LenCred (formally Hawkeye Management)

7 Replies

Recently, someone turned me on to Hawkeye Management company.  Hawkeye Management company connects small business owners with working capital to start and grow their business through the use of credit card financing.  

Is anyone familiar with them and/or have any experience with working with them with regards to using their funding techniques.

Aloha! My company is very familiar with them!  Put it this way, if you are just starting out and have very limited time and financial resources, the program that Hawkeye has is a great jump start.  We all know that at some point getting personal credit stops because either we have too much revolving credit for our income or too many inquiries.  Hawkeye works hard to minamize all this, while building business credit.  Furthermore, they took steps to get my company the financial attention it needs beyond just business credit.  We all know as investors that sometimes it's not the price of money, but the availability in order to get our deals done.  The strategy set in place by Hawkeye for our company saved us time after time when  we need gap funding to get our deals going.  Good luck Larry and all the best.

Angela Gregg, President

Sturdy Foundations, Inc

Hi Larry,

     I used Hawkeye over a year ago to obtain credit lines. They did a phenomenal job and got me the credit lines I needed in a very quick time frame.  The team I worked with was great and I would do it all over again, they were  professional, courteous, thorough and accurate with what I would expect and when.   When I found Hawkeye it was a game changer for me.  

Hope that helps and best of luck!
Bob

Hello Larry,

I have used Hawkeye for funding as well and had an excellent experience. I was surprised how quickly I had access to the funds. I have also found it useful for continuing education in general on leverage. I would feel confident to tell you that you are in good hands.

Good luck!

Originally posted by @Larry Russell:

Recently, someone turned me on to Hawkeye Management company.  Hawkeye Management company connects small business owners with working capital to start and grow their business through the use of credit card financing.  

Is anyone familiar with them and/or have any experience with working with them with regards to using their funding techniques.

 Larry, I wouldn't necessarily go by the opinions of a few people here who happened to just joined BP only recently and have 1-2 posts. 

I have not used Hawkeye Management so I have no direct experience using them.

Here's the result of a quick google search:

The Good

Hawkeye Management, LLC (assuming they own Hawkeye Management) has an A+ BBB rating. Here's the link:

http://www.bbb.org/new-jersey/business-reviews/fin...

Keep in mind though that BBB is NOT a government bureau.

The Not So Good

They have some complaints - most of which they filed a rebuttal to. Here's the link:

http://www.ripoffreport.com/reports/directory/hawk...

Keep in mind that anyone can file a Ripoff Report complaint and RR does not investigate the truthfulness of these complaints. So you have to read through the nature of the complaints and read the company's rebuttal also. Always listen to BOTH sides and then use your best judgment.

So bottomline: It seems they are a legitimate company but be careful and use your best judgment. If they are paid only when they perform...then go for it. If they want money upfront, then stay away.

I would like to thank everyone for their input and @Wendell De Guzman I will definitely take your comments into consideration.  Thanks for the background information on the company.    

Originally posted by @Larry Russell :

I would like to thank everyone for their input and @Wendell De Guzman I will definitely take your comments into consideration.  Thanks for the background information on the company.    

 Crazy how fast 3 people jumped on board BP and their first (and only in one case) post was to pimp out this company...good eye Wendell!!!

I was recently approached by Hawkeye Management for business loans. Once we reached the application stage, it changed into LenCred. It seems the two are the same company. One representative called me after I filled out my information. I wrote $8,000 for my 2013 income, which was true. I also told him my typical annual income is $24,000; last year was low because I was abroad. He said I should use $24,000. He asked if I have roommates and added their annual income so that I could have a household income of $70,000. I was not very comfortable but it seemed it's their typical and routine practice. My roommates and I are not related.

And then I got a list of banks to which they submitted my application. I thought there would be just ONE bank for ONE business credit card, but it turned out that they submitted my application to 7 banks (who knows, maybe more), which at least two are for personal credit cards. My credit score is 750+ and I can easily get personal credit cards. It does not make sense that I pay LenCred 9% brokerage fee for some thing I can get for free! It seems some of the banks can approve about $5,000. But who want to manage seven more credit cards? I already have three. LenCred should know better that too many credit cards can hurt my credit score.

So their strategy is to send my application to multiple banks and try the luck. I thought they had resources I did not have the access to but it seems everything they did can be done on my own (the same for everyone else). In their email, they highlighted ”Remember DO NOT mention you are working with a third party.“ This made me uncomfortable. I did not want to lie. A bank called me. I honestly told them the application was submitted by a third party. The bank said they were not aware of that. LenCred's work is entirely based on my own credit score!

So they wanted me to lie about my household income as well as how I applied. This is like coaching me how to fraud. It's against business ethics, and if bad things happen, I have to suffer the consequence of lying. Their manager said they would have collectors to collect $450 from me for a personal credit card with a line of $5,000. Welcome!

My recommendation:

1. Don't trust Hawkeye Management/LenCred. They are not introducing you to a dedicated bank. They just try your luck. You can try you luck too.

2. Don't work with any firms that teach you to lie. Hawkeye Management/LenCred should be removed from your list of consideration.

I sincerely hope this message can help other entrepreneurs that are raising money. Good luck!

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