Lendio?

Question

I am creating a REI LLC and was pointed to Lendio for commercial credit.  After visiting their web site, I received a call from one of their reps and he seemed positive about getting me underwritten for a $300K line of credit using an SBA program.  If anyone out there has any experience working with Lendio, please share your thoughts.  If it works out it seems it would be much smoother to simply tap a credit line rather than having to qualify loans on a per deal basis.  Thanks!

Ty Kiisel · Answer

Thanks for bringing up Lendio in this discussion. I would like to clear up a couple of misconceptions about what we do. As  you already know, Lendio is free to small business owners. Our goal is to find the right loan for your business based upon the profile you submit. We are not a broker, but do match small business owners with borrowers interested in specific borrower profiles. Hopefully this saves time trudging from bank to bank looking for a loan and connects you with lenders you might not be aware of.

Unless you give approval for a lender to check your credit, you will not get a hit on your credit, regardless of the number of matches. I hope this helps clear up a few things. I would be happy to discuss this in more detail if needed.

—Ty Kiisel

Kerry Drake · Answer

Additional info--I am dealing with Credit and Lending (creditandlending.com), which must be one of the places my info was forwarded to by the Lendio site.

Kerry Drake · Answer

What was the timeframe?  The rep I talked to was very specific about doing only a "soft pull" on credit score, at least initially to keep that from happening.  Maybe they cleaned up their act a bit.  Thanks.

Account Closed · Answer

One of my customers went to them for help, and he asked for references, and they said they don't provide them, but he still went through them, and he said 10 days later he had 12 inquires on his  personal credit, which tanked his score and no loan.

Kerry Drake · Answer

I understand they are brokers, but what do you mean when you say they will not provide references?

Account Closed · Answer

Joe Gore