Villa Nova Financing Group
Client Review on Villa Nova Financing Group
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Let me start by stating, I RARELY post reviews (positive or negative). However, since my experience with Villa Nova was so negative, I feel it my obligation to try and prevent others from sufferig a similar experience. We utilized this company as our mortgage/SBA loan broker in acquiring our financing on a second property involving a Small business loan for a startup family business in NJ. Throughout the process we were serviced by Terrance, Who in the beginning seemed knowledgeable of the process and of our potential options, however this initial perception was short lived. We were informed of our options up front, which entailed pursuing an investment loan with 30% down, or an SBA loan. Terrance proceeded in explaining the benefits of the SBA and how we can maximize our available startup capital with a minimum down payment. He also explained the SBA process and packaging fees, etc etc with an estimated cost of closing. SOUNDED GREAT!!! It would maximize our capital allowing us to complete the build of the business and have operating funds to help cover costs as the business gets off the ground... and then the tides turned... please note, myself and my wife both have credit scores 800+ and had SIGNIFICANT startup capital saved up, plus the fact that we were starting a business. IMO, financing institutions would be chomping at the bit to gain our business. Sure enough, right off the bat we had 4 matches. GREAT NEWS. Terrance proceeded to do his “behind the scenes work” (to this day I have no idea what that is and what justifies their HUGE FEE). We were linked with First Republic Bank! Never heard of them? Us either!!! And we were never informed of our “other options”. According to Terrance, this was the BEST one. So great, we were rolling. Now we had to satisfy all of the discovery and red tape associated with the SBA process. Now, fortunately, the property we were purchasing had much / all of the information required for the SBA application, HOWEVER, Terrance and team managed to not submit the (CRITICAL) oil tank sweep report, immediately triggering an environmental 2 phase soils testing and report development requirement. This mistake cost us over $10,000.00 and about 1 month in additional closing time (WHOOPS?). After many further tense and frustrating developments, and about another 6-8 weeks delay due to lack of responsiveness by Villa Nova in information transfer. we were finally ready for closing. Surprised to find, closing costs and SBA packaging fees exceeding the original estimate by 3X ($30k)!!! As we pulled up to ‘first republic bank’, we were blown away..., it was not a bank at all!!! It was some back door office complex in the middle of NOWHERE boasting another crew that was completely unprepared and clueless. Since closing on our SBA, our interest rate has been increased 2% per year like clockwork. Locked into this nightmare, and in hindsight, we would have never used this company and pursued financing through our own personal means. Villa Nova was a complete WASTE of $15k. Steer clear of this company, and if possible, the use of ANY mortgage broker. And steer clear of first republic bank!
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