Univest Bank and Trust Co. Review

2.3/5 - (3 votes)

This is an archive of a consumer complaint published against Univest Bank and Trust Co. at DirtyScam.com-

 

Business Details –

  • Name: Univest Bank and Trust Co.
  • Address: Germantown Avenue
  • City: Philadelphia
  • State: PA
  • Phone: (215) 242-3550
  • Website: http://univest.net
  • Reported Loss: 3651 $
  • Severity of Scam: Medium

 

Original Complaint against Univest Bank and Trust Co. published at DirtyScam.com says, verbatim –

 

BEWARE! PREDATORY LENDER! Valley Green Bank has some nice people working for them, but I highly recommend that you NOT get a loan from the Univest Bank and Trust Co!I took a mortgage out with VGB for a residential property that I own.The LTV on my loan is 60/40. The bank gave me an interest rate of 7% and charged me 3 points on the front end of the loan.At the time, prime was 4% and you could get a 30 year mortgage for under 4%.I had to get the loan at the time because of the credit crunch.I owned the property under a single member LLC. Hence, it was tough to get a loan for an entity.VGB is a model of predatory lending. I recently sold my house and I closed on my loan.When I asked for my payoff they quoted me a higher rate that the initial principal that I started.I paid every payment on time and over the course of 3 years I paid over $35,000 in interest only, plus the 3 points on the front end, and here is the kicker.Buried deep in their mortgage documents, a prepayment penalty!Here are the stats on the loan I was given: Principle: 170,000, personally guaranteed 5 Year Balloon 7% interest Interest Paid: (Over 3 years): $35000 Points on Front end: $5100 Points on Back end: $3300 Bank made: $44,000 in interest on a 3 year loan.It’s illegal to charge a prepayment penalty on a mortgage for a residential mortgage in the state of Pennsylvania for a loan under 244,000.Even though this was a loan that was secured through a single member LLC and it was a residential property, they exploited a loophole and stuck me with a prepayment penalty after I paid points on the front end and a inflated interest rate.They refused to waive the prepayment penalty and waited to give me a payoff letter until 1 week before settlement so I was stuck.DO NOT DO BUSINESS WITH THIS BANK. BUYER BEWARE. PREDATORY LENDER

 

Univest Bank and Trust Co.

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