Univest Bank and Trust Co.
Loan ServiceBEWARE! PREDATORY LENDER! Valley Green Bank has some nice people working for them, but I highly recommend that you NOT get a loan from the Univest Bank and Trust Co!
I took a mortgage out with VGB for a residential property that I own.
The LTV on my loan is 60/40. The bank gave me an interest rate of 7% and charged me 3 points on the front end of the loan.
At the time, prime was 4% and you could get a 30 year mortgage for under 4%.
I had to get the loan at the time because of the credit crunch.
I owned the property under a single member LLC. Hence, it was tough to get a loan for an entity.
VGB is a model of predatory lending. I recently sold my house and I closed on my loan.
When I asked for my payoff they quoted me a higher rate that the initial principal that I started.
I paid every payment on time and over the course of 3 years I paid over $35,000 in interest only, plus the 3 points on the front end, and here is the kicker.
Buried deep in their mortgage documents, a prepayment penalty!
Here are the stats on the loan I was given: Principle: 170,000, personally guaranteed 5 Year Balloon 7% interest Interest Paid: (Over 3 years): $35000 Points on Front end: $5100 Points on Back end: $3300 Bank made: $44,000 in interest on a 3 year loan.
It’s illegal to charge a prepayment penalty on a mortgage for a residential mortgage in the state of Pennsylvania for a loan under 244,000.
Even though this was a loan that was secured through a single member LLC and it was a residential property, they exploited a loophole and stuck me with a prepayment penalty after I paid points on the front end and a inflated interest rate.
They refused to waive the prepayment penalty and waited to give me a payoff letter until 1 week before settlement so I was stuck.
DO NOT DO BUSINESS WITH THIS BANK. BUYER BEWARE. PREDATORY LENDER
Good Service
Valley Green Bank and their staff have always been courteous and supportive with all my banking needs.
DO NOT BE FOOLED to sign up & do your banking with Valley Green Bank!
This is the MOST difficult bank to work with, especially for a LOCAL community bank. The staff is cranky & their policies do not benefit the people in the area. DO NOT BE FOOLED to sign up & do your banking with Valley Green Bank!
BEWARE!!! PREDATORY LENDER!!!
BEWARE!!! PREDATORY LENDER!!! Valley Green Bank has some nice people working for them, but I highly recommend that you NOT get a loan from the this Bank! I took a mortgage out in 2008 with VGB for a residential property that I own. The LTV on my loan is 60/40.
The bank gave me an interest rate of 7% and charged me 3 points on the front end of the loan. At the time, prime was 4% and you could get a 30 year mortgage for under 4%. I had to get the loan at the time because of the credit crunch. I owned the property under a single member LLC.
Hence, it was tough to get a loan for an entity. VGB is a model of predatory lending. I recently sold my house and I closed on my loan. When I asked for my payoff they quoted me a higher rate that the initial principal that I started.
I paid every payment on time and over the course of 3 years I paid over $35,000 in interest only, plus the 3 points on the front end, and here is the kicker. Buried deep in their mortgage documents, a prepayment penalty!
not a good experience at all.
not happy with there overall service in applying for a loan, where after spending so much time they say no, wish they should have say no right in the beginning, i would have save my time and look for other banks.