ComplaintsforVaster LLC

• Initial Complaint

  06/11/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  In December 2016, I ******************************* and my partner ********************************* took out an Interest only Loan with Vaster LLC, ("Lender") in *******. Pursuant to these loan documents, (the Guaranty and Promissory Loan, the fixed interest rate was 9.5% per annum and the Loan Term with all valid extensions to date matured on February 1, 2024. In February 2024, I executed a Loan Extension of the term to avoid default and extend the loan which I paid $5,000 to the lender additionally to my monthly interest payment. Without any authorization or signed release on my behalf from the Lender, ********************* and ***************** have been unilaterally trying to "force me" into a refinance my loan with their company. ****** has exerted pressure and economic threats to foreclose on my property because they want to steal equity out of my property. Currently, I have an approved loan vehicle to pay off the principal loan to Lender which we are ready to close on. Unfortunately, and the Lender and their attorney are attempting to add $11,921.24 in made up fees to my payoff in the guise of "refinance efforts" exerted which do not exst because I never agreed to a refinance. There are no authorizations to begin a new loan. This refusing ot correct the payoff is consumer fraud and deceptive bad faith. None of the additional fees are supported by any legal documents. I am a 70 year old man and the moment ******, ***************** and ********************* started pressuring me to enter into another loan in the middle of my extension, I hired counsel to stop all movement and efforts. Also the Loan Extension that I signed in 2024 attached, was SOLELY for a Term extension. In that extension the Lender is trying to use language that is illusory to bind me and justify his tacking on $11,921.24 in fees to my payoff, post the extension. This is preventing my new lender from paying off the principal balance closing. Time is of the essence I want the fees removed I am ready to pay the true balance only.

  Business response

  06/21/2024

  Kindly allow this to serve as Vaster Loans'Response to the Complaint submitted on June 11, 2024. On June 14, 2024, the Vaster ************ in good faith, invited the claimant and his attorney to join a telephonic conference to find a resolution to the issues alleged in the Complaint.  During the conference, the claimant requested to remove the refinancing costs (i.e. $9,803.78) from the payoff of the loan. Vaster explained the affirmative actions taken by the claimant to engage in the extensive refinancing efforts with Vaster in light of the matured loan,as extended. In conclusion, the parties reached a fruitful settlement where Vaster waived its refinancing costs, in exchange for the claimant withdrawing the Complaint prior to Vasters response deadline. Although Vaster submitted its updated payoff without refinancing costs to the claimant in compliance with the settlement, the claimant and his attorney did not honor their obligation to withdraw the Complaint.  As of the time of this Response, the Complaint has not been withdrawn, evidencing bad faith and/or loss of credibility on the part of the claimants attorney, who is in breach of the Florida Bar Ethical Code of Conduct.
  
  While the issues raised in the Complaint should now be considered moot in light of the resolution, Vaster Loans will substantively address the claims made in the Complaint. There is no dispute that the claimants loan has matured, as extended. Per the terms of the loan documents attached to the Complaint, Vaster Loans commenced exercising its legal remedies in light of the maturity default that was not timely cured by the agreed extension deadline. These remedies include, without limitation, the recovery of reasonable attorneys fees and costs for collection efforts in light of default. See, e.g., Promissory Note, 4(d), (e), 6; see also Guaranty, 1(m) ([T]he parties expressly understand and agree that Guarantor is also fully responsible for all costs of collection with respect to amounts guaranteed, including, without limitation, reasonable attorneys fees. It is expressly understood and agreed between the parties that this Guaranty is enforceable whether or not Lender seeks recovery against Borrower or any of the Collateral securing the Loan.)
  
  The Complaint insufficiently describes what actions allegedly constitute consumer fraud or deceptive bad faith.  To the extent the claimant considers the refinancing efforts with Vaster to be consumer fraud, the claimant actively engaged in refinancing efforts, including producing information and/or documents to attempt a refinance with a conventional loan for which he ultimately did not qualify.  Via email on March 27, 2024,the claimants counsel acknowledged the claimants participation in the refinancing efforts with Vaster, by writing: Please confirm this closing for the new loan will be postponed for another week so I can confer with my client on the terms.In addition, please provide me with the *** and your payoff in case the Borrower finds alternative financing.  No evidence was provided in the Complaint to support the claims of coercion or economic threats.
  
  Vaster Loans continues to maintain good faith with the claimant to finalize the settlement reached between the parties.
  
  Please do not hesitate to contact us if additional information or materials are needed to resolve the Complaint. We are available to answer any questions.  Thank you.

  Customer response

  06/22/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. Also the Client has provided settlement as agreed. I wish to dismiss this action.
  
  Sincerely,
  
  *******************************

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