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Lending Network T.C. COLLECTS PERSON INFO THAT THEY SELL (THINK MORTGAGE) STATEN ISLAND NY
THIS COMPANY (The Lending Network TC) SCAMMED ME OUT $29,000.00 CLAIMING I WAS PURCHASING A LENDING FRANCHISE. THE OWNER/FRED TOLD ME THAT I DIDN'T NEED A LICENSE TO OWN THIS FRANCHISE. HIS ASSISTANT MELINDA, PRETENDED TO BE TRAINING ME, KNOWING FULLY I NEEDED A LICENSE IN THE STATE OF GA. BECAUSE I'M AN ACCOUNTANT, MY CLIENTS CONSULT WITH ME FIRST BEFORE BUY REAL PROPERTY, I THEN WOULD DO THE APPS FOR CLIENTS IN OTHER STATES IE, TN, MS, AL ETC. I SOON REALIZED THEY WOULDN'T APPROVE ANY OF THEM FOR WHATEVER REASON. SO, I WOULD GET OTHER LENDERS TO STEP IN, AND EVERYONE OF THE NEW LENDERS (local lenders) WOULD APPROVE THE LOAN AND CLOSE WITHIN 30 DAYS. I BROUGHT THIS TO FRED'S ATTENTION HE BRUSHED IT OFF.
I ASKED FOR MY $29,000.00 BACK AND HE ASSURED ME HE WASN'T A SCAM. BECAUSE I PULLED 3 CLIENTS FROM THEM, HIS SIDEKICK JULIE CURTO REPORTED ME TO THE STATE OF GA STATING I WAS DOING MORTGAGES WITHOUT A LICENSE. I RECEIVED A C&D LETTER FROM GA DEPT OF BANKING & FINANCE. I CONTACTED THE ATTORNEY FOR GA DEPT OF BANKING AND FINANCE TO REPORT THIS SO CALLED FRANCHISE, AND WAS INFORMED IT WAS A SCAM AND NOTHING HE TOLD ME WAS TRUE.
HOWEVER, I NOTICED EVERY TIME THEY PRODUCED A PRE-APPOVAL LETTER IT WAS DONE ON THE COMPANY,THINK MORTGAGE. SOME THE PRE APPROVAL LETTERS WAS DONE FOE CLIENTS WHO LIVED IN STATES THAT THINK MORTGAGE WAS NOT AUTHORIZED TO DO BUSINESS. WHEN I TRIED TO REACH OUT TO THINK MORTGAGE TO SEE IF THEY WERE APART OF THIS SCAM, I DIDN'T GET A RESPONSE. I'M ALMOST CERTAIN THEY ARE IN THIS TOGETHER TO SCAM BUSINESS OWNERS AND ENTREPRENEURS OUT OF MONEY. I HAD TO REPORT THIS TO THE STATE OF NY & NJ SINCE THEY SEEM TO HAVE OFFICES IN BOTH STATES.
freddie@thinkmtg.co, info@tlendingnetwork.com
melinda@thinkmtg.co. lambrosino@thinkmtg.co
https://tlendingnetwork.com/
Julie Curto <julie.curto@usmortgage.com>
Anthony Focca is the CEO NMLS 14137
The Lending Network TC is almost advertised on franchise.com, which I've also contacted in an attempt to get them to remove this company.
The info he tells you.
I am the Founder and CEO of The Lending Network. The following are the most frequently asked questions. This is an essential business with an increase of over 200% in residential, commercial and business loan applications. An opportunity to create wealth. Individuals and Businesses are in need of capital to survive and weather the economic storm. This has created an unprecedent opportunity for the right individuals in this industry.
