Dealstruck Inc

We at Dealstruck do not purposely mislead our prospects, and that was certainly not the intent with Ms*** We escalated her loan to the most senior decision-maker and re-reviewed the company financials We want to lend to small businesses, but we also have risk guidelines that we need to adhere to Unfortunately we are not able to approve Unique Blinds for a loan at this time

Dear Revdex.com,It is unfortunate that Mr*** feels that he was lied toOur loan products are fairly straightforward and our Lending Specialists are well-versed in the products that we offerWe do not have monthly payment terms on either of our credit lines, so it's not likely that any of our
specialists would have made the mistake of stating that the payments were monthly. Furthermore, we do not have payback terms of one year on either of our credit lines, so again - it's not something our Lending Specialists would have misstatedMr*** may have confused the payback term with the expiration date of the credit line which is indeed months.Dealstruck is a transparent and full-disclosure lender. Unlike many other lenders in our space, we disclose all fees and APRs to our borrowersWe would never intentionally mislead our borrowers; we just don't conduct business that way I have attached the offer letter that was provided to the borrower, which shows acknowledgement via his electronic signature. In the section entitled "Advance Terms", it clearly states that the terms of each credit line advance is weeks, consisting of weeks of interest-only payments and weeks of principal and interest paymentsThe description clearly states that the payments are weekly, not monthly. This offer letter was provided in advance of the actual loan documents that he signed, which also clearly state the terms of the loans. Mr*** had ample opportunity to review both documents and ask questions if anything was unclear. Please feel free to contact me if you need further clarification on our response.Sincerely,*** ***, CMO*** ext***

Hello Mr*** did respond to me via voicemail and in a nutshell requested that we delete all his financials or he would pursue legal action I called him back, got his voicemail, and confirmed via voicemail that his financial documents have been deleted I am still open to talking to Mr*** if he would like to have a live discussion about our processPlease let me know if further information is needed Thank you

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved
Regards,
*** ***

Several members of our team have spoken with the prospect since receiving the complaint The issue has been satisfactorily resolved and we are proceeding with the loan As is often the case, this was all due to a misunderstanding of the collateral that we were using in underwriting the
loanBecause that collateral did not support an approval based on our credit policies, the loan was initially declined After our Director of Credit spoke with the prospect, the misunderstanding was resolved and the supporting collateral was submitted to us and we were able to provide loan approvalWe take complaints very seriously and we will use this as an opportunity to improve our communications with our borrowersPlease feel free to reach out to me at *** or *** if you have any questionsSincerely,
*** ***

Hello Revdex.com,
This borrower applied for a business loan application As part of our underwriting process, we look at both quantitative (business financials, credit history, etc), as well as qualitative factors such as presence of website, # of reviews, positive reviews, star ratings,
etc When we reviewed this borrower's reviews, we found an alarming number of negative reviews, including an F rating with Revdex.com and 1-Star rating on *** and ***.When we declined the loan, the borrower became irate and immediately posted negative reviews on Revdex.com and *** along with accusations about us and our partner that just aren't trueI attempted to reach out to the borrower by email on 8/and by phone that same day at a.mPDT When I did not hear back from him, I called again on 8/at p.mStill no response *** has since removed his reviewPlease take a look at the Revdex.com review here *** The company is clearly not looking out for the best interest of their consumers and is therefore a company we do not wish to have in our portfolio Please let me know if you have further questionsSincerely,
*** ***
***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below The business pre-qualified me for a long so that means they should've reviewed my company online before deciding to fish for financial documents which opens me up to identity theft My credit history is good and I just got done paying a K loan with quarter spot so obviously those reviews are not accurate and Revdex.com complaints are being worked on right now because I wasn't receiving them
I became irritated because the company requested all these financial documents from me after pre-qualify me for the loan and denying me anyway based on other factors not related to finance.
Legal action may be pursued and Dealstruck should definitely delete all my financial information
Regards,
*** ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear belowI feel very strongly that the pre-qualification process is deceiving as I was never given any quide lines as to what this pre-qualification includedI did ask Dealstruck to issue the loan based on the pre-qualification and did not strong arm, but was firm about my feelings regarding the loanThough Dealstruck has now changed the pre-qualification process, that does not change what happened to my loan information and issuanceEven by the words of their employee, "he was caught totally off guard by the decision"I still stand behind my complaint and feel miss lead by the process
Regards,
*** ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
Regards,
*** ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
I feel very strongly that the pre-qualification process is deceiving as I was never given any quide lines as to what this pre-qualification includedI did ask Dealstruck to issue the loan based on the pre-qualification and did not strong arm, but was firm about my feelings regarding the loanThough Dealstruck has now changed the pre-qualification process, that does not change what happened to my loan information and issuanceEven by the words of their employee, "he was caught totally off guard by the decision"I still stand behind my complaint and feel miss lead by the process
Regards,
*** ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear belowThe business pre-qualified me for a long so that means they should've reviewed my company online before deciding to fish for financial documents which opens me up to identity theft My credit history is good and I just got done paying a K loan with quarter spot so obviously those reviews are not accurate and Revdex.com complaints are being worked on right now because I wasn't receiving them. I became irritated because the company requested all these financial documents from me after pre-qualify me for the loan and denying me anyway based on other factors not related to finance. Legal action may be pursued and Dealstruck should definitely delete all my financial information
Regards,
*** ***

