Avoid doing business with Providence Capital Funding at all costs. We have had a very bad experience with this company. Be warned... You will not get business "Financing" but rather a lease. It's likely you will end up paying for the total value of your equipment plus interest in the "Lease," yet be subject to large fees and costs at the end of your agreement, or worse yet, you'll be required to then buy your own equipment -- which you've already made full payments for -- at the FMV. (Fair Market Value). We all know that in a typical lease you will only pay the depreciation, NOT the full value of your equipment. At the end of the lease you give it back, or pay the remainder of the existing value... The portion of the value you haven't paid for yet.
You will also likely be told you get to buy your equipment for $1 at the end of the term. (You must please read the last paragraph below to find out how much they say I owe now.) I was specifically told this several times by Ofer Horn. Ofer seemed to be a terrific helpful guy during the sales process clearly saying multiple times..."You can buy out your equipment at the end of the term for $1." The agreement paperwork came at the VERY last minute with instructions that it was needed ASAP. I can't prove it, but I think this is part of the whole scheme... Verbally represent one thing and get the deal sold, but rush you the paperwork at the last minute so the customer doesn't pay attention to what's written. At the time we were awaiting delivery of approx $46,000 of furniture from Strong Project to our new building and time was of the essence... Delivery was scheduled, workers were scheduled to put it together, and my entire business was scheduled to be using the furniture within days, even hours.
We were referred to Ofer Horn, Davie Lee, and Providence Capital by Strong Project (StrongProject.com) when I was working with a representative there by the name of Cindy Lim. Cindy spoke highly of Ofer and Providence Capital. For this reason I took my guard down, trusted Ofer, and was, through a series of circumstances, tricked into signing a lease with different provisions than had been explained to me on the phone. Can I say it was Bait and Switch...? Yeah, probably. Ofer promised a $1 buyout and that was nowhere to be found in the docs. Did I read every teeny-tiny little word on the agreement (and believe me the words are tiny). No, I didn't. Why? Because I trusted Ofer Horn. And I trusted Strong Project. Shame on me.
I'll sum it up... Don't trust what they say. Ask for the docs early in the process and don't accept rushed docs at the end. If memory serves me correctly, they sent one set, but then had to send another set at the last minute for some reason. You will find this in other reviews on this site.
Once this review is discovered by Anita Cardeno at Providence Capital, I will bet you she'll post a message below mine. It will state that I didn't read the lease carefully... That I didn't notify them in time I wanted the lease to end, etc etc... FOR THE RECORD...I told Ofer over six months ago that I wanted this lease to end on the final payment date and I have record of those calls and emails. We even signed an addendum that I would only pay only 1.5% of my original equipment cost at the end of the lease. That's a far cry from the $1 buy-out, but I accepted it. Ofer once again verbally promised that would be all I would pay. But right now sitting in my inbox is a document that says I owe exactly $8,386.68.... And supposedly this is a favor on their part because it could have been more than twice that amount.
This situation was resolved completely to my liking almost simultaneously to my original writing. The next paragraph below is an update which was posted on Yelp. I do wish I had given Ofer a little more time to get my issues resolved before posting. Please see next paragraph:
I worked with Ofer Horn at Providence Capital Funding in order to secure financing for approximately $43,000 of office furniture. Ofer worked hard to obtain an acceptable interest rate and terms for my company. There was some confusion on terms when the docs arrived and were signed, but as the lease came to an end he worked hard to resolve my concerns and issues. In the end, he earned my respect. All in all... I do recommend doing business with the company because they may be able to offer terms which can not be found elsewhere. Note: As with any contract, it's important to read everything carefully. Also, pay careful attention to lease-end details. The terms may require notice 120 days before the end of the term. Final note... I obtained the furniture from Strong Project (StrongProject.com) and it is phenomenal stuff. Nearly everyone who visits our building comments on the unique modern design. Everyone at Strong Project is professional and hard-working and I would recommend them as well. You may contact me through Yelp with any questions.
