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Businiess name:
Veritech Financial Service LLC
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Review by:
citysearch c.
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Review content:
Company purchases debt using outside lender funds. The founders (Lee Milholland and Helene Huffman)solicted junior lenders (15%) participation failing to notice the junior lenders of a cross collaterization provision with Veritech's senior lender. Furthermore, the founders published incorrect monthly activity reports to the junior lenders thought to deter inquiries about Veritech's financial problems. The Senior lender invoked the undisclosed colleralization clause against Veritech 5 months prior to Veritech noticing junior lenders of it's financial difficulties. The founders noticed the junior lenders of Senior lender's actions 2 weeks after the final portfolio funding. Veritech's founders to date have cost the junior lenders in excess of $400,000.00 (not withstanding interest due on principal). Recommend never doing business with either of the founders ( Lee Milholland and Helene Huffman).
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