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!!!!
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.”
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:
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. )
the archives on December 31, 2002
From the archives on December 31, 2002