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Pioneer Capital Reviews (16)

I am confused by the response made by [redacted] [redacted] *** was sent the closing document and the president of the entity, [redacted] signed and returned the closing agreementThe amount of $1,was sent via FedEx on 12/4/What exactly does the customer not agree to ? What he posts on this forum is not reflective of what the entity he works for is doingWe have the fully executed agreements and Pioneer has performed to that end

Thank you for this noticePioneer has read the complaint and has the following response.Pioneer does not object to the refund as detailed in the agreement.The hold up has been that [redacted] ***'s attorney has been requesting a full refundThe customer wanted a Accounts Receivable revolving line of credit When detailed financial statements were provided the "AR" turned out to not be Accounts Receivable at all but only open jobs listWhile this Open Jobs list did not constitute Accounts Receivable Pioneer was able to potentially get a factoring facility sourced to a local lenderIn addition to this there were also some working capital options available to the customerNon of these debt products were suitable for [redacted] and thus customer wanted to terminated the transaction and get a full refundPioneer will refund the refundable portion of this deal and these documents have been sent to customerIn addition to the refund Pioneer is still willing to help the customer get financing, it just cannot be and AR financing line due to the accounting methods of the customer

?The customer [redacted] ***was initially referred to Pioneer by a 3rd party consultant, [redacted] *** had a customer, [redacted] ***., looking for $150,working capital Pioneer Capital quoted the working capital terms to [redacted] who communicated directly with the customerPioneer Capital received the application, via ***, and the $2,due diligence fee to move forward with the proposalDuring credit due diligence a questionnaire was sent to [redacted] that required the owners to disclose any prior credit history issuesOn all prior conversation [redacted] and represented to Pioneer that the credit of Dive In and its owners was cleanAt this time [redacted] now informed Pioneer that one of the owners had credit issues from the past that would not qualify them for the proposed working capital line of creditAt this time, July Pioneer then advised [redacted] that due to the credit issues it could not perform on the proposed termsPioneer requested that [redacted] advise [redacted] ***of its options which were: 1.) Unwind the deal and receive the $1,refund as stated in the contract 2.) Have Pioneer source an alternative funding option, which would result in a lower working capital line and at a higher rate [redacted] then directed Pioneer Capital to move forward with option 2, the alternative method of fundingPioneer obtained the approval for [redacted] ***and sent the approval to [redacted] who then sent it over to [redacted] ***After several requests for follow up on the approved working capital terms, [redacted] then informed Pioneer that customer had resistance to the pricingAt this time is became clear to Pioneer that [redacted] had not communicated the change in pricing to [redacted] ***It appeared that [redacted] sole interest was the commissions it would get upon the deal getting approved and fundedAt this time Pioneer requested to speak directly to the customer [redacted] *** [redacted] refused this requestAfter several months [redacted] from [redacted] ***left a voicemail saying he was looking for a refundPioneer called [redacted] back and for the 1st time on 11/20/Pioneer was able to communicate directly with the customerOn this call on 11/20/***, from [redacted] ***requested that Pioneer pursue the working capital financingUpon ***’s request to move forward with the financing he was emailed a list of updated items from Pioneer CapitalThen on 11/21/ [redacted] then sent in an email to say he changed his mind and wanted to cancel the financing and proceed with the refundAt this time Pioneer started the unwind process and had the termination documents in legal and to send to Dive In when a Revdex.com complaint was filedPioneer does not have a problem issuing the refund portion to the customerThe customer [redacted] ***needs to understand that there is a process to follow to unwind this dealWithout the agenda of ***’s involvement in this deal and if Pioneer would have been able to communicate directly with the customer form the onset of the financing request this deal would have fundedIn conclusion, while Pioneer believes that this complaint has not stated the facts and that this complaint should be filed against ***, Pioneer will issue a refund of the refundable portion as detailed in the contractLet me know if you have any additional questions Sarah and thank you for your help on this oneSincerely, [redacted] Pioneer Capital