1. How long have you been in the business & financial industry? 35 years a. Do I need financial or business experience? NO. We provide lifetime training and support. b. Do I need to be licensed? No, this is optional but highly recommended. It is in my experience that the license is worth millions of dollars over the life of the license. The training cost is included in the price of your program. c. Do I need an office? No, this is by choice. Once you are licensed you will have use of the national lenders office, permitting there is one in your area. d. Can I grow this business? Yes. We help you recruit and train other individuals that want to enter the lucrative field of lending to work with you. We also teach you how to market and grow your business. e. Do you offer benefits? One of the benefits of being licensed is that you will have the opportunity to participate in a 401k, Health, Dental, Vision, and Life insurance from your sponsoring bank, when available. f. What types of loans can I provide? Residential, Business, Consumer, Hard Money, Merchant Cash Advance, Payroll, Invoice factoring and numerous other products.. Residential: Conventional Purchase or Refinance, FHA Purchase 3 1/2 % Down t FHA t 203k hab, VA R
Business: Startup, Expansion, Hard Money Loans, Merchant Cash Advances, Invoice Factoring, Equipment Leasing, SBA Loans, 401k financing, Gas Station Financing, Construction, Accounts Receivable Financing, Factoring, Franchise Financing, Medical Practice Loans, Working Capital Loans, Bridge Loans, Asset Based Financing, Structured Settlement and Annuity Financing, Venture Capital, Hotel Financing, Commercial Development Financing, Commercial Real Estate Financing, and many more loan programs.
2. How much can I earn on each loan type? On residential loans the average loan amount throughout the United States is $250,000 and average commission will range between $3,000 and $7,500 dollars net. On Business loans the average loan amount is $25,000 and the average commission is $2,500.00 net. Merchant cash advance loans are very lucrative as well with commissions as high as $10,000 for a $50,000 cash advance.
a. How do I get paid? You will be paid directly from the bank that the loan is submitted to.
3. What are the challenges for a person to expect in starting up this business?
Patience. When an individual starts a new business, it is a time of excitement, putting in the work mentally and physically. Laying the proper foundation and doing the training to ensure the individuals success. Being Honest with oneself. Wealth is not created overnight it is created over time.
a. How long before I generate revenue? You can make money from day 1. Typically, you will submit 2 loans within the first 60 days that will fund around the 90th day. This is all dependent upon the individual.
4. How long conservatively will it take to make my investment back? Normally Within the first 12 months of the program.
5. What type of support will I receive? Lifetime training and support. 1 on 1 mentoring, personal development training, Processing, Webinars, Online University, Training and support from the banks & lenders. 6. How does your company make money and what protects me from you just closing at any time? Our company earns money from loan volume that is delivered to the banks. What protects you is that you are signed up directly with the banks and lenders, they pay you directly for any loan that is submitted to their institution, as well as any 3rd party vendor. 7. Who are some of the lenders, Quicken, Rocket, Wells Fargo, United Wholesale Mortgage, Chase, and numerous private banks and lenders. a. are they competitive? Yes, sometimes more so than a National Bank. b. how long to get deals approved, Consumer loan Immediate, Business Loan 24 to 48 hours, Residential 48 to 72 hours. c. what type of info is usually required? Standard docs, Bank, Tax returns updated pay stubs, etc. d. types of collateral? Varies, None, home if residential, income, etc. e. Are these folks who cannot find bank loans or have been bankrupt?These are every individual who is shopping for a competitive rate and loan product. From poor credit to great credit. f. What type of fees are typically charged? Varies from lender to lender and what you want to charge. g. How do I know the lenders will be around when I have deals? Banks & Lenders have been around long before you and I have existed. Look at the glass full, not half empty.
h. Do I get to know the lenders? Yes, you will deal directly with the lenders and processors directly.
8. How do I get clients? Leads, Community, Sphere of influence. We go over this in detail in the training.
a. How long before I get clients? This varies from individual to individual. We teach a balanced approach to the lending business. You will receive leads from us as well as learning how to connect to the community and other sources of business.
b. How do I get leads? Sent through your website and email.
c. How long are leads provided? First 12 months, then you are in a financial position to spend what you want where you want.
d. Do they cost me? First 12 months no, thereafter yes. You choose budget and who you want to use.
e. Are they actual real time leads? Yes, as well as direct mail, print, radio, TV, and other platforms.
f. Where do leads come from? Various platforms, internet, print, mailers, radio, tv.
g. What is ratio of getting a client to total leads per week or month? You will close 1 to 2 deals per month from inbound leads, sometimes more.
h. Do the leads provide some info on potential client? Yes, name, address, social, loan amount, fico score and additional information.
