NEWITY LLCReviews of newitymarket.com

I should have just did the SBA through a local bank. It’s not what I expected in doing a SBA for the first time. This was the most laborious experience I think I’ve ever been through on funding. Took 5 months and giving different people departments the same information over and over again. It would be nice if they had a list of everything in the first initial that to trickle you along. I thought the SBA would be a whole simpler since the US government is backing the loan for the lender. I basically had to provide everything you could imagine besides bloodwork and a colon exam. Long story short I did get funded but once we got all the way to signing the documents I had to approve that some of the funds who go to paying off my business line of credit and closing that account. It’s the funds that float us between draw schedules at times. In the initial approval none of that is mentioned just that it’s going to closing documents. That portion took 1/3 of the loan. The final frustration is that their closing cost was $7,500 on a $150k loan and then SBA supposedly got another $2,550 so just a bump over $10k at closing which they tell me I quote “ those details are SPRINKLED throughout the documents I signed. I’ve paid less closing cost on $500k property before. In the end I won’t do again through NEWITY. It felt sleasy in the end. Not enough time to write the whole experience once it got to the end but that’s where they hang you. Beware Be aware they are going to give you 2 months before your first payment but at the end of 2 months you will owe more than the loan. As soon as you can make that first payment!

I can't access our account at all.

Poor communication Internal Processing Issues. Length of Time to Process

I was looking to expand and open a new building. I spent two to three months working on this loan having 10 options to choose from they convinced me they were the best. Asked for $300k, after the first week they dropped me to $150k. Then they got me in at $173k about 2 weeks in on the deal explaining it’s because of my P&L and I’m out of season even though they can clearly see that I’m seasonal on all my Bank statements for 3 years and the first 1/4 of the year we take off. But at this point I was a month in and couldnt risk the time frame I was working with to secure the funds. Moving forward almost a month and a half later and their employees taking vacations for a week at a time and leaving me nobody to work with we finally made it to closing about two and a half months in. At which they let me know they are giving me $92,000 with fees that come out first $87,000 less than a third of what I need. Almost three months in to get switch at closing. They are shady and dishonest, when I confronted the underwriter helping who I had been dealing with about the $173k had already known and he is the one that made the call not saying a word to me and sent it all in anyways. He didn’t any to tell me but wanted credit for the submitting of and approved loan showing he did his job. The people at closing were nice which is the only reason I gave it 2 stars. Don’t trust them.

Took wayy too long, had to send duplicate information a few times. People wouldn’t respond. Was sent to I believe 5 different people. Maybe 4

It was not good at all, you guys need to communicate better and keep the customer informed as well keep better track of the paperwork sent to you to move the process forward. Fontaine was all over the place.