Complaint Review: Randy Hefner of Finance WorX LLC - Apex North Carolina

I responded to an ad on Facebook that Finance WorX had by Randy Hefner. It said they could finance up to 100% for real estate investment loans. I replied to the ad. I was contacted by Randy Hefner. I shared what I needed for two investment properties. Randy emailed me their loan terms which contained no reference to a downpayment.  I filled out two loan applications one for each investment properties. Randy contacted me and shared what payments would be for each loan, then he said they could combine them, but I would need to pay a loan processing fee for the two. I agreed.

Randy said he would email me wiring instructions to wire the funds. For the first loan, I was and did wire $4750 to Heather L Christensen's account at Bank of America in New York. Then, I wired $3250 to Heather to cover the loan processing fee for the second loan.  Randy said I was approved for the loan and I would get notice of the loan total to be wired to my business bank account. 

I received the notice of the wire of the loan funds, but with a condition, I had to send a 25% deposit before the loan funds would be released and the deposit would be held in escrow until I paid the loans off. I thought Finance WorX has now pulled a bait and switch. The written loan terms I was sent to me by Randy did not disclose a deposit was required for the loans.  I was quite upset. I firmly expressed my frustration about what happened to Randy. He claimed his attorney said the deposit was needed. After multiple communications of frustration, Randy asked how much I could send for a deposit.  I was out of non-retirement savings after sending the money to cover the loan processing fee.

I found I had an old retirement IRA from a former employer.  I told Randy I found I could get $5000 for a deposit. He did some work and said he could go forward sending me the loan funds if I sent for a deposit of $4942. I said ok. He sent wiring instructions for an account at Wells Fargo that was owned by a different person. He said he needed the money to send this person because Heather became ill. Since Wells Fargo has branches here in Twin Cities Minnesota, I just went to one of the branches and deposited the $4942 directly in the bank account since I did not need to wire it to a local bank.  Finance WorX claimed for about two weeks they could not find the deposit had been made which I thought was a lie.

Eventually, they confirmed they got the deposit. I thought all things were set the loan funds would be wired within the week.   A few days later Randy contacted me and said his attorney said I needed to send more funds for the deposit to get up to about 7%. I have liquidated everything I easily had access to. I said I can't provide any more funds to get the loan. Randy said then let's just cancel the loans then and I agreed. He said they had to draft a loan cancellation document.

In about a week, I got the document and it said they would give me a full refund of all of the money I sent for the loans, but there was a loan cancelation fee of $925 and I would be refunded in 3 business days signed by Randy the CFO of Finance Works. I signed the cancelation contract and wired them the $925 cancelation fee.  Three business days after I signed the cancelation contract and paid the cancelation fee I did not get my refund. I contacted Randy and asked where is my refund. He said they will give the refund in 30 days. What? After several backs and forth emails, I got Randy to see the contract he signed said 3 business days and he said that was an error. You will get your refund in 30 days.

Now, they moved from a bait and switch organization to one that breaches a contract too. I contacted Legal Shield and shared the contract to get their view of it.  They said the attorney listed on the agreement is not registered to practice law in North Carolina.  I did a search on Linkedin and found an attorney with the name on the contract that practices law in UTAH. Is Finance WorX adding Identity Theft to their practices? My Legal Shield attorney confirmed it was a breach of contract and said it would take more than 30 days for a breach of contract lawsuit so I would not get my refund any quicker than waiting for their 30 refund so I did not pursue legal action. May 7 2021 was the 30th business day after me signing the cancelation contract and sending the cancelation fee. Today, May 14, 2021 writing this complaint, I have not gotten the refund. Based on all of this, Finance WorX LLC is not a reputable lender and I want my money back