Anyone have experience with ICS Commercial Lending?

Question

Mods please excuse me if I put this in the wrong place. I couldn't figure out where it should go.

So as I approach getting more active in real estate, I have chosen to do what some mention and find employment in a real estate related job. While searching, I came across a company called ICS Commercial Lending. Basically, they set you up as a commercial broker and say that regs for commercial loans don't require licensing/certification. They also charge $95 for the first month of education to get you going. I'm curious if anyone has any experience with them and what it is. I'd also like to know if this is typical on the commercial side.

Thank you in advance.

Ryan Mosley · Answer

Dan Ber signed up for the ICS Training program online, completed all the courses, passed the ICS Certification exam, and never submitted a single loan application for funding to ICS. ICS helps independent Brokers fund loans, we don’t provide day-to-day coaching.  We provide tools and resources to help brokers originate, then process and underwrite loans submitted to us. This individual disputed all training charges despite going through training, and filed complaints across the internet and with local regulators. It was disappointing, unprofessional, but we wish him the best. Dan Ber is also not his name. He has placed complaints using various names against our company. We wish this individual the best. Commercial Real Estate is challenging, and not for everyone.

Dan Ber · Answer

I joined as an agent and paid $295 and the monthly fee of $99. Then 2 months passed after I took their training and certification,  But still, they didn't get me started and left on the bench to idle. And then they sent me an email and stated that I was not qualified to join them as a broker with the following excuses that I didn't have the 1-year experience despite  ICS Loans already knew my background during the initial interview.

• Minimum 2 years commercial or residential real estate agent, lending, or other financial experience, residential mortgage ok.
• 4 Year college degree preferred.
• Minimum 2-year associates required (no exceptions).
• Outside Sales Position
• Comfortable in commission only environment (weekly draws)
• Exclusive, full-time contract commitment to ICS.
• Minimum 1 year sales experience.
• Financially stable (minimum 3 months savings).
• ICS CERTIFIED - Must complete ICS Commercial Loan Advisor Training & Certification Online prior to joining team.

So, ICS Loans kept my $495 and never returned. I called the CEO Ryan Mosley to inquire and he cursed at me in all f words and hung up the phone. Since then I have filed a complaint to BBB and Consumer Financial Protection Bureau and let them look into it. ICS Loans should stop the fraudulent recruitment campaign before it's too late.

Rossie Uranga · Answer

I am doing due diligence on them as we speak.  I am on the fence for commercial lending is different from residential so there is nothing illegal going on here. They do provide a great deal of information, that is quite informative on their website so I will certainly check them out further and report back to you guys.

Cody L. · Answer

It's just that.  An inside leasing agent would be an actual employee that did leasing but did other functions as well and would be paid hourly for their work + some smaller amount per lease.

Where as outside leasing agent is simply paid on the leases they do.  They can make  far more than our inside people since they're paid per lease (a higher amount) but no hourly.  The breakdown of how many leases you have to do before you make more money as an outside is about 2 a week.   Which is cake.

I'd rather be an outside person doing 3-4 a week, not have to report to anyone or go to any office, and can do showings on my schedule.  You'd make 20-50% more than an "inside" person.  But most people are slaves to that guaranteed income even at the cost of heavily capped upside.

Phyllis E. · Answer

@Cody L. : Pardon my ignorance, but what is an "outside leasing agent"? To me, it sounds like you have outside people refer renters to you and you give them some sort of referral fee? I've never heard of that (but I am no pro in the field of real estate.) Interesting.

Cameron Benz · Answer

@Phyllis E. and @Jacob McBride

Yeah, that's why I was scratching my head. It set off some of my alarm bells.

Phyllis E. · Answer

@Cameron Benz  and @Jacob McBride

Hi. I also came here looking for information about ICS Commercial Lending after seeing a job ad posted by them.  Have you seen this older forum thread, started by Josh Dorkin himself, three years ago?  It doesn't mention ICS specifically, but it does shed some light regarding commercial lending brokers, etc.  I am surprised that they would charge you $95 for the "education". I have never heard of a legitimate company actually charging you for their training; someone feel free correct me if I am wrong. That would be kind of a "red flag" to me.

https://www.biggerpockets.com/forums/32/topics/77629-commercial-real-estate-funding-financing-and-lending-a-scammers-paradise