Dear Revdex.com,
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It is unfortunate that Mr. [redacted] feels that he was lied to. Our loan products are fairly straightforward and our Lending Specialists are well-versed in the 3 products that we offer. We do not have monthly payment terms on either of our credit lines, so it's not likely that any of our specialists would have made the mistake of stating that the payments were monthly.  Furthermore, we do not have payback terms of one year on either of our credit lines, so again - it's not something our Lending Specialists would have misstated. Mr. [redacted] may have confused the payback term with the expiration date of the credit line which is indeed 12 months.
Dealstruck is a transparent and full-disclosure lender.  Unlike many other lenders in our space, we disclose all fees and APRs to our borrowers. We would never intentionally mislead our borrowers; we just don't conduct business that way.  
I have attached the offer letter that was provided to the borrower, which shows acknowledgement via his electronic signature.  In the section entitled "Advance Terms", it clearly states that the terms of each credit line advance is 12 weeks, consisting of 4 weeks of interest-only payments and 8 weeks of principal and interest payments. The description clearly states that the payments are weekly, not monthly.  This offer letter was provided in advance of the actual loan documents that he signed, which also clearly state the terms of the loans.  Mr. [redacted] had ample opportunity to review both documents and ask questions if anything was unclear. 
Please feel free to contact me if you need further clarification on our response.
Sincerely,
[redacted], CMO
[redacted] ext. [redacted]

Hello Revdex.com team,We've found that applicants that are denied loan approval are often the ones who submit complaints against businesses like ours. That's been our experience and sadly, this situation is no different.[redacted] had originally applied for financing with a loan broker back in March of...

