We deposited $10K with Commercial Funding Partners (Part of Tetra Corporate Services) to move forward with a signed Letter of Intent (Proposal).
After receiving our deposit Commercial Funding Partners came back to us with new terms that would increase our interest rate and reduce the dollar amount of the facility.
Upon receiving these new terms, we reviewed and decided to not accept the offer.
In accordance with the letter of Intent, “The Deposit will be refunded to the Lessee, without interest, if Lessor does not issue a credit approval for this Lease Proposal (an “Approval”) within 30 days of receipt by Lessor of all due diligence and credit information required by Lessor to conduct its underwriting.”
It has now been nearly 30 days since we have not accepted the offer and we have not received our $10K deposit back.
We have called and emailed but have gotten excuse after excuse of why it is taken so long from “our bank not accepting the deposit” without even calling to ask to confirm to now that they sent a $10k check in the mail across country uncertificated without tracking number regular mail over a week ago.
This should not take this long as we deposited our $10K with Commercial Funding Partners within a day of singing the Letter of Intent and we would expect similar treatment, we highly recommend that you use caution when dealing with Commercial Funding Partners and suggest that you deal with organizations that do what they say and say what they do.