Based on my experience I would highly recommend to all potential borrowers under any circumstances not to deal with this establishment leading by Gordon Hone. Do yourself a favor stay away as far as you possibly could.
Let me share my experience with this firm who seized very last penny from suffering small business owner during deepest economic downturn.
One year ago I borrowed 1 year commercial loan at 11.99% to open a small business. I successfully achieved my goals by acquiring financially stable company that has been on the market for over 30 years. The renewal date happened to be when COVID-19 reached Canada. My business the same as 96% of businesses all over the county sustained significant financial impact. I asked Mr. Gordon Hone if he could possibly reduce percentage rate the same as Bank of Canada has done in accordance with current market condition.
Please see his answer below:
I will be forwarding your request to the Lender to see if they have any further room for rate reductions but its my opinion that they have offered you a very competitive rate on the renewal.
Ontario Brokerage #10428
Of course my rate has not been lowered even by decimal of percentage point.
I hope these earnings that Mr. Hone took away from my company and my children would bring plenty of financial stability to Armada and really hope that he would enjoy every single penny that he collected from this unrealistic lending rate that he has set.
3/31/2020 9:57:30 PM