OFC Capital a division of Alpha Financial Corporation
576 Colonial Park Dr.
Any lessors contemplating entering into a UNL Agreement with OFC Capital
should be aware that if your lessee does not make its first payment on the
exact first of the month due date you will be asked to recourse the lease
100% as a first payment default.
We recently had a lessee fail to make their October 1 payment due to
insufficient funds caused by a deposit which the lessee had received
containing a bad check. Thus their payment to OFC bounced. On the 8th of
the month we received a letter from OFC demanding that Dimension by back the
entire transaction as a first payment default under the UNL. The lessee
also received a letter accelerating their lease balance!
The lessee then called the president of OFC, Mr. Leas and OFC's attorney's
who wrote him the letter regarding the lease acceleration. He (the lessee)
explained what happened and that he wanted to wire funds for the payment
which was only 8 days late!! Neither Mr. Leas or the lawyer would forward
him wire instructions so that he could make the payment.
The following day, Dimension received a letter from OFC's attorney's
demanding repurchase of the lease due to the late payment of 8 days.
Should you require any further information please contact me.
Dimension Funding, LLC