They looked at your cash flow and expenses and decided you were not a suitable loan candidate. It is part of the process. Check the papers you signed.
I disclaim everything and make no represention of the applicability or accuracy of anything I said here. You are not my client; i am not your attorney. I thought about making this disclaimer as a poem and quickly decided not to do so. Robert Frost can sleep easy.
You will need to read your contract with these folks. That is going to control as to whether they breached their agreement with you. I would bring the agreement to a lawyer can read it and help you determine your next step or if there is a next step.
Every thing that I am saying here is my opinion and it is not based on any particular case. My response is just unsupported general information. If it helps you to resolve an issue that's great but do not rely on it as legal advice because it is not based on the facts in your case and it is not based on any specific legal research. Answering this question creates no relationship between the writer and reader of the writing. I am not your attorney now, nor have I been on the past. If you just want to comment please do that on AVVO where the price is $0.00. I do typically respond to all AVVO comments.
Typical. The vetting process spelled your doom.
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Confirm no security interest was granted. It is not uncommon for unethical capital lenders to take security interests, make no advances and then demand processing fees at inflated prices and refuse to release the security interest liens unless their processing fees are paid in full. Run, do not walk, to an attorney.
The answer above is only a general statement of the law and not intended as legal advice. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific legal advice. It is not meant to create an attorney-client relationship. The choice of a lawyer is an important decision and should not be based solely upon advertisements.
Please look at your contract and please take your contract to an attorney to help you determine your rights and remedies under the contract. Did you grant the company a security interest or lien in any of your business assets? Have they provided you with their reason for not funding your business? What does your contract say about the asset review/funding application process and your rights and responsibilities in connection with that process? Review the contract with an attorney for assistance.
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