this year. That broker submitted her loan to us and after reviewing her loan and subsequent financials, we determined that the business was over-leveraged - too much debt based on their revenue, so we declined the loan.  Their credit is not strong either. Just last month, [redacted] went through a different loan broker who also decided to bring the loan to us.  Based on her increased sales revenue, we emailed her broker a pre-qualification notice which was then relayed to [redacted].  At the point where a pre-qualification notice goes out, it's early in the process and an underwriter has not reviewed the file.During my initial call with [redacted] yesterday morning, I heard her out and acknowledged why she was upset.  She feels that we deceived her with the pre-qualification language in the email we sent to the broker (not her).  I explained that it's generally known that a pre-qualification is not a hard offer of approval and that such verbiage is quite common in consumer and commercial financing. I explained to her that a pre-qual is early on in the process and simply indicates that the file will move to the next stage (which is usually a pre-approval and then an approval. [redacted] was dismissive and said that I was playing with words. I explained that, unlike the many short-term high-interest-rate lenders out there - like the 2 loans she currently has against her business, we do not charge exorbitant 50-100% APRs and conduct full underwriting which includes looking at full financials.Unsatisfied, [redacted] requested that I take her loan to the president and I offered to escalate it to the highest decision-making authority within the company.  After speaking with our head underwriter, I received a more detailed explanation as to why we could not approve her loan. She and the underwriter who worked on her file first back in March and again last month, spent another half an hour looking at her file to see if there was any way we could make it work.  They stood firm on their decision and stated that [redacted]'s business not only fails to meet our cash flow requirements, but it it is also highly over-leveraged, not to mention week credit histories.  They have taken out 5 MCA (high-rate subprime financing) in the last 6 months. These are clear indicators that a business is in trouble. In addition, the P&Ls that she provided were highly inaccurate and profits were grossly overstated. Despite the factors listed above, she and the underwriter still took the effort to create a pro forma financial spread based on the verified margins in the 2015 tax returns, and applied what appeared to be an increase in revenue (trending towards $500k) based on the bank statements.  Unfortunately, the deal was still not close to meeting our debt service coverage ratio criteria for a refinance of the existing MCAs.  We truly went above and beyond to try to make this work. Though we could not approve her loan, we have made edits to our email, though we do not feel that it was misleading in any way.  The copy now clearly states that it is what it says it is - a pre-qualification - not a firm offer of approval.We are truly sorry that we could not help Ms. [redacted]. I also explained to her that the last time a customer "bullied" us into overturning a declined loan due to a similar complaint sent to Revdex.com, we reversed our decision, gave the borrower funding, and he defaulted on his loan.  That was not a good outcome for our company and will not make that mistake again.  We try to help as many business owners as we can, but we will not provide financing to a business that does not meet our risk guidelines.Please reach out with any questions.Sincerely,[redacted]

Hello.  Mr. [redacted] did respond to me via voicemail and in a nutshell requested that we delete all his financials or he would pursue legal action.  I called him back, got his voicemail, and confirmed via voicemail that his financial documents have been deleted.  I am still open to talking to Mr. [redacted] if he would like to have a live discussion about our process. Please let me know if further information is needed.  
Thank you.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
I am very disappointed in this process and unfortunately I do not accept the reasoning provided. Just to make my position clear,
had I been provided the letter with the pre-qualification which stated "That for underwriting purposes, your business has been approved
to be underwritten and this is not a guarantee of approval, only that the minimum requirements have been met with the basic information
provided", then that would make more sense. We were never given any explanation, only that the 150K+ was offered. I do not need further
correspondence from Dealstruck.
Regards,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.I am very disappointed in this process and unfortunately I do not accept the reasoning provided. Just to make my position clear,had I been provided the letter with the pre-qualification which stated "That for underwriting purposes, your business has been approvedto be underwritten and this is not a guarantee of approval, only that the minimum requirements have been met with the basic informationprovided", then that would make more sense. We were never given any explanation, only that the 150K+ was offered. I do not need furthercorrespondence from Dealstruck.
Regards,
[redacted]

Several members of our team have spoken with the prospect since receiving the complaint.  The issue has been satisfactorily resolved and we are proceeding with the loan.  As is often the case, this was all due to a misunderstanding of the collateral that we were using in underwriting the...

loan. Because that collateral did not support an approval based on our credit policies, the loan was initially declined.  After our Director of Credit spoke with the prospect, the misunderstanding was resolved and the supporting collateral was submitted to us and we were able to provide loan approval.We take complaints very seriously and we will use this as an opportunity to improve our communications with our borrowers.Please feel free to reach out to me at [redacted] or [redacted] if you have any questions.Sincerely,[redacted]

Hello Revdex.com team,
We've found that applicants...

