First USA Capital, LLC Keith Coleman Promised services to get upfront money and changed the terms agreed upon once money was received. Newport Beach, California
*UPDATE Employee: Proof that shows the author of this ripoff report and complaint is false because of the executed service agreement.
- We approached Keith Coleman at First USA Capital about obtaining a 150-200k unsecured business line of credit, acquiring a commercial loan for an 82-unit building, and a refinance on a 12-unit building at the beginning of February 2012.
- After filling out an application and submitting project information for the loans we requested, we were told the unsecured line of credit would be funded in 7-10 business days. We were also told the 82-unit building was already with an underwriter who had agreed to our loan terms we set forth in the application.
- We were told by Keith Coleman that First USA Capital had multiple lenders who were interested in funding the loans we needed with terms of 0% down and rolling the closing costs into the loan. All we had to do was pay a $5,000 fee to First USA Capital and we could get communication with lenders started.
- We sent Keith Coleman at First USA Capital the $5,000 upfront fee on February 28, 2012 after being reassured there were lenders who had already expressed interest in our funding requests and were ready to speak based on the terms we needed.
- After the money was sent to First USA Capital, it took weeks to speak with one lender. During the call, the lender made it clear that he had never looked at any documentation or terms we submitted to First USA Capital. The lender was also unaware that we requested a loan with 0% down, proving that First USA Capital had never had a lender who was interested in our loan at the terms we submitted.
- First USA Capital had promised they had multiple interested lenders who would provide a 0%-down loan for our investments. We paid the $5,000 upfront fee under the working assumption that they already had multiple lenders who were interested and willing to speak with us about 0% down. After further conversations, it became obvious that this wasnt the case.
- When it was clear the oral and written business agreement would never be fulfilled, we asked for a refund of our $5,000 upfront fee. Keith Colemans response from First USA Capital was that the upfront money was non-refundable and he had too much time in emails and calls to refund the money. When asked for proof of these calls or any emails sent, Keith was unable to provide anything. He would continue to talk in circles and say he was providing proof and was working on our behalf after failing to provide any proof at all. Keith Coleman would also tell us the loan was not guaranteed over and over at this point claiming he wasnt liable when all we had wanted the entire time was the initial calls as we were promised from the beginning. Even if we had received these calls that Keith promised us when trying to get our money and had been turned down, we would have been happy.
- The contract for First USA Capital is setup to protect only them in a situation where they do not fulfill their end the agreement and want to keep their upfront fee.
- We have learned to never pay a lender an upfront fee because it is a scam and honest, legitimate lenders will take their fees at the time of closing.
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