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http://www.loanconsultants.com/ The Loan Consultants, my opinion

In business credit, commercial lender, commercial loans, credit lines, loan brokers, loan consultants, Loan consultants scam, scams, The Loan Consultants, www.loanconsultants.com on June 4, 2012 by Jim Tagged: , , , , , , ,

My blog post is for anyone out there considering http://www.loanconsultants.com/ or THE LOAN CONSULTANTS – to follow is my opinion.

In 2009 I was researching several things in the commercial loan industry and came across THE LOAN CONSULTANTS. I requested information.

I got a call from their salesperson, John. He spoke to me and answered my questions and gave me the info I wanted.

Within a short period both of my parents died.

John called me back to see how I was coming along, I explained to him that I wanted time because I lost both of my parents within 5 weeks of each other. He continued to call back. I again asked if I could have more time because of their deaths and their estate, etc.

John continued to push. It was early summer and I asked to push our talks to late summer or fall. He pushed me into signing up for a training session that was a 8 hour drive away and he took my deposit.

I traveled there and found that much of the course was about things I already knew- I was a banker and lender. Yet there were a few new things and I continued to give it a chance, plus I had signed a contract and obligated.

Over the summer and fall I tried to use their sources many many times for commercial loans, leases and SBA loans. Never once was I able to get a loan approved with their ‘preferred sources’. I was able to use my own sources.

They sold the leasing program as a wonderful alternative way to earn income. I found that the leasing was just as or more competitive than the SBA loans and commericial lending.

One of the features of signing up for their service was that I could call or email in and ask one of their two consultants where I could put or source a specific loan. I could say “I have this SBA loan with 75% LTV on CRE in Ohio, which one of your places can help.”

While I believe the two consultants were helpful and seemed like great guys, the info was not often good. I asked for a SBA lender once and one of the guys gave me one SBA lender that was completely closed, one that no longer did SBA lending, and another that didn’t do it in that state. This happened more than once.

Again, my history was that I had SBA lending experience. John the sales guy convinced me that they had many many other lenders that would broaden my ability to get deals done. Again I stress that out of getting over $11million worth of loans approved that year, NONE came from lenders that The Loan Consultants provided.

True, they do provide you with a binder of lenders and leasing companies. In my opinion you can find all of these online with a few hours time. Use services like BoeFly, Scotsman Guide and similar sources instead.

It is my opinion that the Loan Consultants took advantage of my emotional state and pressured me to buy. I spent a lot of money and I will never be able to earn it back from their sources as they sold to me. I believe I wasted opportunities too. While their guys meant well, they were tough to get hold of and ultimately weren’t that helpful. I felt that the sales person upfront is/was high pressure and did not have my best interests at hand. I really wanted to make it work. My suggestion is to look elsewhere and not work with them.

Again, I was able to get loans done and be successful, but no thanks to http://www.loanconsultants.com/

In my opinion, http://www.loanconsultants.com/  The Loan Consultants is NOT worth it and I recommend that you do not buy this service.

I did address this with the Better Business Bureau as well. I did not request a refund due to the contract I signed and the duration of time (I gave them a long enough period to make it happen).

Feel free to comment below and ask for more info or we can talk by phone.

Resources:

(These are NOT affiliate links nor do I receive any referral fees, etc. nor am I affiliated with Boefly or IWF/Tyler Hicks.)

Books about being a lending consultant http://www.iwsmoney.com/financing.htm 

Boefly’s site (Free Webinars are available to learn more) http://www.boefly.com/about_us.cfm  and

http://www.boefly.com/boeFly_pricing_and_plans_broker.cfm

visit http://www.scotsmanguide.com/ to find lenders for residential, commercial, hard money and all others! Find a lender – be becareful!

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18 Responses to “http://www.loanconsultants.com/ The Loan Consultants, my opinion”

  1. Hi, I’m considering the loan consultants and came across your blog. They mention on their site that they provide you with contacts to borrowers. Is this the case and if so wouldn’t this be pretty valuable? Also, what does their service cost? As I have yet to request more information. Thank you.

    Richard

    • They did not offer that to me. I’d just say examine the details. I encourage you not to go with the loan consultants – go and try it on your own. Consider working with BoeFly, Scotsman Guide and then working with independent brokers. You can send them a deal, get paid part of the fee for it, they work on it and you go work on another. You can also work with lenders like Newtek http://www.thesba.com and get paid a referral fee once you sign up with them. I am happy to share contacts with you for SBA and other lenders – I have been in the industry for years. In my opinion, what they offer is not worth it. If you make some contacts, spend some time researching it online, make some calls, you can do better.

  2. I have also been talking with a Representative named John at TLC. I’ve been doing my homework and found your blog to be the most helpful. Thanks to your light on the subject, I will no longer continue discussing my future with TLC. Thank you!

    • Check out http://www.boefly.com, it is a good alternative.

