the above company, is for the work that is being done to make potential capital available. I know that due diligence fees are to be considered to have been earned at the time of payment.

7. I agree that Prospexx Integrated Capital offers no guarantees of funding and shall be held harmless, should financing not be able to be provided by Prospexx Integrated Capital .

8. I am aware that Prospexx Integrated Capital offers no refunds of any fees paid except as stated in the refund policy (copy on website www.barrettcapital.ca). All fees are considered earned at the time of payment.

9. I am aware that my funding request will be brought to Prospexx Integrated Capital inside investors, and to the outside investors directly associated with Prospexx Integrated Capital.

10. I am aware that this loan and/or equity investment request is made by my commercial company or organization. I understand that Prospexx Integrated Capital does not lend or provide capital to private individuals. Corporate transactions only.

11. I understand that Prospexx Integrated Capital will, under no circumstances, operate as a mortgage broker.

12. I understand that Prospexx Integrated Capital does not operate a loan for fee type of scheme. The amount of the fees paid by the client or their broker is for the initial and ongoing work by Prospexx Integrated Capital and the size of these fees has no bearing on the success of the funding project.
I have read, understand and agree to abide by all twelve (12) points in this Letter of Understanding dated this day of, 2008.
Signed:


Please Print Name Below:


Please print this page and complete signature and dates. Return by fax, email or courier service.
 6th of Nov, 2009 by   WIT 0 Votes
Great Speech Tom, but you know that this is all smoke and mirrors to hide the truth. Changing the way you operate your Company and setting up new Websites does not put the past right.
The fact is you were offering funds you did not have 100% Control over and taking Fees on the understanding that Prospexx was the Primary Lender, not a Broker as you are suggesting is now the case.
The Funds you claim to have available, obviously dried up due to the economic climate because you never had them in the first place, they were controlled by Equity Investors who simply withdrew their support - so now Prospexx is going "cap in hand" to anyone you can find, trying find money not only to fund the Projects you promised to fund, but also to get Prospexx out of a very deep hole...
Any honourable company would simply return Fees under such a change in their circumstances and if Prospexx is now a Broker then doubly so...
I have recently sent you a letter in which I stated I had secured funding from a Private source - conveniently for you - you did not respond to this and have not offered any refund of my Fees, as per your highly promoted "Refund Policy" - you should be ashamed of yourself as you do yourself or the Industry an incredible disservice.
 11th of Jan, 2010 by   WaitingFor?? 0 Votes
Take action and do something : http://www.recol.ca/
Canadian Fraud investigation division

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