Seek Capital LLC BEWARE!!

Matt Good · 2015-10-20T10:14:26-07:00

I'm just creating a search engine trail with this post. :-)I originally requested $20-25,000 in funding preferably cash. When I spoke with Carl (Bernie) Garland he said that they could probably get me twice as much with half in cash capabilities. I said perfect! Bear in mind that these are business/personal credit cards and I made him explain to me how they'd help me pull cash with no fees. I took his word for it and proceeded. Here's the issue, I have two mortgages and one is from my previous marriage. This is impacting my debt to income (DTI) ratio and I already knew that prior to contacting Seek Capital LLC. I've been turned down elsewhere prior so I took a chance with them as a last resort. I made it clear to Bernie after his underwriting team approved me based solely on my credit score (which is greater than 730) that I had two mortgages and he made it clear to me that his "professional" underwriters shouldn't have an issue. Two months goes by (not fast service which they advertise) and I begin to receive declined credit card inquires in my mail including one even stating "no third party applicants please apply on your own" so now I'm skeptical ESPECIALLY when I'm assured by Bernie that Seek has a "GREAT relationship" with these lenders. Seek did however manage to aquire one $14,000 personal credit card. Gabe Feldman contacted me saying that they've done all that they can do and that they need to bill me for 11.99% of $14,000 which amounts to $1,678.60 I'm using the business start up capital for Real Estate investing so there's not a whole lot that I can do with a $14,000 credit card less the $1,678.60 that I owe them. Other expenses that I've incurred are 2 1/2 months worth of credit monitoring through Score Sense at $40 per bill and a 23% APR personal loan of $2,800 to absorb a balance that I already owe on another credit card which was at a 0% introductory APR for another 6 months so now I have toxic debt thanks to their underwriters. My advise is this, if you use their services can you really feel confident in anything that they say? I mean, that's why I stayed the course with them! If you've got the credit and a fair understanding of how it all works, GO IT ALONE!! You don't need a third party applying for you. Especially one that can't deliver what they assure you.

Kyle Hardie

Fairmont, MN · Member since 2017 · 5 posts · 3 votes

8y

Matt, thank you for your post. I am a new member to BP, so not sure how much clout I have. Just yesterday I had the same conversation with Jessica LaRusso at Seek Capital and they also offered me lines of credit through un-secured credit cards, offering 0% interest for 12-18 months. I received a call from them after signing up for lending through Connected Inventors (I know there's mixed feelings about them). Needless to say after reading reviews on here, and other forums, I became skeptical. I'm not as far in the process as you were, but I did end up calling and emailing her to cancel any transactions and inquiries. I have a secured line of credit at my local bank, and for my first deal, I think that is a good way to start - with someone you know and is local.

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Heath Jones

Rental Property Investor · Enterprise, AL · Member since 2019 · 137 posts · 85 votes

7y

Hey BPs,

I know this is an old post, but I will be posting a new thread too. Do NOT use Seek Capital. They do NOT partner with banks and they do NOT do anything but fill out credit card applications. You can do this yourself. My wife and I were OK with their fees because we were lead to believe that they worked with certain banks to maximize credit card lines to get their clients the amount they requested. We were told initially our excellent credit would get us our requested amount across 2 personal cards and 2 business cards. In addition, they told us they provide a liquidation service so you could pull out up to 90% of the limit. They provide NO service. They give you Liquidation Instructions for you to do it yourself. So what exactly did we pay for? We paid to have someone cut and paste our information into online credit card applications (they applied for 10 cards in total), and then to have instructions on how to liquidate our funds emailed to us. Which we have still yet to receive.

You will pay:

1) $495 Fee

2) 10% of approved amount

3) 3% of liquidated amount

We read every word of everything we signed, and knew the fee structure. It was explained to us that the they would work with the banks they "partnered" with us to get us to our requested amount. They also misled us to believe they would be able to liquidate all of the credit lines to provide us the lump sum we requested. NOT TRUE. Instead, they racked up 10 hard inquiries on our credit doing something we could have done ourselves (filling out online credit card application forms). We only agreed to the ridiculously high fees because we wanted to establish business credit for new LLC and were told we could get the lump sum in our account in 2 weeks or less. LIES.

In the end, technically they did everything they said they were going to do, but not in the way they said they would do it. This was a 10k and 50 point hit to the credit lesson I do not want anyone else trying start a business in REI.

