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report scam| Country | United States |
| State | Pennsylvania |
| City | Conshohocken |
| Address | 1950 Butler Pike # 137 |
| Phone | 610-667-6701 |
| Website | http://www.quakerstatecommercialfinance.com/ |
Quaker State Commercial Finance Reviews
I was in the market for a short term bridge loan to assist in the acquisition of a building, I was buying a partner out. I went to a Mortgage Broker - EVERGREEN COMMERCIAL FINANCE SOLUTIONS LLC and Richard W. Carrell. I had not used before becuase I was assured by Rich they could get the deal done. Ultimately, they provided a termsheet - one - from Quaker State Commercial Finance (QSCF, INC.) quoting rates, terms and all the required info. The rate and terms were so over the top, I declined to sign. I was also leary of taking the loan as the broker - after canvasing the market - could only fine one lender for a Jersey City multifamily building - Quaker State Commercial Mortgage.
When I declined to sign the loan Quaker State offered a new loan terms. The broker told me, "tell me what you want on the termsheet and they'll do it". Looking back alarm bells should have been going off. Rich Carrell assured me he had been doing loan with Leonard Keating and Quaker State for years. Actually, reading some of the other reports on here, I was told a similar line 'I have been working with them for 10 years". I was pushed to mark up the termsheet for what I wanted, sign it and send it in with the deposit. I delined to do it, but emailed the terms I was looking for.
The next day I recieved a new termsheet from Quaker State from Leonard Keating with the terms I wanted. I was told to sign it, wire in the good faith deposit and they would get working. They needed to do a driveby of the property with their appraiser. To this date I have no idea if this even happened. I really question what was done, if anything, after I wired the deposit.
A week before closing I asked Rich Carrell and Evergreen Commercial Finance Solutions where Quaker State Commercial Funding was on the loan. I was told I will have info for you tomorrow by Rich Carrell.
The next day Quaker State sent a termsheet from Mercury Capital USA, LLC. Quaker State said this new letter was a loan commitment even though Mecury's termsheet was clearly non-binding with many reasonable condition placed on a deal by a lender. Further, they told me I needed to wire in $17,500 in good faith deposit (on top of the amount I sent in previously) to keep things moving. I shot Rich Carrell an email asking if these guys were brokers or lenders.
The response from Quaker State Commercial Finance (Leonard Keating) and Evergreen Commercial Finance Solutions (Richard Carrell) was that is the deal. They did this less than a week from funding. I said that I was not interested in a new deal and I wanted them to preform on the deal they had offered or to return my deposit, or any unused amount.
Leonard Keating and Richard Carrell said they were not returning the deposit. Further, they said if I would need to get an attorney.
BE VERY AFFRAID OF QUAKER STATE COMMERCIAL FINANCE and LEONARD KEATING. The same holds true for Richard Carrell and Evergreen Commercial Finance, LLC.
Quaker State Commercial Finance, Leonard J. Keating, Jr. and Harold Krakowitz Claimed to be a lender of commercial real estste and issued what is known as a term letter setting out the terms of the loan, (which all CMBS and other real lenders do), and requested a $7,500 underwriting deposit. They are not a lender, they have no money and they are just scamming people with their claim to be a lender.