Univest Bank and Trust Co.

Loan Service

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 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

Is Univest Bank and Trust Co. a scam?
Univest Bank and Trust Co. is a scam and a bad service provider as per the report filed on dirtyscam.com. They are not aggressive towards their customer satisfaction and complaint grievance.
Is Univest Bank and Trust Co. legit?
First Univest Bank and Trust Co. is not a legit business owner or provider. You must take necessary precautions/measures before buying or using their services.
How many reviews are submitted by Univest Bank and Trust Co.’s consumers?
There is/are 4 review(s) posted about Univest Bank and Trust Co. and it indicates that the severity of the scam is Medium.
Where is Univest Bank and Trust Co. located?
Univest Bank and Trust Co. is located at 7226 Germantown Ave, Philadelphia, PA 19119, USA. You can contact Univest Bank and Trust Co. by dialing (215) 242-3550 or visit their website univest.net before filing a lawsuit. We are no way affiliated with better business bureau or yelp reviews platform.
How much monetary loss is incurred by Univest Bank and Trust Co.’s customers?
According to the report(s), US $3651 was the total loss incurred by Univest Bank and Trust Co.’s customers.
The reviews, complaints and scams about Univest Bank and Trust Co. are deliberately written by anonymous. We, at Dirty Scam are not liable for the content written about Univest Bank and Trust Co.. If you have any issue with Univest Bank and Trust Co. incident report, Please contact the author of this complaint directly, as we are not obligated to remove the complaint.

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4 reviews on Univest Bank and Trust Co.

  1. Jon Steel

    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.

  2. Justin J

    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!

  3. Karissa Lawler

    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!

  4. Stan Martin

    Good Service

    Valley Green Bank and their staff have always been courteous and supportive with all my banking needs.

Reviews:4
Reported Loss :3651 $
Severity of Scam :Medium
Reported by : Anonymous
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