Twenty Four Seven Funding LLC – Will not refund retainer fee

I told you from the very beginning the deal would not cash flow. Why would I send you something I knew will not cash flow? That’s why I didn’t send any financial information to begin with. We even talked about why this was turned down by other lenders. I just want my clients money back because based on your debt service coverage comments, you know the deal was not going to cash flow from the beginning. You said you could look at it based on the equipment. Basically you turned down a deal you knew you were going to turn down from the very beginning.

All I’m asking is you return the money for the retainer If you were going to require a 1.25 DSC ratio, you knew that was not going to happen before I sent you anything. This is basically stealing my clients money because there was 0% chance this deal was going to satisfy the DSC ratio. I asked for $50k based on the value of the equipment being $500k. You thought that could happen and that’s why I sent you the information on the equipment. (See your own email).