• Report: #1126962

Complaint Review: Universal Capital Solutions

  • Submitted: Thu, February 27, 2014
  • Updated: Sat, March 15, 2014

  • Reported By: BPH — Chicago Illinois
Universal Capital Solutions
17w240 22nd St. Oakbrook Terrace, Illinois USA

Universal Capital Solutions Master Capital Solutions Fernali Ferrice Business Loan FRAUD. Stay Away from them. They take your money for up-front deposit - Promise to provide qualified US Treasury collateral for your loan - Don't Deliver - and Won't Return Your Money!! Oakbrook Terrace Illinois

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Our company ("SGN") paid an initial application fee of $1,250 for a structured collateral loan program offered by Universal Capital Solutions, a.k.a., Master Capital Solutions ("UCS-MCS"). 

When UCS-MCS accepted SGN into the program, SGN signed a Term Sheet on May 17, 2013 and paid an additional $2,500 for underwriting & processing and a $12,500 commitment fee for UCS-MCS to structure a qualified Collateral Instrument to complement our project (i.e., business applying for loan) and coordinate both of these elements with a lender to receive a commitment for a $2,000,0000 business loan.

When UCS-MCS's efforts with an initial lender were unsuccessful, they introduced a second lender and requested an additional $7,000. When this lender closed operations for a 2-month holiday break, UCS-MCS introduced another loan-broker who presented our project to lenders.

This broker was able to identify a lender willing to fund SGN's business loan subject to receiving validation that UCS-MCS has structure a qualified Collateral Instrument. However, when UCS-MCS failed to receive lender approval for the collateral instrument, the lender decided not to extend a loan to SGN.

We have since sent a notice of Breach of Contract to Master Capital Solutions/Universal Capital Solutions requesting a full refund. 

We have also filed a complaint with the Better Business Bureau and Illinois Attorney General.  

This report was posted on Ripoff Report on 02/27/2014 09:19 AM and is a permanent record located here: http://www.ripoffreport.com/r/Universal-Capital-Solutions/Oakbrook-Terrace-Illinois-60181/Universal-Capital-Solutions-Master-Capital-Solutions-Fernali-Ferrice-Business-Loan-FRAUD-1126962. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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