ComplaintsforChannel Partners Capital, LLC

• Initial Complaint

  06/19/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  A broker at Omega Capital Partners LLC offered me a loan at 6.5%. I asked him to drop, as I was offered 5.99% by an ***. At the time, he argued, then agreed and said he would make it happen since I had an offer in my hand. When I received a Docusign to initiate loan, it had no numbers on it. I was uncomfortable; every previous loan had numbers on documents. He pressured me saying Commercial Loan is different; they never put those numbers on documents. I was skeptical, called to speak to seller. They reassured me that **** is great guy; his loans are correct. I stopped worrying, signed document, received funding. **** went into repayment, I set it up with autopay to Channel Partners, the financing company, and didnt really think about it until tax season. I ended up taking out Commercial Loan from the *** too on an excavator I was purchasing; it IS at 5.99%, I had no trouble with that loan and percentage was in fact written right on the Commercial Loan documents. Fast forward to January of 2024 I called Channel Partners and said I hadnt received any amortization/interest statements. They sent interest statement in late January. I sent it to accountant. At tax appointment in April, he said You thought this was at 5.99% interest; you have been defrauded. Its over 12.5% interest. I called the broker. He said he made no promise of actual rate. He told me, Youre a real pain in the neck. Why didnt you do your due diligence? I asked him to make good on promised rate; he said, You signed the deal; its a DONE deal. Im not changing anything. He was dishonest. He laughed at me when I said he had defrauded me. When I asked what rate he told me, he claimed remembering I was a pain in the neck, but no rate. I asked him to please consult records; he said What records? I asked how professional in this day and age could have no record of negotiations; he said he goes by docusigns, which have NO interest rate on them. He said he cant be expected to remember rates.

  

  Business response

  06/26/2024

  Dear *********,
  
  We sincerely apologize for any frustration and inconvenience you've experienced during your lending process. Your concerns are important to us, and we regret to learn that your interaction with one of our Partners did not meet your expectations.
  
  We are pleased that after several attempts, our customer service team was successful in reaching you and that we were able to offer a discount solution to help address your concerns. Our commitment is to ensure that all our customers feel well taken care of, and we are glad to be working together towards a satisfactory resolution.
  
  Thank you for bringing this matter to our attention. We value your feedback and appreciate the opportunity to make things right. Please remain in contact with our customer service team to complete the resolution. If you have any further concerns, you are welcome to reach out to me directly at **************************************************.
  
  Sincerely,
  *************************
  SVP of Sales
  Channel

• Initial Complaint

  08/09/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I bought a trailer from channel partners in September of 2021 and have been paying for the trailer since then until now. I have yet to receive any documentation to be able to register and tag the trailer to legally use it for our business. The CHANNEL PARTNERS will not handle the situation. This company is extremely horrible with customer service.

  

  Business response

  08/21/2023

  Dear ******************,
  
  I want to address your recent concerns and express our commitment to resolving them. Our teams have actively engaged in attempts to address the issues you've raised over the past 18 months. Despite our best efforts, we have had difficulty getting in touch with you directly and have not yet received the essential documents required for the titling process, as outlined in the Master Equipment Finance Agreement and Titled Equipment Addendum provided to you. These documents, including the ************** of ******** (yours and your equipment seller's) and the Signed and Notarized Title Reassignment from your equipment seller, are pivotal to the completion of the titling process.
  
  This delay has affected the standard 30-day titling process. To expedite resolution, we've re-sent the original title and related documents to you. This will allow you to reengage your equipment seller and finalize the necessary title reassignment. The mailed documents come with a comprehensive guide detailing the steps required to accurately record Channels lien on the title.
  
  Our customer service representative communicated this approach and guidance to you on August 10,2023. With the steps outlined and the documents provided, we believe we're moving toward a mutually satisfying resolution.
  
  Should you have any further queries or concerns, please don't hesitate to reach out. We deeply value your partnership and appreciate your dedication to seeing this process through with your seller.
  
  Sincerely,
  *********************
  Managing Director
  Channel

• Initial Complaint

  05/30/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I am a ROC registered General Contractor in the ****************. I engaged in a business transaction with Channel Partners, through a Broker, Infinity Capital Solutions (of *****), in good faith to purchase two pieces of equipment. They were never delivered.I wanted a Kubota Skid Steer and a **** Deere Backhoe for my construction Company, to be able to do business and projects. This transaction supposedly closed around ***** 21, 2023. I have been a victim of Fraud, at this point. I never received the equipment (Kubota Skid Steer, and **** Deere Backhoe). The delivery date was supposed to be ***** 27,2023.I feel like neither the Broker nor the Lender performed their due diligence on my behalf. There were red flags showing up when I didnt receive any credible paperwork. The broker, *********************, of Infinity Capital, kept reassuring me that this was a good deal and that they would take care of me.It seems that the heavy equipment dealership was a fraud. I kept trying to contact them for delivery information. There was no answer after days and weeks of trying to contact them.I want to see all the transaction paperwork used in this deal; loan underwriting, contracts, invoices, bill of sale, wire transfer and any paperwork used in this transaction.Channel Partners Financial, if they are a credible lender, should be able to deliver these two pieces of heavy equipment, or else this transaction is not consummate and is fraudulent. They cannot engage with the public, with consumers such as myself, in such a fraudulent matter. They have performed shady loan practices. I wonder if their company is even registered in the *********** as a certified heavy equipment lender. Now Channel wants their monthly payments. How am I supposed to pay for two pieces of construction equipment that was never delivered to me? Somebody wanted their commission badly enough to defraud me and my company.

• Initial Complaint

  02/09/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  We were referred to CIT for a business loan I had asked many questions like interest rate, can we pay off early with no penalty's or fees we were told yes no problem. The loan ended up going through Channel Partners but was always dealing with ********* that we have this loan with Channel Partners we have found out that we are stuck. it's a non-cancelable loan and we cannot pay it off early. And they said that the interest is built into the payment CIT informed us that it was about 4.9% and come to find out it has to be about 30%. We are stuck paying over $20,000. for a 5 year loan that we specifically asked if we can pay it off early with no penalties or fess and were told yes we can no problem. Now CIT won't *************, I'm sure the girl took her commission and ran. She has blocked my number as I now only go to her voicemail every time I call. Channel Partners won't talk to me they say I have to talk to the broker at CIT. So now I don't know what to do I feel that the broker committed Fraud.

  

  Business response

  03/10/2023

  Dear **************,

   

  Thank you for sharing this feedback. I regret that our transaction and process experience did not meet your expectations. Our Master Equipment Finance Agreements do state that, once signed, the loan may not be terminated or canceled for any reason. This information is always shared again during our customer welcome call, however, feedback like yours is helpful as we continuously evaluate the ways in which our contract details are highlighted and communicated by our broker partners as well. Im pleased that our customer service team was able to connect with you and discuss options to relieve your concerns. Our commitment to customer service always comes first and, as such, we have resolved this matter to your satisfaction by completing a discounted payoff that has now been received and our title/lien released. Again, thank you for your valued feedback and if there is anything we may to do further assist you, please feel free to reach out to me directly at *********************************.

   

  Sincerely,

  *********************

  SVP of Sales-East

  Channel

  Customer response

  03/10/2023

   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.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