If this company offers to lend you money, simply pass. They have no money to lend. They are dishonest, operate without the appropriate licenses and commit unfair and deceptive practices.
I was introduced to quaker state by a mortgage broker who also had been deceived). Represting themselves to be direct lenders, quaker state commercial finance will prepare and offer you term sheets to lend. However, even though they describe themselves as a lender in their documents, they are not a direct lender. Their so called "investors" are merely other companies lending in the marketplace. So quaker state takes your money, prepares a "package" and markets your loan. If they are unsuccessful, they still pocket your money. If by some chance they find a reputable lender to underwrite your loan, quaker state seeks an additional commission of 1 point. So they are seeking an upfront fee and a commission. This is fraud as they do not disclose the commission in their term sheet.
Quaker state is nothing but a mortgage broker. Any reputable mortgage broker acts on a commission basis. You should never pay a mortage broker an upfront fee. At no time did quaker state question the underlying merits of my loan. I already had competing term sheets from other lenders. I simply considered doing business with quaker state as they "offered" me better terms and promised to close in 3-4 weeks. They lied. Imagine my surprise when after one month quaker state set up a conference call with another lender i already had a term sheet from! therefore, i lost credibility with other legitiamate companies who were considering dong business directly with my firm.
Under federal law, pennsylvania law and connecticut law a real estate appraiser must be licensed. In its "due diligence" quaker state sends out a so called house appraiser by the name of jeffery little. Mr. Little has no license and lacks even the rudimentary training to conduct commercial appraisals. He is operating without a license, which is against the law. However, quaker state then seeks to claim your upfront fee, in part, by seeking to charge you thousands of dollars for an appraisal by mr. Little.
In my case, i provided information to quaker state under a confidentiality agreement. The information itself had a confidentiality warning that the information provided was not to be disseminated to third parties. Quaker state did a wholesale violation of the confidentiality agreement by passing confidential information to third parties other lenders) without any authorization. This is unethical and a tort.
By pretending to be a direct lender and then marketing potential loans like a mortgage broker, quaker state undertakes a deceptive and unfair pratice. Under article 201.2 of the pennsylvania state statue, causing likelihood of confusion or misunderstanding as to the source of their loans and representing they have the right to approve such loans when they are neither the lender or approve the lending of monies is an "unfair method of competition" and an "unfair or deceptive act or practices."
I made the mistake of wiring funds before the contracts were signed. While i timely withdrew my offer to do business with quaker state, they refused to return my deposit. This is wire fraud.
So if you are thinking of doing business with quaker state and leonard keating, think again.
Quaker State Commercial Finance Reviews
If this company offers to lend you money, simply pass. They have no money to lend. They are dishonest, operate without the appropriate licenses and commit unfair and deceptive practices.
I was introduced to quaker state by a mortgage broker who also had been deceived). Represting themselves to be direct lenders, quaker state commercial finance will prepare and offer you term sheets to lend. However, even though they describe themselves as a lender in their documents, they are not a direct lender. Their so called "investors" are merely other companies lending in the marketplace. So quaker state takes your money, prepares a "package" and markets your loan. If they are unsuccessful, they still pocket your money. If by some chance they find a reputable lender to underwrite your loan, quaker state seeks an additional commission of 1 point. So they are seeking an upfront fee and a commission. This is fraud as they do not disclose the commission in their term sheet.
Quaker state is nothing but a mortgage broker. Any reputable mortgage broker acts on a commission basis. You should never pay a mortage broker an upfront fee. At no time did quaker state question the underlying merits of my loan. I already had competing term sheets from other lenders. I simply considered doing business with quaker state as they "offered" me better terms and promised to close in 3-4 weeks. They lied. Imagine my surprise when after one month quaker state set up a conference call with another lender i already had a term sheet from! therefore, i lost credibility with other legitiamate companies who were considering dong business directly with my firm.
Under federal law, pennsylvania law and connecticut law a real estate appraiser must be licensed. In its "due diligence" quaker state sends out a so called house appraiser by the name of jeffery little. Mr. Little has no license and lacks even the rudimentary training to conduct commercial appraisals. He is operating without a license, which is against the law. However, quaker state then seeks to claim your upfront fee, in part, by seeking to charge you thousands of dollars for an appraisal by mr. Little.
In my case, i provided information to quaker state under a confidentiality agreement. The information itself had a confidentiality warning that the information provided was not to be disseminated to third parties. Quaker state did a wholesale violation of the confidentiality agreement by passing confidential information to third parties other lenders) without any authorization. This is unethical and a tort.
By pretending to be a direct lender and then marketing potential loans like a mortgage broker, quaker state undertakes a deceptive and unfair pratice. Under article 201.2 of the pennsylvania state statue, causing likelihood of confusion or misunderstanding as to the source of their loans and representing they have the right to approve such loans when they are neither the lender or approve the lending of monies is an "unfair method of competition" and an "unfair or deceptive act or practices."
I made the mistake of wiring funds before the contracts were signed. While i timely withdrew my offer to do business with quaker state, they refused to return my deposit. This is wire fraud.
So if you are thinking of doing business with quaker state and leonard keating, think again.