Real or Scam? Question on Business Line of Credit

Real or Scam? Question on Business Line of Credit

Real Estate Investor · Springfield, OR · Member since 2010 · 4 posts · 1 vote

Have anyone done business with Mikyle Jessen (http://www.linkedin.com/pub/mikyle-jessen/29/376/333) from Midwest Corporate Credit, Inc?

They provide unsecured business line of credit.(http://midwestcorporatecredit.com/Our_Service.html). This is the information he provided.
The Credit lines are based on PERSONAL CREDIT. Your business does not have to have any credit. It helps if you have a business credit profile already.
- Your business can be newer
- Interest rates vary from 8.99% to 16.99% (This is based on the lender's underwriting criteria and your personal credit)
- Unsecured credit lines. No collateral required.
- Stated application process. No income verification.
- The lenders that I have handpicked ONLY report to the business credit bureaus (Dun & Bradstreet, Corporate Experian, and Equifax Commercial). This is advantageous to a business owner because even if the lines are maxed out, it will not affect the business owner's personal credit. They will report any defaults to your personal credit though. Therefore, DON'T DEFAULT.
- Most lenders offer an introductory 0% interest for 6 to 12 months on either balance transfers or purchases or both.
- The process takes about 30 days. My partner has been successful in obtaining $75,000.00 in credit for his own business within a 30 day period. These results are not guaranteed for everyone. Your results may vary based on your credit.

The terms all vary depending on the lender and your credit, therefor each applicant is evaluated on a case by case basis. The first step my clients take is fill out a pre qual form, this will give us a snapshot of your business, and the credit worthiness of the applicant which will determine if you qualify for funding, and up to what amount. If your a good candidate and your pre qualified with us, we guarantee you $50,000 in obtaining these lines of credit within 30-60 days of your initial application.

Pre Qual Process: the client must set up accounts with MyFico.com and TrueCredit.com, promo codes are available to receive 25% off the registration, which is less than $40 for both accounts.
Monthly Credit Monitoring also available, good idea if you want to keep an eye on your scores and reports, but not required.

To answer your questions
1) There are no Upfront fee's
2) MyFico and TrueCredit give us the clients reports for all 3 credit bureaus, Myfico uses Transunion and Equifax, While TrueCredit uses Experian
3) Login ID and password are required that we can review the full FICO reports and do a thorough evaluation of the clients credit worthiness
4) Once we complete the pre qualification process, the client no longer needs the Myfico and True credit accounts, although credit monitoring is helpful!
5) These accounts do not give us access to any personal information of the client such as (SS#, EIN#, account #'s, etc) these sites conceal such private information. Thru these accounts we can review the clients credit score's with ALL 3 credit bureaus and their full FICO report.
6) We charge 8 points of the approved line amount once it's approved. Pre qual process takes 48 hours, once the client completes the full application and returns it to us we can get them the $50,000 within 30 days. In some cases, the client has inquiries on their credit report, or revolving debt on their existing credit cards which will take us time to remove so we say 30-60 days for those clients. But, if they are our ideal client then 30 days to get the funding is normal.

Can any of you give me some feedback on their products and services?

Thank you very much!
Athena

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Real Estate Investor · Alpharetta, GA · Member since 2010 · 415 posts · 484 votes
15y

Just take a look at the site.

Not one name.

Not even a phone number, just dashes where the phone number is supposed to go. Wow, talk about lazy.

Even the link to their Privacy Policy just goes to a privacy policy generator, not even a template of an actual privacy policy.

This is all just beyond sloppy.

And what they're not telling you is that none of these lines are going to be with an actual bank or cash lender. At best, you're looking at lines of credit with places like Staples and other business products companies.

At least they're not trying to gouge you for $5,000 up front. However, they probably want 10% of the line of credit obtained. Are you really going to pay someone 10% to hook you up with a Staples card?

These business credit services are scams, the lot of them. Maybe what they provide complies strictly with the finest of fine print, but you are 100% absolutely not going get what you want.

So, as always, read the fine print. I bet there's a lot of it.

Oh, and am I reading this correctly?

3) Login ID and password are required that we can review the full FICO reports and do a thorough evaluation of the clients credit worthiness

So, they want you to set up a MyFico account and then hand them your ID and password? YEAH, RIGHT! While I'm at, I'll give you my original birth certificate, too.

See this reply in the discussion

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  • New York City, NY · Member since 2013 · 13 posts · 3 votes
    10y

    I have successfully raised funds through midwestcorporate credit. I raised around $20K in my LLC so it does not show on my personal credit reports. Be happy to answer any questions about the process.

