ComplaintsforHanover Capital Group

• Initial Complaint

  10/16/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Unresolved

  More info

  I am a pizzeria owner in ******* ******** for the past 27 years with triplet 16 year old children. I was reached out to by this company Hanover who said I was qualified for an *** loan of 687K, so that I can expand my business. They promised over and over that it was a guarantee, but first they had to build my business profile, they charged my bank account $6100 to do this. then they told me that I had to take a bridge loan from On Deck for 95k. They said I would only be paying this back for 4-6 weeks while they report my payments of $2500 a week. Once the 687k comes in it will be used to pay off On Deck, and the remaining money I can use to expand. But the "BRIDGE LOAN" that I did not need pays back 33k in interest in 1 year. This was a complete scam to rob me of over 40k, because of course they had no connection to the *** at all. The ring leader of this scam company is *******************************. He is the evil master mind of this scam to hurt me and other hard working legit business owners. But the guy I dealt with the whole time was *************************, and according to the texts at the end that I uploaded, along with the overview of the deal, he has put in his 2 weeks notice he is quitting and can not hurt anymore people, that I will be the last victim he is involved with. I tried to give money back to On Deck, but they will not help, and they are guilty ******************* of doing business with these crooks. I want Hanover to never be able to put anyone through what i have been through since August 1st. I want them to refund my $6100, plus pay the interest of my On Deck loan that I only took out for their scam. I have been mentally and physically sick over this in the last 3 months, and hope you guys can help.

  Business response

  10/18/2023

  Dear ***** *********
   We acknowledge your recent complaint against Hanover Capital Group regarding the *** loan application process. We would like to address the concerns you've raised.
  First and foremost, we appreciate your interest in obtaining an *** loan through Hanover Capital Group. We understand that securing financing for your business is a crucial step in its growth and development. Our team worked diligently to facilitate this process, and we have taken your concerns seriously.
  It is important to clarify that, in fact, we successfully secured the *** loan you applied for. Our team worked closely with you to improve your business credit, and we were able to obtain approval for the loan based on the merits of your application. We were pleased to offer you the loan.
  However, it came to our attention that you declined the loan offer because you were uncomfortable with the requirement of putting your house as collateral. We understand and respect your decision to protect your personal assets. *** loans often do require collateral, and this is a standard practice to mitigate risk for lenders.
  While we regret that you were dissatisfied with the collateral requirement, we acted in accordance with the guidelines and policies set forth by the ***************************** and the lender. Our primary goal is to assist businesses in their financial needs and to provide them with the best possible solutions, which we successfully did.
  We are committed to helping small businesses like yours succeed, and we remain at your disposal should you have any further questions or concerns. Our team is ready to explore alternative financing options that align more closely with your requirements and comfort level.
  Thank you for bringing this matter to our attention, and we value your feedback as it helps us improve our services. We appreciate the opportunity to serve you and look forward to continuing to support your business endeavors in the future.
  Please feel free to contact us at your earliest convenience to discuss any further questions or alternative financing options.
  Sincerely,
  ***********************. Hanover Capital Group 

  
  
  
  
  
  

  
  

  Customer response

  10/24/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  [Your Answer Here]   This  response is as ******* a lie as has ever been told. You yourself got on the phone with me 3 days before i decided to accept the loan that you forced upon me by making the GUARANTEE!, that the 687k i would receive from the *** to expand my business would be on ****************** and not personal. If I wanted to get a loan and pledge my house, I would not have needed you, or to pay you the $6100 you stole from my account to enhance my "business credit" which was  irrelevant at the end.

  In addition to that, it was not the 687k you told me I was approved for,  it was going to be 350k, and 125k of that would have to go to pay back the original loan I lose 33k on in 1 year, that I did not want to begin with. In addotion to that, the ************************ who you had working with me the entire time was quitting your firm, because of how bad he felt By deceiving and misleading me every step of the way, and the texts i provided prove that. Reading your response of how you are there to help small businesses find financial solutions, is the exact opposite of what you do. You are only interested in your own personal gain, and will lie and hurt others to obtain your own goals. I dont want any business owner to ever get hurt and caught up in your web of false promises, and lies, like I did this past 3 monts. I would love to here what your x employee **** would say and feel about your response. I submitted phone call where he clearly stated that this was a BUSINESS LOAN, and that was the misrepresentation, that you guya make, to furthur hurt hard working business men like myself, that has worked so hard this past 27 years in my small pizzeria to provide for my family. I absolutely reject you response, I would NEVER EVER  do business or recomend anyone else to ever do business with yoir firm. You will NOT use this feedback to improve, because you are the ring leader of making others make falae claims on your behalf. The pain you have caused me financally, mentally, and physically, this past 3 months, hopefully never happens to anyone else again.

