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  1. #1

    VEDC Lending is a Scam! Valley Economic Development Center

    Valley Economic Development Center
    5121 Van Nuys Blvd, Suite 300
    Sherman Oaks, CA 91403

    VEDC is a scam and the company is run by crooks. They scammed me with a predatory loan that a business could never hope to pay back. What they did to me is not right and you can be sure we are headed to court. VEDC agreed to a 7.5% fixed loan and I ended up paying 10%+ in hidden interest & fees after closing. Additionally they charge close to 1% in servicing fees. None of this was noted in the paperwork. Additionally, my 150k loan had 30k in closing costs and hidden fees. At the end I only received $110k of capital. I don't know what I was thinking, I was so naive in taking a loan with them.


    They've "lost" many of payments and over-calculated interest. They do sneaky things like peg rates to 3 month vs. overnight LIBOR. Additionally, they wont work to correct the issue, even when you have proof, so you end up paying more in fake fees. They'd rather foreclose on your property then work out a plan. I now understand the plan from the start is to screw the borrower so VEDC can foreclose on their property and collect more money.


    I previously thought that lenders wouldn't maliciously increase your principal balance, but this is exactly what happened! Its completely unbelievable and unacceptable. What a greedy and unethical company, I cant believe they are still operating. BEWARE VEDC RUINS LIVES! You can be assured they will just tack on and collect more fees in the foreclosure process. I wish I never heard of VEDC, its been nothing but a nightmare. They lose payments and attempted to accelerate the loan in less than 30 days. I would never EVER borrow from them, go to a trusted SBA backed lender at a local bank or CU; you'll get a much better rate, and someone who looks out for you. Not this group of cooks.

  2. #2
    Join Date
    Oct 2017
    Posts
    1

    Re: VEDC Lending is a Scam! Valley Economic Development Center

    Hi there,

    We've responded to your other reviews online, and would like to do the same here. We're sorry you had a negative experience with VEDC, but we've shown how hard we work to help you meet your goals, and we feel your review is not completely honest. The loan's terms and repayment schedule was agreed upon before signing. We did not change the terms, we did not hide any additional fees, and we have presented many alternative resolutions to help you meet your repayment schedule. We are a non-profit CDFI, and our mission is to support small business, not take advantage of borrowers. We hope that our 40-year history of proud, successful clients speaks to our dedication to building strong and independent businesses in California and across the United States.


    We will continue to walk with you through this process, and are available for questions or requests. Thank you.

    -Matt
    Last edited by VEDC; 10-24-2017 at 01:15 PM. Reason: removing private information

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