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"Brokers Beware" I thought I would share a rather bad experience with a so-called
lender / broker I ran into a couple of months back. These are the type
of people that really hurt our industry and reputation with both lessees
and lenders. If you are a broker
and run into an individual or company like the one here, run away as
fast as you can. And as the
wise man once said "If it is too good to be true, in the end ....it usually is" This company is from Southern California and I admit I didn't
run a full D&B on them before getting involved. I should have, it
brought up lots of questions that were not answered in the end. They came very highly recommended from a reputable
lender back East that was also surprised as to what they actually
were in the end. (Any company
that has the word 'Bank or Bankers' in their name, should, in my opinion,
actually BE a bank!!!) This company, that will go unnamed, represented themselves
as a lender or agent of large financial institutions that would be considered
a 'niche' lender and unavailable to most brokers. They have a full website and do a lot of medical financing. They
had very aggressive pricing available or they had sources that
will do tougher credits with low floating rates. The bottom line is whatever you would send to him for a 'look see'
was going to be approved. That's
the good news. The bad news is their
'lenders' require a non-refundable application fee, consulting fee,
origination fee, whatever they call it, to submit the package to their
credit committee. A very sizable
fee at that. And naturally,
in the end, their credit committee would decline the deal and ********** would keep the fee.
. There is not a lender out there that charges for submitting
an application, end of story, not one I've found (except this one).
So, be very careful of who you are working with and sending your
good clients to. And if it looks like a duck..........and quacks like a duck..........well,
you know! . And have a Very Happy New Year!!!! Name withheld P.S. I did file a complaint with the California Attorney
General’s office. (There is a company with a website that states: “Rates as low as 3.8% up to 15 year
amortization.” http://www.ticbankers.com/services.html. No
street address or city on their web site. They apparently do not belong
to any leasing associations and the Better Business Bureau has no record: TIC
Bankers 30011
Ivy Glenn Drive, Suite 221 Laguna
Niguel CA 92677 Business Started: Unknown File
Open Date: 01/22/01 Last
Report Date: 03/24/01 Principal
Contact: Unknown. Phone:
Not Available Fax:
Not Available EMail:
Not Available Web
Address: Not Available Bureau
ID: 13146721 Any
reader that may be able to give us a reference of TIC Capital, Inc.
d.b.a. TIC Bankers, please go
to www.leasingnews.org and utilize our contact
form. ) |
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