I am a small business owner in need of some additional capital to complete a warehouse for my business. I have received many notices from Bank of Cardiff stating I am approved for $250,000 and to call to confirm acceptance. I suspected a gimmick, but not to the following extent: | Nov 30, I call 855-234-0166 and spoke with Hashem, their licensed loan officer. Before providing any information, I requested Hashem clarify what their institution is, since I had never heard of them. He explained they are a small, government licensed bank specializing in small business loans. I asked the difference between their money and an SBA loan, and he stated his money is much faster, easier, but costs “slightly” more. | Hashem then asked if I had a wish, what would I want. I proceeded to explain I need about $1 million to complete in project, but I have $350,000 of my own funds still available. He took my request for $650,000 and quoted an interest rate of “around 10%” with terms of 3 – 5 years. I provided every requested document immediately via scan and email. He stated he would have loan approval within two days. | The follow day, I received a phone call from his underwriter who stated they could not do the entire $650,000 up front, but she would approve me $350,000 up front with the balance I needed thereafter. She affirmed the rate would be around 10%, and mentioned their equipment financing which could cover the financial shortfall immediately. | Today is December 5, 2016 and I just received their email confirming their loan terms: $95,000 for one year with a repayment of $125,000 ! | Their bate and switch business practices must be illegal along with their implied representation they are a regular banking institution. I will forward a copy of this to the California Attorney General and the FDIC local office for their review.
Name: Bank of Cardiff
Country: United States
City: San Diego
Address: 8445 Camino Santa Fe # 202