   

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  *********************
  
  
  
  
   
  

  Business response

  11/27/2023

  Subject: Re: Response to Complaint ID# ******** - **********************
  Dear *********************,
  I hope this message finds you well. We appreciate your continued communication and understand the concerns you've raised regarding your experience with Hanover Capital Group.
  Firstly, we want to express our sincere apologies for any frustration or inconvenience you've experienced throughout this process. We take your feedback seriously and aim to address your concerns to the best of our ability.
  It's important to clarify that as a brokerage firm, our role is to facilitate communication between clients and potential lenders. We do our utmost to advocate for our clients, providing guidance and support throughout the loan application process. However, the final decision on loan approval ultimately rests with the lending institution.
  Regarding the $6100 payment for the Business Credit Enhancement (BCE) program, we want to assure you that we have diligently worked on your behalf to fulfill our contractual obligations. We understand your disappointment that the expected improvements in your credit score with *** & ********** did not materialize as anticipated. We share your concern and acknowledge the significance of this matter.
  Regarding the delay in securing a loan or line of credit, we understand your frustration with the time it has taken. We are actively working to explore alternative options and have identified potential lenders, including Newtek. We appreciate your patience in this matter and apologize for any inconvenience caused by the delays in our communication.
  We acknowledge your request for a refund of the $6100 and understand the importance of resolving this matter promptly. We are committed to addressing your concerns and will initiate a thorough review of your case. Our goal is to find a fair and reasonable resolution that meets your expectations.feel free to contact me ************ and together come up with the best solution
  Thank you for bringing these matters to our attention, and we appreciate your continued patience as we work to address your concerns.
  Sincerely,
  **** * ************** ******** ******* ******* *****
  
  

  Customer response

  12/05/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  [Your Answer Here] This is and was a complete scam. I have recorded conversations where they claimed I was approved for this Sba loan already. Now in their response the ultimate decision is left to the lender. I wamt the $6100 refund, as a bare minimum for all the trouble im currently going through with the loan i currently have that i did not need with a 1 year 35% interest rate. THIS IS LOAN SHARK NUMBERS. This was all a set up, then they tried to get me to borrow more money to pay that loan off. On top of that I had a perfect business credit score with a personal score of 750, i have no clue what this response is even saying. I called the phone number on the response and got no answer. I will not stop, the attorney general is next, untill i get my money back. Im not going to just another victim who does nothing about the scam that company is using to lure in business owners who are hurting. My number is ************ you can call me if you want to give me my $6100 back. I had to hire a team of atyorneys to deal with the bridge loan witb On Deck. 

   

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  *********************
  
  
  
  
   
  

• Initial Complaint

  05/04/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Good Afternoon:My name is **** ***** and I have a business that I registered/opened with the state of ** on 2020. Last year, around or before May 2021 a friend of mine and other people applied for the government loan for small business with Hanover Capital Group. According with ******************* who is the ******************** Partner of the company Hanover Capital Group because my business was new I needed to open an EIDL loan and which I did and order to get the small business loan by the government. To start the process, On May 18, 2021 I email him a void check that was needed to process the application. Soon after, I emailed ******************* the void check I received an email from a different company called ************************ that I have to sign the electronic contract via DocuSign which I did. With the days and months passes I continue calling and email him because I wanted to have the loan to get my small business running. A friend of mine, we called the SBA(Small ************************ and we find out that there was not an application under Mine business(**** ********* and **** ***). I never received the loan and I started paying cash advance every day for $204.55 and also paying interest as well. Paid more than ********* dollars and I never received the loan. Other people that applied for the loan did not the receive the money as well.I attached all the information that I have.Let me know if you will need more information regarding my complaint My address is ************************************************************** and contact number is ************ or ************ Thank you **** ********* and **** ***.