In response to this complaint its important that the dates are correctly statedThe customer has stated in accurate datesCustomer executed an agreement with Pioneer on May 8th, The customer requested lease line for $1MM for new and used Pipe Tooling and Testing equipment There was an initial deposit required of $10,000.00, part of Pioneers fee of which $2,would be refunded to the customer if Pioneer failed to obtain an approvalWhile the initial proposal was for a lease line for $1MM the customer only could provide a summary of equipment for $585, for tools they were purchasingPioneer went through the due diligence package and there were several emails and phone conversations with Dave [redacted] , President of Pica USAInitially these questions were responded to in a timely mannerAs the transaction proceeded to approval, Pioneer requested updated Proforma Financials and updated formal invoices for the initial funding, these are criteria that are non negotiable with our funding investorsAt this time there was no response from the customerAfter a month of no response from the customer, [redacted] Russel responded with internally prepared financial statements and NO updated invoicesAll [redacted] supplied on the invoices was a PDF that listed tools needs for various locations within the USAIt was communicated to [redacted] several times that the deal would not fund without correct updated invoices for the requested equipmentAgain after several attempts to get the invoices no response was received from Pica USA, these requests were made in September On MAY 26TH, [redacted] contacted one of Pioneer's employees requesting a refundAlmost years after customer failed to respond to Pioneers requestsA call was scheduled with [redacted] and Pioneer went over the deal with [redacted] and Pioneer was still be prepared to fund a deal and requested updated financial information from [redacted] This request was made on June 8th, expressing Pioneers interest to get a deal fundedCustomer, instead of supplying the information chose to not respond and filed a complaint with the Revdex.comPioneer is still willing to work on getting a deal completed or terminating the transaction in accordance with the agreed termsThank you

Pioneer Capital, a local company supposedly based in Irvine, CA delivered a Term Sheet to us and we then delivered a payment of $15,to them by wire transfer after we were assured we would be funded in a 2-week time frameWe delivered required information to them BEFORE they issued a term sheet in order to be sure that they were able to give us a very strong indication that they would fund after we sent the funds to themThey gave us every indication that we qualified and that we would be funded in 2-weeksWe felt that they were a credible source of funding after looking at their Term SheetI have attached the Term Sheet and the Application they had us fill out They clearly represented to me and to my advisors that we would be funded within 2-weeksAt days they had not funded and they continue to give us the run around/refuse to communicate days later - and have not refunded our depositIt smells like a potential scam to us and to our bankers/advisorsMr [redacted] * [redacted] is listed as the Company President His email is [redacted] @pcapinc.com What we want is a full refund of our depositWe have requested a refundNow we are being told that this is complicated and we are getting the run around on thisIt’s not complicatedWe have supplied them with our wire instructionsAll they have to do is go to the bank and wire us our deposit backIts simpleWe now believe that they may never have had any intention of fundingWe now further question whether they even have the funds available to make such representations to peopleOur suspicion is that this may be a total con job – generating revenue NOT through successful funding, but rather, taking fee’s from companies like ours and not funding and then not refunding the deposits http://www.pcapinc.com/ They say they are located at: IRVINE CENTER DR IRVINE, CA, (949) 281-

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.We are still waiting on the $1,refund and we have filled out the refund form that Poineer requested from us.
Regards,
J ***

Pioneer Capital, a local company supposedly based in Irvine, CA delivered a Term Sheet to us and we then delivered a payment of $15,000 to them by wire transfer after we were assured we would be funded in a 2-4 week time frame. We delivered required information to them BEFORE they issued a term sheet in order to be sure that they were able to give us a very strong indication that they would fund after we sent the funds to them. They gave us every indication that we qualified and that we would be funded in 2-4 weeks. We felt that they were a credible source of funding after looking at their Term Sheet. I have attached the Term Sheet and the Application they had us fill out.
They clearly represented to me and to my advisors that we would be funded within 2-4 weeks. At 36 days they had not funded and they continue to give us the run around/refuse to communicate 45 days later - and have not refunded our deposit. It smells like a potential scam to us and to our bankers/advisors. Mr. [redacted]. [redacted] is listed as the Company President. His email is [redacted]@pcapinc.com.
What we want is a full refund of our deposit. We have requested a refund. Now we are being told that this is complicated and we are getting the run around on this. It’s not complicated. We have supplied them with our wire instructions. All they have to do is go to the bank and wire us our deposit back. Its simple. We now believe that they may never have had any intention of funding. We now further question whether they even have the funds available to make such representations to people. Our suspicion is that this may be a total con job – generating revenue NOT through successful funding, but rather, taking fee’s from companies like ours and not funding and then not refunding the deposits.
http://www.pcapinc.com/
They say they are located at:
7545 IRVINE CENTER DR
IRVINE, CA, 92618
(949) 281-7416

