Good Afternoon everyone, I have a little bone to pick and want to make sure you all are careful when/if you use Providence Capital Funding for any of your less than stellar credit deals. We had a conversation with Providence about a year ago and they gave the typical spiel about how they will approve anyone no matter what etc. I sent them a deal for one of our larger customers who manages lots of commercial buildings for owners all over the southeast. The customer does not put leases of the owners buildings in their names and the new owner of a building had no credit established. Providence said no problem. Customer agreed to give a deposit of 1/2 down to establish credit and get the lease done on 24 months. Providence took their 2500.00 deposit cashed the check and then started playing games and the deal never got done. No phone calls, several conversations about the person who signs the lease not being able etc etc.
The customer purchased the equipment from us outright and then tried to get their deposit back and Providence told them no that the deposit was theres even though we never fully did a deal with them.
Some here may say too bad you send someone a check and never know what will happen but I would be careful using them for any leasing.