In Mid February (approximately 3 weeks ago) I received a voice message on my cell phone from a man named Douglas Cooper who claimed to be a loan broker for Newmark Capital Funding. He congratulated me and informed me that I qualified for a $10K loan and asked me to call him back to and he would need to get more information to process the funds. I went ahead and phoned him back the next morning and asked him to send me the loan contract to review the terms and interest rate, etc. I asked him upfront if this was going to require me to pay any "upfront fees" and that I am aware of the numerous scam companies out there...He assured me that I could secure the loan with a co-signer or I could use my home as collateral. I asked him if the equity established on my home would suffice as collateral and he said he would have to speak with the accounts receivable department about it. I reviewed the loan documents (8 pages) and determined that there could be no lien holder on the property and that the equity would not suffice as collateral. Douglas told me that I could still get the funds but that they would require me to send $726.00 via Western Union to Ontario-Canada and it was to be addressed to a person named: Bright Aboagye. The $726.00 was a security deposit that they supposedly would put into a trust fund for 4-6 months and would be refunded as long as payments were made on time. I explained that I was not comfortable with sending the money to a foreign country to a person I did not know and I asked if I could just wire the funds directly from my bank to their bank and asked him to provide me the name of their lending institution and wiring instructions. I already knew I was being scammed but decided to play along to see what would happen. He said he would need to check with his supervisor and get back to me about whether or not this could be done. While I had already anticipated what the answer would be, I went ahead and drafted another email for Douglas. I asked if there was any possibility at all of him getting the interest rate lowered and if they could make an exception for me to reduce the $726.00 to $500.00...To my surprise he said Yes to lowering the collateral payment but that I would only have 24 hours to wire the funds via Western Union and that I couldn't use my bank to wire the funds. He told me that my loan would be canceled if I made any more requests or delayed the loan any longer and that my loan would be allocated to someone else. I pretended to be thankful and told him I appreciated his patience and that he was able to get the interest rate and collateral amount reduced for me and that I planned on wiring the funds on Friday morning.
Instead I emailed the BBB in New York and submitted a complaint on RipoffReports.com and hope to expose these people for the scum bags they are. Their previous lending company name was Westmont Capital Funding, LLC. Same scam different name. They are not a legitimate business and have no license on file in the New Jersey or New York area. The website has only been registered since January 2015 to a Cayman company and is only paid for one year. Newmark Capital Funding, LLC advertises on Manta and their own website. The company claims to have over 50,000 clients nationwide and revenue of over 5million. On the website "about us" page they state they have been in business since 1998. I researched every aspect of their website to see if they made a mistake somewhere...If you look in the paragraph which speaks about David Graham being the founder and CEO of Newmark Capital Funding...The next sentence mentions Westmont Capital Funding NOT Newmark! Please help to take down their website and stop them from preying on innocent people looking for a small consolidation loan to pay off some bills. I am glad I did not fall for the scam but I must say the paperwork and their website looks very professional and legitimate.
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16 W 32nd St Suite 1100