In response to this complaint its important that the dates are correctly stated. The customer has stated in accurate dates. Customer executed an agreement with Pioneer on May 8th, 2013. The customer requested  lease line for $1MM for new and used Pipe Tooling and Testing equipment.  There...

was an initial deposit required of $10,000.00, part of Pioneers fee of which $2,500.00 would be refunded to the customer if Pioneer failed to obtain an approval. While the initial proposal was for a lease line for $1MM the customer only could provide a summary of equipment for $585, 000 for tools they were purchasing. Pioneer went through the due diligence package and there were several emails and phone conversations with Dave [redacted], President of Pica USA. Initially these questions were responded to in a timely manner. As the transaction proceeded to approval, Pioneer requested updated Proforma Financials and updated formal invoices for the initial funding, these are criteria that are non negotiable with our funding investors.. At this time there was no response from the customer. After a month of no response from the customer, [redacted] Russel responded with internally prepared financial statements and NO updated invoices. All [redacted] supplied on the invoices was a PDF that listed tools needs for various locations within the USA. It was communicated to [redacted] several times that the deal would not fund without correct updated invoices for the requested equipment. Again after several attempts to get the invoices no response was received from Pica USA, these requests were made in September 2013. On MAY 26TH, 2015 [redacted] contacted one of Pioneer's employees requesting a refund. Almost 2 years after customer failed to respond to Pioneers requests. A call was scheduled with [redacted] and Pioneer went over the deal with [redacted] and  Pioneer was still be prepared to fund a deal and requested updated financial information from [redacted]. This request was made on June 8th, 2015  expressing Pioneers interest to get a deal funded. Customer, instead of supplying the information chose to not respond and filed a complaint with the Revdex.com. Pioneer is still willing to work on getting a deal completed or terminating the transaction in accordance with the agreed terms. Thank you.

I am confused by the response made by [redacted]  was sent the closing document and the president of the entity, [redacted] signed and returned the closing  agreement. The amount of $1,500.00 was sent via FedEx on 12/4/2014. What exactly does the customer not agree to ? What he posts on this forum is not reflective of what the entity he works for is doing. We have the fully executed agreements and Pioneer has performed to that end.

?The customer [redacted]. was  initially referred to Pioneer by a 3rd party consultant,...

[redacted] had a customer, [redacted].,  looking for $150,000 working capital. 
Pioneer Capital quoted the working capital terms to [redacted] who communicated directly with the customer. Pioneer Capital received the application, via [redacted],  and the $2,500.00 due diligence fee to move forward with the proposal.
During credit due diligence a questionnaire was sent to [redacted] that required the owners to disclose any prior credit history issues. On all prior conversation [redacted] and represented to Pioneer that the credit of Dive In and its owners was clean.
At this time [redacted] now informed Pioneer that one of the owners had credit issues from the past that would not qualify them for the proposed working capital line of credit. At this time, July 2014 Pioneer then advised [redacted] that due to the credit issues it could not perform on the proposed terms. Pioneer requested that [redacted] advise [redacted]. of its options which were:
1.)    Unwind the deal and receive the $1,500.00 refund as stated in the contract
2.)    Have Pioneer source an alternative funding option, which would result in a lower working capital line and at a higher rate.
[redacted] then directed Pioneer Capital to move forward with option 2, the alternative method of funding. Pioneer obtained the approval for [redacted]. and sent the approval to [redacted] who then sent it over to [redacted]. After several requests for follow up on the approved working capital terms, [redacted] then informed Pioneer that customer had resistance to the pricing. At this time is became clear to Pioneer that [redacted] had not communicated the change in pricing to [redacted]. It appeared that [redacted] sole interest was the commissions it would get upon the deal getting approved and funded. At this time Pioneer requested to speak directly to the customer [redacted] refused this request.
After several months [redacted] from [redacted]. left a voicemail saying he was looking for a refund. Pioneer called [redacted] back and for the 1st time on 11/20/2014 Pioneer was able to communicate directly with the customer. On this call on 11/20/2014 [redacted], from [redacted]. requested that Pioneer pursue the working capital financing. Upon [redacted]’s request to move forward with the financing he was emailed a list of updated items from Pioneer Capital. Then on 11/21/14 [redacted] then sent in an email to say he changed his mind and wanted to cancel the financing and proceed with the refund.
At this time Pioneer started the unwind process and had the termination documents in legal and to send to Dive In when a Revdex.com complaint was filed. Pioneer does not have a problem issuing the refund portion to the customer. The customer [redacted]. needs to understand that there is a process to follow to unwind this deal. Without the agenda of [redacted]’s involvement in this deal and if Pioneer would have been able to communicate directly with the customer form the onset of the financing request this deal would have funded.
In conclusion, while Pioneer believes that this complaint has not stated the facts and that this complaint should be filed against [redacted], Pioneer will issue a refund of the refundable portion as detailed in the contract.
Let me know if you have any additional questions Sarah and thank you for your help on this one.
Sincerely,
 