that are denied loan approval are often the ones who submit complaints against businesses like ours. That's been our experience and sadly, this situation is no different.[redacted] had originally applied for financing with a loan broker back in March of this year. That broker submitted her loan to us and after reviewing her loan and subsequent financials, we determined that the business was over-leveraged - too much debt based on their revenue, so we declined the loan.  Their credit is not strong either. Just last month, [redacted] went through a different loan broker who also decided to bring the loan to us.  Based on her increased sales revenue, we emailed her broker a pre-qualification notice which was then relayed to [redacted].  At the point where a pre-qualification notice goes out, it's early in the process and an underwriter has not reviewed the file.
During my initial call with [redacted] yesterday morning, I heard her out and acknowledged why she was upset.  She feels that we deceived her with the pre-qualification language in the email we sent to the broker (not her).  I explained that it's generally known that a pre-qualification is not a hard offer of approval and that such verbiage is quite common in consumer and commercial financing. I explained to her that a pre-qual is early on in the process and simply indicates that the file will move to the next stage (which is usually a pre-approval and then an approval. [redacted] was dismissive and said that I was playing with words. I explained that, unlike the many short-term high-interest-rate lenders out there - like the 2 loans she currently has against her business, we do not charge exorbitant 50-100% APRs and conduct full underwriting which includes looking at full financials.
Unsatisfied, [redacted] requested that I take her loan to the president and I offered to escalate it to the highest decision-making authority within the company.  After speaking with our head underwriter, I received a more detailed explanation as to why we could not approve her loan. She and the underwriter who worked on her file first back in March and again last month, spent another half an hour looking at her file to see if there was any way we could make it work.  They stood firm on their decision and stated that [redacted]'s business not only fails to meet our cash flow requirements, but it it is also highly over-leveraged, not to mention week credit histories.  They have taken out 5 MCA (high-rate subprime financing) in the last 6 months. These are clear indicators that a business is in trouble. In addition, the P&Ls that she provided were highly inaccurate and profits were grossly overstated.
 
Despite the factors listed above, she and the underwriter still took the effort to create a pro forma financial spread based on the verified margins in the 2015 tax returns, and applied what appeared to be an increase in revenue (trending towards $500k) based on the bank statements.  Unfortunately, the deal was still not close to meeting our debt service coverage ratio criteria for a refinance of the existing MCAs.  We truly went above and beyond to try to make this work.
 
Though we could not approve her loan, we have made edits to our email, though we do not feel that it was misleading in any way.  The copy now clearly states that it is what it says it is - a pre-qualification - not a firm offer of approval.
We are truly sorry that we could not help Ms. [redacted]. I also explained to her that the last time a customer "bullied" us into overturning a declined loan due to a similar complaint sent to Revdex.com, we reversed our decision, gave the borrower funding, and he defaulted on his loan.  That was not a good outcome for our company and will not make that mistake again.  We try to help as many business owners as we can, but we will not provide financing to a business that does not meet our risk guidelines.
Please reach out with any questions.
Sincerely,
[redacted]

Hello Revdex.com,This borrower applied for a business loan application.  As part of our underwriting process, we look at both quantitative (business financials, credit history, etc), as well as qualitative factors such as presence of website, # of reviews, positive reviews, star ratings, etc....

 When we reviewed this borrower's reviews, we found an alarming number of negative reviews, including an F rating with Revdex.com and 1-Star rating on [redacted] and [redacted].When we declined the loan, the borrower became irate and immediately posted negative reviews on Revdex.com and [redacted] along with accusations about us and our partner that just aren't true.I attempted to reach out to the borrower by email on 8/4 and by phone that same day at 9 a.m. PDT.  When I did not hear back from him, I called again on 8/5 at 4 p.m. Still no response.  [redacted] has since removed his review.Please take a look at the Revdex.com review here.  [redacted] The company is clearly not looking out for the best interest of their consumers and is therefore a company we do not wish to have in our portfolio.  Please let me know if you have further questions.Sincerely,[redacted]

We at Dealstruck do not purposely mislead our prospects, and that was certainly not the intent with Ms. [redacted].  We escalated her loan to the most senior decision-maker and re-reviewed the company financials.  
We want to lend to small businesses, but we also have risk guidelines that we need to adhere to.  Unfortunately we are not able to approve Unique Blinds for a loan at this time.