BEWARE SCAM by Michael Altman of Sunrise Business Capital Funding
Watch out! Michael Altman pulled off an Advance-Fee Loan Scam (also known as a Guaranteed Approval Loan Scam) with us.
How the Scam Works:
1. The Bait. You're offered a large low-interest loan.
2. The Hook. You must first commit to a small loan with sky-high fees (of which the scammer gets a cut).
3. The Trap. Once the scammer gets his fee he ghosts the victim not returning calls or messages.
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Call Transcript on December 8, 2025 between the victim and Michael Altman at Sunrise Funding.
Listen to Recording
Michael Altman: Hey I'm good, how are you?
Victim: Good. Thank you very much. Hopefully things at Sunrise are going well?
Michael Altman: Yeah, just another busy Monday, well not Monday morning. Day's almost over. Wow.
Victim: Yeah, it goes fast. It goes fast.
Michael Altman: Okay, so I wanted to touch base this morning so we can get things wrapped up possibly.
Victim: Okay. So obviously I've got that document, and I'm not sure if you got my messages. Can you explain exactly, one more time, I'm a little bit slow on how that credit line works and if we've got, good payments, what are the odds of that getting approved, all of that stuff, and what are the rates and things of that nature, just so I kind of got it in my mind.
Michael Altman: Well, everything was already approved. So it's not like in a few weeks I'm going to come to you and say hey you know we can't do anything or hit you with any surprises. Basically what we're doing is we're establishing a trade line and building business credit. That way we can go ahead and release the line of credit. I have to pull up the exact amount, I believe it was $250K if I'm not mistaken. I would just have to pull that up to confirm. Prime rate of 8% over 120 months.
Victim: Okay, that sounds like a very fair deal no question about it. So let's say we're making our weekly payments, and let's say it goes into January or whatever. Do we keep making those payments, and we can draw on that line, or we use that line to pay off the existing loan, and that fee of like $28,000. What, are we on the hook for that entire fee or can you just kind of walk through that structurally?
Michael Altman: Right. So basically this is set up for a 13 month term with weekly payments so you can either keep this for the next 13 months and make those weekly payments or you can then go ahead and pay it off in January and you only pay for the time you're holding the money. You won't be liable to pay back the full $28k in interest or whatever it comes out to and you'll only have one monthly payment instead of a weekly and a monthly.
Victim: Okay. Okay. That sounds very fair then. Okay. So with that, then I will go ahead and bring up your link and do your DocuSign and execute that document then.
Michael Altman: Did I send it to you at $60,000 to make sure?
Victim: I think it was something like that, maybe around $60 or $65?
Michael Altman: You know what I'm going to do? I'm going to resend it so it's at the top of your inbox. Give me 2 minutes and it should be there.
Victim: Okay, that sounds perfect. And I'll go ahead and execute it on good faith, and we'll get it done.
Michael Altman: Perfect. Now, I did notice here you have two other positions. I guess one of the contingencies of working with us, you do not have to pay anybody off. We don't require a payoff. All we ask to keep in mind is if anybody comes to offer you money from those two positions, you don't take it, because that would kind of ruin what I have lined up.
Victim: Okay, no problem. But we can use your credit line to pay off the OnDeck credit line, right?
Michael Altman: Oh, absolutely.
Victim: Okay, because the interest rate I'm paying on that is ridiculous, and so I'd love to cancel that, and that would be really the first use of those proceeds is to get us a decent rate, basically.
Michael Altman: Now I don't know what your last broker negotiated for you but OnDeck offers anywhere from 50 to 100% of the interest so depending on the type of deal they gave you i would just make a note of that. I know they offer some sort of incentive I'm just not certain what it is because I did not get you that deal. So let me have this sent, it'll be at the top of your inbox, and i'll text you once it's in your inbox, okay Michael?
Victim: Okay perfect. Michael Altman, thank you so much.
Michael Altman: My pleasure. Take care.
[Call Ended]