[redacted]
 
Pioneer Capital

Thank you for this notice. Pioneer has read the complaint and has the following response.Pioneer does not object to the refund as detailed in the agreement.The hold up has been that [redacted]'s attorney has been requesting a full refund. The customer wanted a Accounts Receivable...

revolving line of credit.  When detailed financial statements were provided the "AR" turned out to not be Accounts Receivable at all but only open jobs list. While this Open Jobs list did not constitute Accounts Receivable Pioneer was able to potentially get a factoring facility sourced to a local lender. In addition to this there were also some working capital options available to the customer. Non of these debt products were suitable for [redacted] and thus customer wanted to terminated the transaction and get a full refund. Pioneer will refund the refundable portion of this deal and these documents have been sent to customer. In addition to the refund Pioneer is still willing to help the customer get financing, it just cannot be and AR financing line due to the accounting methods of the customer.

Is anyone taking legal action against Mr. Berry and his companies. He got us for $25,000 and under the contract was to refund half if no financing could be secured. He didn't deliver and after many requests for a refund has failed to pay as promised. Total scam and scam artist.

Review: We paid a "Placement Fee" of $10,000 to Pioneer Capital in 2013. They were to find a lender for us for an equipment purchase.

They have failed to place the loan and we have been forced to find another lender.

We have asked for the Placement Fee back and they have declined to refund it.Desired Settlement: Pioneer Capital should refund our entire deposit as we have received no value from them whatsoever

Business

Response:

In response to this complaint its important that the dates are correctly stated. The customer has stated in accurate dates. Customer executed an agreement with Pioneer on May 8th, 2013. The customer requested lease line for $1MM for new and used Pipe Tooling and Testing equipment. There was an initial deposit required of $10,000.00, part of Pioneers fee of which $2,500.00 would be refunded to the customer if Pioneer failed to obtain an approval. While the initial proposal was for a lease line for $1MM the customer only could provide a summary of equipment for $585, 000 for tools they were purchasing. Pioneer went through the due diligence package and there were several emails and phone conversations with Dave [redacted], President of Pica USA. Initially these questions were responded to in a timely manner. As the transaction proceeded to approval, Pioneer requested updated Proforma Financials and updated formal invoices for the initial funding, these are criteria that are non negotiable with our funding investors.. At this time there was no response from the customer. After a month of no response from the customer, [redacted] Russel responded with internally prepared financial statements and NO updated invoices. All [redacted] supplied on the invoices was a PDF that listed tools needs for various locations within the USA. It was communicated to [redacted] several times that the deal would not fund without correct updated invoices for the requested equipment. Again after several attempts to get the invoices no response was received from Pica USA, these requests were made in September 2013. On MAY 26TH, 2015 [redacted] contacted one of Pioneer's employees requesting a refund. Almost 2 years after customer failed to respond to Pioneers requests. A call was scheduled with [redacted] and Pioneer went over the deal with [redacted] and Pioneer was still be prepared to fund a deal and requested updated financial information from [redacted]. This request was made on June 8th, 2015 expressing Pioneers interest to get a deal funded. Customer, instead of supplying the information chose to not respond and filed a complaint with the Revdex.com. Pioneer is still willing to work on getting a deal completed or terminating the transaction in accordance with the agreed terms. Thank you.

