Report: #1126637

Complaint Review: Universal Capital Solutions

  • Submitted: Wed, February 26, 2014
  • Updated: Sun, March 16, 2014
  • Reported By: BPH — Chicago Illinois
  • Universal Capital Solutions
    17w240 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

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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.  

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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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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