      • Hey Jim

        I am a senior in college looking to go into business. Are you suggesting that I can use boefly as a lending source for my clients? Where can I get the documents needed to package the loan appropriately? I was also looking into TLC and came across your blog. I appreciate your advice.

        Thomas

      • I think it could be at least a big part of your lending source(s), yes. Go to the site, and you can register for free webinars. They explain nicely how the process works and you will get a better idea. I believe all the documents, etc. are available there online once you signup. I’d definitely try Boefly first and see how it goes. I can direct you to other lenders too if you need it. You can also visit http://www.iwsmoney.com/financing.htm – there are books about this type of business. I have only read one, it was pretty good, not great. (none of these are affiliate links, I make nothing from the referrals) Good luck

  3. Hi Jim.
    thanks for the feedback. I was also considering TLC but too many red flags. I just wanted to check with you if this business is worthwhile to get into now, I am not in lending but a bank IT project manager and this seems like something I would enjoy. I understand it will require endless work and much time but wanted to see if you think it is worthwhile. Thanks for your help.

    Dan

    • I’m sorry I didn’t see this for some reason I would’ve replied earlier. I do think the business is doable, I wouldn’t quit and do this full-time initially, but would do it part-time for a while as you build it up. Look at sites like boefly.com lendeavor.com thesba.com these all would allow you to do commercial lending and work with multiple lenders and get paid a fee. If I were to start out I would start here. There are other good sites to which I’d be glad to discuss. Jimfrey@hotmail.com

  4. Hi Jim. I currently work in the consumer lending area. I’m also considering Loan Consultants, however, I am looking for a source of doing consumer loans as well as commercial/real estate. Looks like they don’t offer smaller personal loans. Any advice? Do you have your own website? Their ad states they will build a website for you. Is that true? Also, are there sources I can use that will not require me to have my mortgage license? Or, do you recommend I have my NMLS? I live in Arizona. Thank you!

    • Hello yes I would strongly not use them. There are plenty of other companies to work with. First many good companies will help set up a whole marketing system do a campaign website and Facebook for about $1200 for six months. Yodle? I understand that you need a residential mortgage license to discuss mortgage rates and similar items. I do not have a residential license my wife does. I don’t handle them at all. You could do either or both. Personally for me I would concentrate on one or the other. I do think the business is doable, I wouldn’t quit and do this full-time initially, but would do it part-time for a while as you build it up. Look at sites like boefly.com lendeavor.com thesba.com these all would allow you to do commercial lending and work with multiple lenders and get paid a fee. If I were to start out I would start here. There are other good sites to which I’d be glad to discuss. Jimfrey@hotmail.com

  5. Thanks for the advice. How can I find information on getting started in the loan brokering business? Are there any books? I need a step by step how-to guide. If you have any information I would greatly appreciate it. Thanks.

    • Hello. There are some books on Amazon, specialized books at http://www.iwsmoney.com/. You could work with companies like http://www.boefly.com or https://www.lendeavor.com/ so that once you find a good loan opportunity, you sign up as a referral source, then you post deals to these sites and it finds you a lender, and if it closes and funds, you get a commission. Other sites too but these are a great start and you could operate with just them. Look for the SBA’s top lender list in your area – you can go to http://www.sba.gov and find your closest office – contact them and ask who are the top SBA lenders in the area. You can then contact them – often you can refer deals to them and they pay a referral fee – I do. Plus you can build a relationship.

  6. Thank you for the information. I am so happy I read your review. I have watched the Boefly video and will sign up with them instead. May God bless you for educating me and pointing me in a better direction.

  7. They said the training is 3 days, I have no experience prior in banking at all, I was wondering if I needed a license and if so how would I be able to do that in three days of training with TLC? It just seems to good to be true.

  8. I am looking to be a loan broker but I would like the consumer side (ex: home improvements loans) as well as business. I have had businesses before but not in the financial industry I do have degrees in finance but never had a chance in working in the field. I would like to start, on my own because I think I’m too old to take orders and don’t want employees.

    • Hello. Sorry for the delay. For the consumer side (residential) I believe that you need to be licensed with NMLS in each state. My wife is – she took an online education course, then took the test and got the license. You don’t need a license to do commercial lending. I’d suggest you look at these things….There are some books on Amazon, specialized books at http://www.iwsmoney.com/. IWS has a few books on becoming a loan broker. You could work with companies like http://www.boefly.com or https://www.lendeavor.com/ – also there are SBA lenders like http://www.thesba.com and http://www.liveoak.com that do SBA loans – and they will pay you a referral fee – often they will do much of the work. Go out to CPAs, attorney, commercial realtors. You can also go to banks and 1.) tell them that you can ‘place’ deals that they can’t do and they get to keep the deposits/relationship 2.) ask what kind of deals they are looking for so you can refer to them.

  9. Thanks Jim for the great information. I am researching what is necessary to start a lending business. Your suggestions are beyond helpful. If you could provide a suggestion or two on how to find customers, it would be greatly appreciated. Thanks again, for your insight.

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