Business Lenders

Review: I had a small business loan with this company for years that was paid off over one year ago and they did not remove their lien against my company even with the loan fully paid off. It is a completely tedious and inexcusable method for the lien to be removed. It should be removed automatically once the loan is paid in full. They no longer have any right against my business.Desired Settlement: Warning other consumers doing business with an unethical company like this and the lien against my business to be fully removed.

Business

Response:

From: [redacted]

Sent: Wednesday, October 23, 2013 5:13 PM

To: '[redacted]

Cc: [redacted]

Subject: Filing Lien Releases

Dear Ms. [redacted],

We’re sorry that it was unclear to Mr. [redacted] when we sent release documents to him by [redacted] that he was responsible for filing the lien releases with the appropriate local agencies.

Mr. [redacted] had complained that Business Lenders did not remove the lien against his company even with his loan fully paid off.

Upon receiving his payoff loan payment we sent release documents directly to Mr. [redacted] with a cover letter indicating that those documents would need to be taken to his local recorder of deeds office or other office where real estate documents are filed and record or file the documents.

I’ve copied one of the frequently asked questions found on the [redacted] website regarding lien releases. As stated below “lien release documents are typically sent to borrowers when the loan pays off. The borrower should then file the lien release with the appropriate agency. If the release is not filed, the lien will appear on a future title search.”

[redacted] – [redacted]

Frequently Asked Questions about Lien Releases

Q. Why wasn't the lien released by the bank when I paid it off years ago?

Lien release documents are typically sent to borrowers when the loan pays off. The borrower should then file the lien release with the appropriate agency. If the release is not filed, the lien will appear on a future title search.

I hope this clarifies this situation.

[redacted], SVP

Director of Marketing & Administrative Services

Business Lenders, LLC

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Sincerely,