Quaker State Commercial Finance, Inc; QSCF, INC; Len Keating Underwriting fees obtained by deception Conshohocken Pennsylvania

My client was introduced to this company by an associate who claimed he had done business with Quaker State over the past 10 years.

A professional submission was provided in support of a commercial loan to acquire property, make improvements and establish a restaurant, all with properly prepared and documented business plan, property appraisal etc.

Quaker State provided a Letter of Intent (LOI) that provided acceptable terms and conditions for the loan and required a fee of $7,500 to provide underwriting services to qualify the loan for an SBA backed commercial loan.

As soon as they received the $7,500, the case was passed on to a third party broker who shopped the deal around to other banks and reverted with another offer that involved a second underwriting fee.

In fact, Quaker State did nothing to justify the underwriting fee and failed to perform the terms and conditions set out in its own LOI.

The loan failed to mature owing to a substantive variation in terms offered by an other unknown bank as compared to what Quaker State had set out in its LOI. A request was made by our client for a refginored. We made representations on behalf of our client and that too was ignored.

It becomes clear that Quaker State is in the business of collecting underwrriting fees and then not performingby simply passing the file on to an unknown third party. It also appears evident that the source of introduction to Quaker State is in league with these people as a feeder of business and no doubt participates in the $7,500 for his 'introductory services'. His name is John White of Diversified Funding Services, a co-conspirator in gthis scam.