Company routinely failed to fulfill promises of loan funding and responses. Company has $24,369 of our deposit money which was only partially returned.
We started a process of securing a loan/lease with Onset Financial several months ago. They quickly approved the transaction and sent a term sheet, requesting a "good faith" deposit. They requested in excess of $20k, which we refused, so they reduced to roughly $8k.
We then went through more underwriting and approval processes, which is customary, then received a final approval along with loan/lease documents for signature. These documents were signed and returned as we were promised funding upon receipt. That didn't happen. At that point, we were told we needed to submit the remainder of the $24k deposit or go through a "special exemption" process for the additional deposit to be netted from the loan/lease proceeds but were told that would add time to the funding. So we sent the funds. Then we were told a site visit was required - which we agreed as our interest was in closing the transaction quickly and we had nothing to hide.
We were told the site visit would occur on Friday with funding NO LATER than the following Wednesday. Well, the site visit took place but the funding NEVER occurred. It took two plus weeks to actually get a response! We were promised funding via email, we were promised responses, but NOTHING happened. After badgering them for why the funding didn't occur, they then added a new stipulation which was never discussed nor agreed upon. Even their own documentation doesn't support this - subordination agreements, loan/lease docs, etc. At this point, we feel completely duped by this company. Hopefully this will save others the same pain we felt.
Onset Financial Reviews
Company routinely failed to fulfill promises of loan funding and responses. Company has $24,369 of our deposit money which was only partially returned.
We started a process of securing a loan/lease with Onset Financial several months ago. They quickly approved the transaction and sent a term sheet, requesting a "good faith" deposit. They requested in excess of $20k, which we refused, so they reduced to roughly $8k.
We then went through more underwriting and approval processes, which is customary, then received a final approval along with loan/lease documents for signature. These documents were signed and returned as we were promised funding upon receipt. That didn't happen. At that point, we were told we needed to submit the remainder of the $24k deposit or go through a "special exemption" process for the additional deposit to be netted from the loan/lease proceeds but were told that would add time to the funding. So we sent the funds. Then we were told a site visit was required - which we agreed as our interest was in closing the transaction quickly and we had nothing to hide.
We were told the site visit would occur on Friday with funding NO LATER than the following Wednesday. Well, the site visit took place but the funding NEVER occurred. It took two plus weeks to actually get a response! We were promised funding via email, we were promised responses, but NOTHING happened. After badgering them for why the funding didn't occur, they then added a new stipulation which was never discussed nor agreed upon. Even their own documentation doesn't support this - subordination agreements, loan/lease docs, etc. At this point, we feel completely duped by this company. Hopefully this will save others the same pain we felt.