Posts Tagged ‘business credit’

Articles 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, on June 4, 2012 by Jim Tagged: , , , , , , ,

My blog post is for anyone out there considering 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

In my opinion,  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.


(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 

Boefly’s site (Free Webinars are available to learn more)  and

visit to find lenders for residential, commercial, hard money and all others! Find a lender – be becareful!


My review of

In business credit,,credit lines,scams,unsecured credit, on April 29, 2011 by Jim Tagged: , , , , ,

In late 2009, I started working with and their other site I’d visited their website and spoke to a sales person on the phone a few times and I was told they could help me build multiple credit lines up to $100,000 in approx 6 months, and they offered a refund. I still have the info. I cut and pasted here “Your $1,499.00 investment ($498 to get enrolled and $249 a month for 6 months) guarantees we will build an A+ credit score on your company helping to separate your personal credit from your business credit.” I got a slight discount because of a referral, so I paid $195/month. I signed up. There is a step by step checklist that clients have to do. Fine. First is to use their list of vendors – buy the vendors services or products and over several months, these vendors will report positive things on your credit report. They assign you a ‘credit coach’. Over time you can then improve or build a credit score for your business entity, in this case my new LLC. I purchased all of the services and products as instructed. I was told it would take 60-90 days for things to show on the reports. I waited. I contacted some of the companies to ask/remind them. 120 days came and I only got 1 report from one company. I was told to wait more. I contacted some of the companies and asked them for their reporting. I again contacted my credit coach. No new results. I was paying the monthly fee to AND paying fees to the vendors, some were $20/month, another was $50, another was $100/month. When I hit 6 months, I had paid thousands of dollars. I still had only one vendor do one report. TO PROGRESS in their system, you must have multiple reports from multiple vendors. In other words, i could NOT move ahead to the next Tier or Step until a vendor or two reported. I was stuck to pay another monthly fee to all parties. I did stick it out another month and still no results. The credit coach simply said I had to wait for the vendors to respond before I could move on. So I wrote the management of the company. He involved the credit coach and asked what the issue was. The credit coach even admitted that I did what I was supposed to do and didn’t get the results they promised. Here is the feedback my credit coach gave the manager “The client does have somewhat of a legitimate complaint unfortunately as the trade accounts we told him to use didn’t really work out. If they would have and he was able to move to step 5, then 6, he probably would have been just fine. When I asked Trent about this client on 8/4/10, this was his response. He needs to set up other accounts. We no longer recommend any of these companies since they had problems reporting. Just have him go in and set up 5 or 6 more accounts in the new back office.” THIS was after 6-7 months.They wanted me to continue for about 6 more months with new vendors, so I could progress in or up their Tiers and establish my credit. They wanted me to continue to pay them $195, pay the new vendors, and disregard the monies I paid them and the old vendors. They did not stand behind their guaranty offer, even though they admit their recommended vendors were no longer good. It was a known fact in the company, I have an email from Chad Lee, a corporate officer at with this information also. OVERALL, I followed their steps, paid the fees, bought products/services, waited and they didn’t do what they said. Then they didn’t refund my fees but instead wanted me to sign up more/longer.

My advice is don’t try it. email me and I’ll discuss it more if you want.