Providence Capital Funding Reviews
Avoid doing business with Providence Capital Funding at all costs. We have had a very bad experience with this company. Be warned... You will not get business "Financing" but rather a lease. It's likely you will end up paying for the total value of your equipment plus interest in the "Lease," yet be subject to large fees and costs at the end of your agreement, or worse yet, you'll be required to then buy your own equipment -- which you've already made full payments for -- at the FMV. (Fair Market Value). We all know that in a typical lease you will only pay the depreciation, NOT the full value of your equipment. At the end of the lease you give it back, or pay the remainder of the existing value... The portion of the value you haven't paid for yet.
You will also likely be told you get to buy your equipment for $1 at the end of the term. (You must please read the last paragraph below to find out how much they say I owe now.) I was specifically told this several times by Ofer Horn. Ofer seemed to be a terrific helpful guy during the sales process clearly saying multiple times..."You can buy out your equipment at the end of the term for $1." The agreement paperwork came at the VERY last minute with instructions that it was needed ASAP. I can't prove it, but I think this is part of the whole scheme... Verbally represent one thing and get the deal sold, but rush you the paperwork at the last minute so the customer doesn't pay attention to what's written. At the time we were awaiting delivery of approx $46,000 of furniture from Strong Project to our new building and time was of the essence... Delivery was scheduled, workers were scheduled to put it together, and my entire business was scheduled to be using the furniture within days, even hours.
We were referred to Ofer Horn, Davie Lee, and Providence Capital by Strong Project (StrongProject.com) when I was working with a representative there by the name of Cindy Lim. Cindy spoke highly of Ofer and Providence Capital. For this reason I took my guard down, trusted Ofer, and was, through a series of circumstances, tricked into signing a lease with different provisions than had been explained to me on the phone. Can I say it was Bait and Switch...? Yeah, probably. Ofer promised a $1 buyout and that was nowhere to be found in the docs. Did I read every teeny-tiny little word on the agreement (and believe me the words are tiny). No, I didn't. Why? Because I trusted Ofer Horn. And I trusted Strong Project. Shame on me.
I'll sum it up... Don't trust what they say. Ask for the docs early in the process and don't accept rushed docs at the end. If memory serves me correctly, they sent one set, but then had to send another set at the last minute for some reason. You will find this in other reviews on this site.
Once this review is discovered by Anita Cardeno at Providence Capital, I will bet you she'll post a message below mine. It will state that I didn't read the lease carefully... That I didn't notify them in time I wanted the lease to end, etc etc... FOR THE RECORD...I told Ofer over six months ago that I wanted this lease to end on the final payment date and I have record of those calls and emails. We even signed an addendum that I would only pay only 1.5% of my original equipment cost at the end of the lease. That's a far cry from the $1 buy-out, but I accepted it. Ofer once again verbally promised that would be all I would pay. But right now sitting in my inbox is a document that says I owe exactly $8,386.68.... And supposedly this is a favor on their part because it could have been more than twice that amount.
UPDATE to original writing.
This situation was resolved completely to my liking almost simultaneously to my original writing. The next paragraph below is an update which was posted on Yelp. I do wish I had given Ofer a little more time to get my issues resolved before posting. Please see next paragraph:
I worked with Ofer Horn at Providence Capital Funding in order to secure financing for approximately $43,000 of office furniture. Ofer worked hard to obtain an acceptable interest rate and terms for my company. There was some confusion on terms when the docs arrived and were signed, but as the lease came to an end he worked hard to resolve my concerns and issues. In the end, he earned my respect. All in all... I do recommend doing business with the company because they may be able to offer terms which can not be found elsewhere. Note: As with any contract, it's important to read everything carefully. Also, pay careful attention to lease-end details. The terms may require notice 120 days before the end of the term. Final note... I obtained the furniture from Strong Project (StrongProject.com) and it is phenomenal stuff. Nearly everyone who visits our building comments on the unique modern design. Everyone at Strong Project is professional and hard-working and I would recommend them as well. You may contact me through Yelp with any questions.