  Business response

  10/18/2023

  Dear **** *****,
  I hope this message finds you well. We recently received your complaint regarding the SBA loan application we assisted you with through Hanover Capital Group. I understand your concerns and would like to address them.
  First and foremost, I'd like to clarify that Hanover Capital Group does not guarantee or underwrite loans, including SBA loans. Our role is to assist and support our clients throughout the loan application process, working diligently to help them meet the necessary requirements for loan approval.
  In your case, we worked tirelessly to ensure your application was well-prepared and submitted in accordance with the SBA's guidelines. However, during the initial stages of your application, it became evident that your credit score did not meet the SBA's requirements, which presented a significant challenge in securing the SBA loan you were seeking.
  Given the limitations related to your credit score, we advised you that it was essential to wait for your credit score to improve, as this was a crucial prerequisite for SBA loan approval. We continually monitored your credit score and kept you updated on its progress, but it was ultimately a matter that fell outside of our control.
  In the interim, you expressed the need for financial assistance, and after careful consideration, we were able to secure a Merchant Cash Advance (MCA) loan that met your immediate requirements. This alternative option was pursued at your request, and we successfully facilitated the process to ensure you had access to the necessary funds.
  Please understand that our primary commitment is to assist and guide our clients through the loan application process, doing everything in our power to improve their chances of securing the desired loan. However, the ultimate approval for SBA loans is determined by the SBA itself, and creditworthiness is one of the key factors.
  We appreciate your patience and understanding in this matter, and we remain dedicated to helping you achieve your financial goals. If you have any further questions or concerns, please do not hesitate to reach out to our team. We are here to support you in any way we can.
  Sincerely,
  **** *******  ******* ******* *****
  
  
  
  

• Initial Complaint

  08/25/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Hello, this company called me and asked was my company interested in them helping me get the EIDL loan from the SBA. They guaranteed me after submitting my documents that I was getting $225,000. They then came back to me and told me that in order for me to get the loan, my company which had no debt had to show that I had aggressive debt. They persuaded me to take out an $18,000 loan with a payback of $25,000 to show the sba this is why I needed the money. I did that and after about 3 weeks of going back and forth they told me they could not get me the loan. I spoke to a worker and she told me that this is what they do and how they make money for the company. I’m so pissed that they can get away with this. I just want to pay back the $18,000 and be done with this company that committed fraud against my company. Why should I give them an extra $7,000 for tricking me into a fraudulent loan.

  Business response

  10/18/2023

  Dear *********************,
  I hope this message finds you well. I understand that you have expressed concerns regarding the *** loan commitment you expected from Hanover Capital Group. We appreciate your feedback and the opportunity to address your concerns.
  First and foremost, we would like to clarify that at Hanover Capital Group, we never guarantee any loans, as it is not within our purview to make such commitments. Our role as a financial intermediary is to facilitate connections between borrowers and lending institutions, striving to find suitable financial solutions for our clients.
  The commitment we can assure you of is that we always do our utmost to assist you in securing the best financial options available in the market. We work closely with a network of lending partners and guide you through the application process, ensuring that your application is strong and competitive. While we cannot guarantee loan approvals, we are committed to providing you with our expertise, resources, and support.
  It is essential to remember that the approval or rejection of a loan application ultimately rests with the lending institution, which evaluates applicants based on various factors, including creditworthiness, business plans, and financial history.
  We value your trust in Hanover Capital Group, and we apologize for any confusion or misunderstanding that *** have arisen regarding the loan process. We remain dedicated to assisting you in any way we can to ****************** you need.
  If you have any further questions or require assistance with your financial endeavors, please do not hesitate to contact us. We are here to support you in your financial journey.
  Thank you for choosing Hanover Capital Group, and we look forward to working with you to explore other financial solutions that align with your goals.
  Sincerely,
  Haim Lallouz  Hanover Capital Group

  
  
  

  
  

  Customer response

  10/24/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  [Your Answer Here] I want to be reimbursed the $18,000 I was *** of. 

   

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  *******************************
  
  
  
  
   
  

*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. ↩