12Five Capital Reviews (%countItem)
12Five Capital Rating
Address: 8 w. Burlington Ave Suite 301, La Grange, Illinois, United States, 60525
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We utilized 12five capital and factored over a $956,189.43 dollars with this company, we originally sold off by another factoring company to this one 12five capital provided a very bias contract that only protected them and did not help the other party. it was very long in which didn't allow you to fully understand anything that it said. We factored Hundreds of thousands of dollars with them and to grow our company we took out a line of credit. As soon as I took out this line of credit and paid off other credit lines off and allow us to move forward I took a major medical leave and left my husband and regional manager in charge and notified 12five that I was going to be out on medical leave. A couple of days later 12five started contacting me demanding bank statements because they said a lien or collateral was placed on them in which the loan we took out stated no collateral was taken out on 12five capital and 12five capital was still the first lien holder on our collateral. We were notified by 12five capital that they were not going to factor anymore invoices and would not release any more funds to allow us to pay the current carriers that conducted our jobs and furthermore 12five capital contacted our customer notifying them that all transactions should be issued to them and not us. So far going on 90 days no money has been released to us that is owed to us by our customer and now we are having liens being placed on our bonds because of this matter. Also Alison and everyone at 12five that we dealt with including the CEO was very rude and disrespectful and made legal threats demanding we pay them off. Now sitting 90 days out with no payments received from our customers and no knowledge of whether they were paid off and 12five prohibiting us from getting another factoring company to continue conducting business we are almost at being broke because of their actions. Lastly this company has changed its rates on us numerous times due to several reasons and says they can do that, I would recommend that everyone stay far away from this company and not do business with them otherwise they may do you just like they have done us "Ran a successful business into the ground."
Hello Revdex.com readers. For the benefit of everyone reading, I think it best that I share the facts of the situation. To start the conversation, Nolan *** started out as a good client. Over time though, they continued to make poor choices culminating with fraudulently taking a loan, which is explicitly against the terms of our agreement. Here is a list of the reasons why we had to put Nolan *** Trucking into default. Our goal and mission is to Cultivate The Passion Of Our Clients, so we take it very seriously when we are forced to put our client in default for violating their end of the agreement. It is the last thing we want to do.
Reasons for placing Nolan *** Trucking in default:
1. On Jan 23rd, we were alerted to a UCC filing on Nolan *** Trucking. We called Jessica to discuss and she stated that she applied for a $150k merchant cash advance loan, but stated that they did not sign the agreement or take it out. We discussed the implications if they ended up taking it out and provided other solutions for them.
2. A second call was scheduled with Nolan *** to discuss their account and see how we could help. We requested financial documents and they were never sent. On this occasion again, Jessica Jimenez stated that she did not sign or take out a merchant cash advance loan.
3. In terms of the “medical leave”, we were notified of this and were willing to work with them. That said, she continued to email us and only discussed the medical leave when things started to get serious with this default.
4. Her husband and partner in the business, Robert Foran, then began sending combative emails. We still had not received the requested documents and he kept saying that we were “holding” money from them”. We were only needing the requested documents to prove that they had not taken out an additional loan.
5. It turns out that they DID take out not only one merchant cash advance loan, but two! They falsified their statements to us and admitted that they were in the wrong and took out the loan. We have this conversation recorded. She stated she wanted to work things out. She also stated how great of a partner we have been, which is contrary to her comments above. Again, this conversation has been recorded. We decided we would help fund them, while we worked out a forbearance agreement.
6. We issued the forbearance agreement and they said they needed to review. However, they continued to stall and not get back to us with their thoughts.
7. MOST IMPORTANT - FRAUDULENT ACTIVITY: I only put that in caps so that people skimming can read this part. During our review, we began making calls and learned that they were calling their customers to tell them not to pay us. This violates our agreement and the Uniform Commercial Code. We had sent Notice’s of Assignment to each of their customers, which directed where all payments should be made. They were now trying to subvert this process, which is fraud.
8. When we finally received bank statements we had requested from the client, it showed that they received two payments from their customers that should have come direct to us. They never told us or forwarded on those payments. This is called conversion of funds and is fraudulent. We also saw on the bank statements that they took out these loans, as well as used our money to fund a lifestyle, based on the items they purchased. They kept saying how tight they were for payroll, but when you look at the business bank statements, you can see that they used all the money to fund their personal lives, instead of the business.
9. We have also found out that their workers and carriers have not been paid by them. They received over $400k into their account, per their bank statement. Instead of paying their people, they decided to spend it on themselves and luxury items.
10. We are not holding any of their money, as we have not received any since the default. They are free to find financing elsewhere as long as we are paid off. They still have access to all of their accounts with us. There is nothing to hide from our end.
Thank you for reading our long explanation. We felt it best just to list the facts and let others make judgments. We love our clients and do our best to help them take their businesses to the next level. That said, we also need our clients to hold up their end of the agreement, which didn’t happen here.