Review: We hired Pioneer Capital to secure a Business loan based on the term they offered to us. They were unable to offer the original loan amount or terms and the upfront $2500.00 initial deposit they requested was to go towards the loan and due diligence fee. In the terms on the agreement it stats if they are unable to honor original terms they will refund deposit minus $1000 due diligence fee. They will not return a phone call or email and we now suspect fraud.Desired Settlement: we in good faith would like to honor the contract and receive back our deposit check minus the $1000.00 due diligence fee.

Business

Response:

?

Review: Pioneer Capital Inc. solicited me for working capital for my business. Once I signed an agreement they stated I had to pay $10k down to get a loan approved. I had second thoughts once I heard that but they assured me I would get approved and it would not be a big deal. I repeatedly asked them if there were a chance I could not get my loan approved would I lose my money. They said they can return a portion of it. This was almost a year ago and still no refund. The owner is very rude and will not return emails.

Here is what their contract states, An Initial Deposit of $10,000.00 is due upon acceptance by the Company of this letter. The Initial Deposit is non-refundable and would be applied to reduce the Securitization Fee upon Pioneer Capital’s subsequent commitment to this financing as substantially proposed herein. The Initial Deposit will be refunded, less reasonable due diligence expenses, not to exceed $7,500.00, if Pioneer fails to deliver a commitment. The Initial Deposit will also be forfeited in the event that Borrower does not supply the diligence items required by Creditor, or should an event occur as described under Rate Adjustment herein.

I have several emails that date back to October 2014 to refund my money. Still nothing.Desired Settlement: I want my money refunded to me like the contract states.

Business

Response:

Thank you for this notice. Pioneer has read the complaint and has the following response.Pioneer does not object to the refund as detailed in the agreement.The hold up has been that [redacted]'s attorney has been requesting a full refund. The customer wanted a Accounts Receivable revolving line of credit. When detailed financial statements were provided the "AR" turned out to not be Accounts Receivable at all but only open jobs list. While this Open Jobs list did not constitute Accounts Receivable Pioneer was able to potentially get a factoring facility sourced to a local lender. In addition to this there were also some working capital options available to the customer. Non of these debt products were suitable for [redacted] and thus customer wanted to terminated the transaction and get a full refund. Pioneer will refund the refundable portion of this deal and these documents have been sent to customer. In addition to the refund Pioneer is still willing to help the customer get financing, it just cannot be and AR financing line due to the accounting methods of the customer.

Pioneer Capital, a local company supposedly based in Irvine, CA delivered a Term Sheet to us and we then delivered a payment of $15,000 to them by wire transfer after we were assured we would be funded in a 2-4 week time frame. We delivered required information to them BEFORE they issued a term sheet in order to be sure that they were able to give us a very strong indication that they would fund after we sent the funds to them. They gave us every indication that we qualified and that we would be funded in 2-4 weeks. We felt that they were a credible source of funding after looking at their Term Sheet. I have attached the Term Sheet and the Application they had us fill out.

They clearly represented to me and to my advisors that we would be funded within 2-4 weeks. At 36 days they had not funded and they continue to give us the run around/refuse to communicate 45 days later - and have not refunded our deposit. It smells like a potential scam to us and to our bankers/advisors. Mr. Quinton P. Berry is listed as the Company President. His email is [email protected].

What we want is a full refund of our deposit. We have requested a refund. Now we are being told that this is complicated and we are getting the run around on this. It’s not complicated. We have supplied them with our wire instructions. All they have to do is go to the bank and wire us our deposit back. Its simple. We now believe that they may never have had any intention of funding. We now further question whether they even have the funds available to make such representations to people. Our suspicion is that this may be a total con job – generating revenue NOT through successful funding, but rather, taking fee’s from companies like ours and not funding and then not refunding the deposits.

http://www.pcapinc.com/

They say they are located at:

7545 IRVINE CENTER DR

IRVINE, CA, 92618

(949) 281-7416

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Description: Leasing Service, Loans - Small Business

Address: 7545 Irvine Cntr Dr #200, Irvine, California, United States, 92618

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www.pcapinc.com

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Shady, yet now dead: once upon a time this website was reported to be associated with Pioneer Capital, but after several inspections we’ve come to the conclusion that this domain is no longer active.



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