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!
Tell it like it is reviews to help you. 