On October our Company entered into a written Lease agreement with Newport Financial Partners LLC. Newport agreed to finance $234,000 for the purchase of four pieces of equipment. Newport represented to our Company that they were lenders, and that the source of their capital was a revolving line of credit at Wells Fargo Newport Beach Ca. (Birch Street branch).
Newport expressly stated that they were not loan brokers, but rather they were the lender. They made assurances that when the first and last month payments were received they would fund the transaction.
Our Company sent the first and last month payments and Newport did not fund the deal.instead, Newport began to shop the deal and blame our Company for their inability to finance or find funds for the deal. We asked that Newport return the money and they have not returned it. Newport has had our money for six weeks, and they have not funded the deal or returned the money. We got tired of waiting for funding and wanted to take our business elsewhere. We lost valuable time and over ten thousand dollars dealing with the sleazy Newport guy Richard Nicholson.
We called Wells Fargo Bank in Newport and we were advised that Newport Financial Partners did not have a line of credit there, but just a regular business account. This was a bold lie to lure us in. After Newport got our cash, they began to shop for financing with other institutions. They are not lenders, they are brokers. Beware of Richard Nicholson, he tells bold face lies to get your $ and he is not to be trusted.
If the folks at Newport are reading this, RETURN OUR MONEY!
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