LenCredReviews of lencred.com

Response from LenCredFeb 7, 2022

Brandon – we are sorry to hear about your frustrations. It’s never fun or part of what hard working teams want to have happen when a client is unhappy & it’s certainly even worse when they take those concerns to a public forum. We are a team that cares deeply about the work we do but we cannot create a funding solution for anyone that their own income & credit qualifications don’t allow them to obtain. This has been frustrating for us just like it’s been frustrating for Mr. Bennett. While we agree that Mr. Bennett has good credit, we do get permission from our clients to perform soft credit pulls & then our algorithm that has been developed over the last 6½ years gives them a funding range for what to expect as part of their funding plan. In our several months of working with him or trying to work with him we performed several soft credit pulls & FICO score checks &, in that time, we’ve never seen an 800 FICO score, nor do we have this partner of his who he mentioned. We would be happy to work with his partner if he wants & would coordinate that with us. Back to our algorithm & funding ranges we give our clients before they engage with us, with our Funding Express plans we even show people EXACTLY how they compare to other people who have the same Income & Credit levels that they have. This helps us, quite honestly, to avoid situations where people feel misled because they are seeing data-driven results of many others just like them. It shows them what the average funding levels are, the low & high results, & it’s an attempt to help people better know what to expect. What is misleading about this review is that we got him MORE money than we told him we would get him in the first 90 days of working with us. BUT we only completed half of his first funding round & we planned to do 3-4 funding rounds with him during the year. Our processor made four follow up requests to finish the 2nd half of his first plan. He was called or emailed on 6/3, 6/4, 6/8, & again on 7/8 in an effort to continue moving him forward. He was unresponsive. Even though Brandon wanted something he wasn’t pre-qualified for & that wasn’t part of his funding plan that was put together by a team of experts that collectively has over 20 years of business financing experience, we did agree to review his financials to see if something was missed and if he could get financing he was requesting. Upon review of those financials, we let him know that we did not see any unsecured business lines of credit that were not credit card based for which he would qualify. As a company that has done several million dollars in non-credit card based unsecured business lines of credit, we have a fairly good handle on how to get that product or solution. Anyone with experience in business finance knows that a solution like that is tough to get as a real estate investor like Brandon & that when a company is in a better industry & qualifies for a product like that…well…they know that those lenders have tight underwriting criteria & that they normally will only lend about 10% of the top line revenues so with Brandon being in an industry that is high risk & for having revenues below the mark it just wasn’t a fit. He didn’t like that, & we never had a chance to continue helping him with the financing he did qualify for. In our 13+ years of working with thousands of real estate investors & doing over $250 million in financing for them we would LOVE it if there were the kind of bank loan options Brandon claims are out there for real estate investors. If Brandon was correct that he was “easily able to obtain lines of credit” by just calling a few banks, then we commend him. Ironically, in 13+ years of working with entrepreneurs & small business owners, we rarely hear from anyone that they were able to “easily obtain lines of credit” from a bank.

Response from LenCredFeb 7, 2022

It's always an unfortunate thing when any client is unhappy. Being in business for over 13 years like we have, we try very hard to hire great people, build great software, and put good processes and systems in place so that our services can be delivered consistently and at scale. Reviews like this one and the several others Josh has posted on various sites are always disappointing to our team of hard working people. We have well over 1,000 active clients who our 40+ employees work hard every day to serve and we diligently follow our agreements and the plans that our valued clients are given before they make their buying decision. For Josh, when we moved him to funding he did not yet have his business and his entity set up so it makes it tough to get funding for a business owner when they haven't set up their entity yet and didn't want to do so. When we talk about our "average" fundings we get our clients we only include funding totals for our clients who have their EIN set up. Since that's 99% of our clients it means that people like Josh who don't have an entity as a business owner are rare. We encourage them to set up their entity for obvious reasons and we offer a discounted solution for them with a company that has very good service and fair pricing and that was all part of Josh's funding plan that we recommended before he decided to hire us. It's strategy 2a on his written, Custom Strategic Plan. When he wouldn't set up the entity we sent him to funding with a modified plan that is not at all what it would have and could have been if he would have followed our plan that he had from the beginning. Sometimes when you try to help rather than sticking with what you know is best it can work against you. In this case it seems it has. After Josh's funding round when he was only able to obtain a few approvals, and he quickly became disappointed. He stopped returning our calls and showing up for his appointments with our team. We hit curve balls all the time with clients. It's part of life and it's why the Federal Reserve published in their small business credit survey that the majority of small business owners are unsuccessful getting all the funding they are looking for. Our data, our CSP's (Custom Strategic Plans), and our technology help to reduce the number of small business owners who are disappointed but things like this do happen. In Josh's case, it could have likely been avoided if we would have had him set up his entity as the plan stated. There are several parts of this review that are also factually inaccurate so that's also frustrating when someone says things that are false, not accurate, and misleading to any reader. We are not and never have been a subsidiary of Monterey Financial Services. I'm not sure why someone would attempt to say something so far from the truth but we will let you decide after you've read our response. As far as Josh's credit score drop we only perform soft credit pulls for our clients and we've certainly never seen his score drop as much as he's indicating. He could be comparing a FICO score to a non-FICO based score (we call them FAKO scores) but we did point out to Josh in one of his 2 emails he sent us after his funding round that his score would have been impacted by the big increase in spending he did and the 2 cards he maxed out as well as the card he went over the credit limit on. We have a clause in our contracts called the Treat Your Credit as an Asset clause and so our plans are all put in place to help our small business clients to separate their personal and business credit. We can help Josh with that but he has been doing his own thing and stopped communicating with us. Josh's Discover card being closed down is something that isn't a good thing and is a bummer. For context, we don't know why it got shut down and Josh hasn't provided us anything from them to better understand. It was his lowest credit limit card by far - his next highest credit limit is 7 times higher than that one so his average credit line has increased. Additionally, his average age of file on his revolving accounts dropped from 4.04 years to 3.68 years. There is no "fine print" in our agreements. We use the same font size and style throughout. We have different types of solutions so our engagement with some clients are shorter than others. With Josh, he chose a 12 month engagement and that plan brings with it a 5 day right of rescission. We have very few cancellations and if anyone doesn't think they want a 6 or 12 month plan then they can choose our Funding Only option where they just get funding and nothing else. For most people that's not what's best for them because they miss so many of the basics of having excellent personal and business credit but it is an option. We would be happy to pick back up with Josh and we are happy to reconsider his Custom Strategic Plan and see if any portions of it need to be changed or updated. However, at this time, the majority of the challenges are the result of NOT following the plan; Josh will likely get better results and more funding if he's willing to follow the plan we gave him before he hired us. As Josh stated we are also more than happy to provide all documentation and move to an independent arbitrator to resolve the matter if Josh does not wish to work with us directly.