One Source Business Capital came recommended as slow but resourceful. Does anyone have experience with OSB Capital, David Marcantonio or Victoria Pelka? They have nearly killed my deal.
I have a deal that requires a non-SBA conforming loan (I'm buying a company in the financial services sector). I had a solution in place through a regional bank over a month ago, but OSB Capital insisted they had a lending partner who could fund our deal with an "Alternative Lending Program" (ALP) at "better than SBA terms".
I can confirm they are slow. They have had financials and all requested documents since 4/5/24. After 3 weeks of working on our "prequal" they came back and confirmed they had a partner who could fund it and shared verbal terms. We immediately crafted an LOI based on these terms but requested something in writing from the lender... pre-approval or something to substantiate we weren't shopping a phantom bank's terms to our sellers. A month later, they have yet to produce what we asked. We contacted their supposed contact at the lender (Newtek) who indicated they did not have any ALP for financial services acquisitions.
Mistakes happen but David (owner of OSB Capital) is insisting as of yesterday we haven't spoken to the right people at Newtek and he's going to reach out to his contact and see if there's a solution. At this point, even if he finds a solution, I question he'd be able to deliver it before the deal dies on the vine. Am I a one off? Are there others?
OSB Capital: Deal killer or resourceful?
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