Quaker State Commercial Finance Butler Pike, Conshohocken

Be very careful dealing with Direct Funding Club (DFC), Fisher Enterprises LLC, or Quaker State Commercial Finance. I was contacted DFC that they offer term loans for small businesses. I applied and within a very short amount of time I was given a term sheet from Fisher and Quaker State. I did due diligence finding numerous reviews from folks stating the issues they had from these companies. I raised this with DFC as they were the originating broker, and they told me "Its a few people, etc." they do "hundreds of loans a month" then provided me with supposed loans that were closed, but I couldn't find or locate the businesses they provided to verify. I decided to unfortunately trust DFC. I paid retainer fees to Fisher ($2500) and Quaker ($4500), which now I know is strongly discouraged for customers seeking loans. I spoke with a few folks at larger institutions in the industry, and the SBA help line also states that is a concern. Every agency I mentioned this too, if brokers feel they can lend the money the brokers can wait until the money at closing is funded to collect their fees. After being strung along for over two months by all parties, I was told there would be no loan claiming I misrepresented my business. When I asked for clarification, I was told I misrepresented my business profit. Here's the kicker, no where on any application or phone did I state what my business profit is. I have all the documents, someone along the way either doctored my file or they are using this as an excuse to keep the retainer fees. No one will state who made my file or where this information came from, but the brokers now state they are entitled to keep my fees without a loan. The only info I was asked to provide was a basic application, which only asked for my business and personal information (name, addresss, DOB, etc). The only financial information I stated was my rolling 12 month business sales, otherwise I only provided 3 months bank statements besides the application. I also have numerous phones calls recorded from DFC who claim they believe this was scam and they had numerous customers who were out money due to the actions of Fisher and Quaker. I only asked all parties did the ethical thing and return my money as I never misrepresented my business nor would I have proceeded knowing the information they used was incorrect. This issue has caused a severe depressive state, I have come close to committing suicide numerous times due the financial and emotional strain this process has caused. My advice is do not do business with any of the folks mentioned. Make sure you have every communication prior to the agreement to see how this process started and all information they used to generate the term sheet. Based on reviews on various sites I am not the only one this happened to. I believe all three parties worked in conjunction in this process that caused me to lose money.

They do business in a very deceiving fashion. They were represented as a direct lender and we received a term sheet with specific numbers indicative of a direct lender. We paid the due diligence which would be understandable for a lender but out of line for a broker, which is what they turned out to be. And not a very good broker at that; we had a 3 month run around only to have them bring us another term sheet that asked for additional due diligence fees. We went elsewhere and received 2 term sheets from real direct lenders within one week. Do not do business with these people.

I believed that their $6,000 "due diligence" fee was going to be credited at closing. It isn't. While all their practices are legal, I wish I had read my agreement more carefully. Do not use this company, go directly to the bank instead.

I strongly recommend working with Harold. He is straight forward when going through the loan process.