I. Do the leads provide current contact info? Yes.
j. Are these individuals who have requested someone to call them? Yes
k. Do the leads provide potential client with some basic info before I call? No, your website will, and the individual that is contacting you is contacting you for a specific loan and this will be detailed in the lead.
l. How do you get the trust of a borrower you have never met? By being educated and an expert in your prospective field. This comes from the training we provide.
m. Who collects the info from them? You and your processor that is provided. How hard is it? Easy and basic. How much involvement would I really have in the transaction? Minimal after the first communication to confirm the information or as much as you want.
9. Type of training's and is any of it live? Live webinars, pre-recorded webinars, Live conference calls, Recorded Conference calls, Online University, 1 on 1 mentoring, face time, phone calls, email, text, our training and support is Superior to any other lending program.. Cost to me? Cost is included in the price of the program. Do online courses costs? Included in cost of the program. Live events? Included.
10. Price of the program? $29,995.00 There are many new components to the program that if purchased separately would cost close to $100k.
a. Any other costs? Your national exam of $110 dollars paid at the time of your test to the testing center.
b. ANY ongoing costs to me? None.
c. What equipment is needed? Phone & tablet, and or computer. Once you pass your Licensing exam and are placed with a National lender you will receive a laptop with the processing and pricing software.
d. Would you finance part of investment with 100% of commissions going to you until fully paid? There is 3rd party financing available to qualified individuals with good credit and income. Call 833-888-0251 for additional options.
11. Has your company or any principals:
a. Involved in any lawsuits or litigation – currently or past or pending? No
b. Involved in any bankruptcies= past, pending? No
c. Any complaints and were they resolved without litigation/mediation/etc.? None
d. Any criminal issues – past or pending? No
12. How do you really make a good living from this? Respecting the business, vision, showing up every day mentally. This is not a get rich quick business. This is a create wealth over time business by respecting and working it.
a. Other than hard work – what are keys to be successful? Understanding the programs and communication skills.
b. Why do folks fail? Belief system. Fortunate for our organization our partners succeed because of our Superior Training program, Expert Staff and Success Culture.
c. What can be done to assure you will be successful?
Do the training, learn the information, show up every day not only physically but mentally as well.
13. Do you provide us with quality customized website? Yes
14. What else do you provide? Residential lending, Consumer lending, Business lending, Student Loan refinancing, Student Loan consolidation, Credit repair, Business Services. Continually adding financial revenue streams for our partners. 15. Seems like a lot of businesses and can be confusing? Explain. The businesses complement one another and support one another. Enabling you to capture a client for life. 16. What businesses are the true bread and butter? Residential lending, Business lending, Commercial Lending, Equipment Leasing & Invoice Factoring. 17. Do you have to do mortgage business to make money? NO. The Lending Network does believe in a balanced approach and should be included in your services.
I assume you must past the test? Yes, Licensing is optional but recommended.
18. Best way to market business outside of leads? Community & Sphere of influence.
19. Can I make this a great business just with your leads? (I hate cold calling and do not want to spend a bunch on marketing expenses). You can make this a great business with or without leads.
20. What will be my competition and will my product be very competitive or is it very high priced? Other Lenders. Your products, programs and rates are competitive.
21. I assume lender makes credit decisions? All lenders make credit decisions based on lending criteria and information provided by borrower.
22. How exactly do I get paid and by whom and how often? You get paid directly from the lender, most pay a few days after the loan closes.
23. Who does the back-office work? The Lending Network, & the processors at the banks. 24. Have you ever thought to add the service of utility/bill review (Cost saving/reduction consultants) or payroll services, medical profession, factoring, etc.? Your program comes with factoring and medical finance. The lending Network adds new financial services when there is a benefit to the consumer and the partner.
26. Am I really just an information taker or what real involvement do I have? You have as much involvement as you want, most of the information is entered online by the client already. You are connecting them to the right lending product, again this is automated as well. 27. Will I be able to talk to a random amount of folks (both new and been in business for years) to get their input? Yes