ED Magedson – Founder
Universal Capital Solutions17w240 22nd St. Oakbrook Terrace, IL 60181 , Select State/Province USA
Universal Capital Solutions Master Capital SolutionsFernali Ferrice Breach of Contract for collateral loan program. Promise to structure qualified collateral for Business Loan is a FRAUD. Stay away from UCS-MCS!! Oak Brook Terrace Illinois
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 02/26/2014 08:03 AM and is a permanent record located here: http://www.ripoffreport.com/reports/universal-capital-solutions/select-stateprovince/universal-capital-solutions-master-capital-solutionsfernali-ferrice-breach-of-contract-fo-1126637. 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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