Seek Capital or Seek Business Capital is a SCAM BEWARE!!!!!

3 Reply

Lianna Mae Smith

New Orleans, LA · Member since 2018 · 14 posts · 8 votes

5y

I just got taken in by this. I did a cursory internet search when they contacted me and the relatively high ratings and apparently legitimate business structure made me unwary of them being dishonest. I looked at their fees and thought OK I would pay more for a hard money loan anyway and could use the help to get funding. here I am with a bunch of crappy consumer credit cards flying out to a house I don't even live at. I am filling a complaint with the BBB because this is unacceptable, they arent even operating as a legit business.

3 Reply

Lianna Mae Smith

New Orleans, LA · Member since 2018 · 14 posts · 8 votes

5y

Sorry to resurrect an old thread but just to add my experiences- I feel so betrayed and scammed and like a fool despite having the same though process as Heath Jones did

3 Reply

Tom S.

Real Estate Investor · Burlington, VT · Member since 2010 · 2k+ posts · 1k+ votes

5y

There's absolutely no reason to use a company to apply for credit cards for you, and pay a fee. And not a pressing reason to pay for credit monitoring services. There are plenty of free services like Credit Karma or Chase Credit Journey to notify you of a change or inquiry on your credit. My 2 cents...

1 Reply

Elyse Anne

Member since 2021 · 2 posts · 4 votes

5y

BEWARE of the company. Sadly, I didn't see the negative reviews until it was too late. I was coerced in to signing an acknowledgement contract, after they threatened to send a the $995 cancelation fee, even though I never signed the original acknowledgment letter, ON TOP OF THE $795 application fee.

I am currently pursing a civil suite against them, have file a complaint on every single platform I can find. PREDATORY business practices, truly shameful.

2 Reply

Elyse Anne

Member since 2021 · 2 posts · 4 votes

5y

This is in regards to a company call Seek Business Capital LLC license #201508210254, located in California. The company LLC status is currently FTB SUSPENDED, since 4/12/2019. BEWARE of this company. Predatory bait-and-switch tactics. Threatened to send $795 application fee and $995 cancelation fee to collections if not paid within 10 days. If you paid this company money on or after 4/12/2019, get yourself a lawyer.

According to the secretary of State in California, if your business is suspended in the State of California, "You cannot: Legally do business. Sell, transfer, or exchange real property. File with an automatic extension. File a claim for refund.

Start or continue a protest. Legally close or dissolve your business. Bring an action or defend your business in court. File or maintain an appeal before the Office of Tax Appeals. Maintain the right to use your business name. Secretary of State (SOS) will deny your revivor request if the entity name is no longer available. SOS will require your business to choose a new name

Retain tax-exempt status. We revoke an organization’s tax-exempt status as of the suspension date."

In addition, "Contract voidability: If you enter into any contracts while you are not in good standing, the other party can void the contract. Unless you apply for, and we grant relief, your business contracts remain: Voidable and Unenforceable."

2 Reply

Persia Perez

Member since 2021 · 1 post · 0 votes

5y

Originally posted by @Elyse Anne:

This is in regards to a company call Seek Business Capital LLC license #201508210254, located in California. The company LLC status is currently FTB SUSPENDED, since 4/12/2019. BEWARE of this company. Predatory bait-and-switch tactics. Threatened to send $795 application fee and $995 cancelation fee to collections if not paid within 10 days. If you paid this company money on or after 4/12/2019, get yourself a lawyer.

According to the secretary of State in California, if your business is suspended in the State of California, "You cannot: Legally do business. Sell, transfer, or exchange real property. File with an automatic extension. File a claim for refund.

Start or continue a protest. Legally close or dissolve your business. Bring an action or defend your business in court. File or maintain an appeal before the Office of Tax Appeals. Maintain the right to use your business name. Secretary of State (SOS) will deny your revivor request if the entity name is no longer available. SOS will require your business to choose a new name

Retain tax-exempt status. We revoke an organization’s tax-exempt status as of the suspension date."

In addition, "Contract voidability: If you enter into any contracts while you are not in good standing, the other party can void the contract. Unless you apply for, and we grant relief, your business contracts remain: Voidable and Unenforceable."

OMG THANK YOU THIS IS HELPFUL ALSO, the top left hand corner of that agreement says “valid until” - does this mean anything done after that date was done without consent?

Seek Capital LLC BEWARE!!

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