- Report: #941870
Complaint Review: Providence Capital Funding - Brea California
Reported By:
small ax -
Irvine, California, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Providence Capital Funding
3020 Saturn St.X Brea, 92821 California, United States of America
Phone:
7149861220
Web:
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Providence Capital Funding They will lie to you to get your deposit check, then take their time if they can fund your deal. Brea, California
Providence Capital can and does fund equipment leases. They do not egregiously break the law. However they regularly mislead the customer to think they can easily and quickly fund their deal when this is not the case. It is merely a ploy to get the customer's deposit check. Once they get the lessee's check, you won't see that money again without vigorous legal action.
Since they are a brokerage, they are pretty much incapable of funding deals within the '48 hours' or whatever they quote you on the phone. It takes them longer than that to hear back from some of the banks they broker their deals out to. Plus there is all the other steps of sending your lease documents out to you and getting them signed and back in, plus equipment inspections and/or site inspections, etc. A more honest funding time frame would be 3-6 weeks.
Their 'lease proposals' are carefully worded to ensure they can make a claim on your deposit should you try to back out on the deal. Mostly either by saying they "earned the fee" or by saying you misrepresented your company and now they can take your whole deposit. Read your 'lease proposal' fine print carefully! I'm sure in some cases they are justified.
Essentially, the company is Davie Lee and Ofer Horn, they call the shots. I have seen instances where they say they can fund a deal, then change their lending criterium once the deposit check has been received, unethical but probably tough to prove as illegal.
In summary, Providence Capital is competent at their chosen profession, but you had better be d**n sure you can wait them out to fund your deal before you write them any checks. They have infuriated many customers by dragging their feet, changing their lending guidelines and promising customers that which they cannot deliver.
Since they are a brokerage, they are pretty much incapable of funding deals within the '48 hours' or whatever they quote you on the phone. It takes them longer than that to hear back from some of the banks they broker their deals out to. Plus there is all the other steps of sending your lease documents out to you and getting them signed and back in, plus equipment inspections and/or site inspections, etc. A more honest funding time frame would be 3-6 weeks.
Their 'lease proposals' are carefully worded to ensure they can make a claim on your deposit should you try to back out on the deal. Mostly either by saying they "earned the fee" or by saying you misrepresented your company and now they can take your whole deposit. Read your 'lease proposal' fine print carefully! I'm sure in some cases they are justified.
Essentially, the company is Davie Lee and Ofer Horn, they call the shots. I have seen instances where they say they can fund a deal, then change their lending criterium once the deposit check has been received, unethical but probably tough to prove as illegal.
In summary, Providence Capital is competent at their chosen profession, but you had better be d**n sure you can wait them out to fund your deal before you write them any checks. They have infuriated many customers by dragging their feet, changing their lending guidelines and promising customers that which they cannot deliver.