  • Real Estate Coach · Arlington Heights, IL · Member since 2011 · 7 posts · 0 votes
    10y

    Hi All,

    I noticed this post on Google again.  I'm extremely excited to see that there has been more and more positive feedback from our clients and affiliates over the last couple years to prove all the early investigative work incorrect.  Although I cannot speak for any specific clients on this thread due to our privacy policy, I can assure you that our clients are getting funded with CASH lines (not Staples, Home Depot, and BP cards).  Lines with banks and credit unions.   We were new in 2011.  Since then, the following has occurred:

    - We've raised over $100M in funding for small business owners and real estate investors.

    - We've been complaint free with the BBB.

    - Our staff increased by 2400%.

    - We've quadrupled the size of our office.

    - We were ranked on the Inc 500 list as one of the fastest growing companies in the United States: http://www.inc.com/profile/midwest-corporate-credit

    Thank you all for your input.  We were able to use your negative comments as constructive criticism and help improve our processes and systems; the positive as motivation to go out and add value to even more clients.  I would like to extend my sincere gratitude to all. 

  • Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    10y

    knock knock:  Does it bother anyone that they promise BUSINESS credit using your PERSONAL credit???  In most investments we disdain commingling.  IMO, that's a fundamental faux paux.

  • Real Estate Coach · Arlington Heights, IL · Member since 2011 · 7 posts · 0 votes
    10y

    @ J Beard:  It seems that most people aren't bothered by personal guarantees.  As a matter of fact, almost EVERY credible lender (bank, credit union, crowd funding, ACH, MCA, and even hudge funds) requires a personal guarantee and considers personal credit in order to underwrite the character and financial habits of the individual that's operating the company.  This is how the financial system in our country works.  In banking, the only exceptions I've seen is after a company surpasses a certain level of gross sales (typically $10M/yr).  I'm sure there are exceptions to this rule on the secured lending side, however, our specialty is the unsecured debt sector.

    I don't think I'm qualified to answer the commingling concern but I'm sure a competent attorney or accountant would be able to show his/her client the proper way to personally guarantee business funds without it being considered commingling.  

    BTW: I believe the original topic of discussion was weather or not the company is legit.  I think I've provided overwhelming amount of facts that indicate that we're not only legit but there's a strong demand for the value-add service we provide.  I'm not sure how much more time I'll have to keep coming back to this thread.  It took me about four years to come back and write an answer to the original thread.  If anyone has any particular questions or concerns, please send me a message or an email. Til next time...

  • Queens, NY · Member since 2014 · 73 posts · 12 votes
    9y

    Anyone use this service latey. Has anyone use this company for funding your deals? 

  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    9y

    These are Not cash credit lines, they are merchant credit cards....staples, Office Depot, etc.

  • Flipper/Rehabber · Miami, FL · Member since 2016 · 13 posts · 2 votes
    9y
    James Sullivan could you provide an update on your experience with Aurelian Lending? I'm in the initial stages of funding and kinda want to know what I'm getting myself into. Would you do recommend? Thanks
  • Real Estate Coach · Arlington Heights, IL · Member since 2011 · 7 posts · 0 votes
    9y

    @ Wayne Brooks: Negative;  These are actual BANK lines, not vendor lines.  Thank you, sir.

  • Property Manager · Myrtle Beach, SC · Member since 2014 · 135 posts · 13 votes
    9y

    any body updates.....

    And for the record... the bbb is a commercial company... they charge you and allow you to put bbb on your stuff

  • Member since 2020 · 2 posts · 0 votes
    5y

    There should be an option not to provide a star. I should have searched

    for this thread prior to engaging with these scammer. This company is a

    sham and full of scam artists. I neglected to do my due diligence prior

    to engaging with them and take full responsibility for that. However,

    this review should serve as a note of warning to anyone trying to work

    with National Corporate Credit based in Elgin, IL. Note the following

    names, Mikyle ******, Christian ****, Miguel ******** are all frauds.

    What they sell is a relationship with banks to get you business funding

    but what they actually do is apply for credit cards (e.g Lowes Amex,

    capital one, discover) in your name and ruin your credit profile with

    multiple hard inquiries with most resulting in denials or credit lines

    of $2k - $3k and charge you a fee of 15% of the total raised. Also,

    applying for loans you can directly apply for (SoFi and DCU Credit

    Union). The loans from SoFi is at close to 9% interest rate. These

    people and the sham organization have no relationship with any bank. If

    you are investing in real estate, avoid these people and organization

    when seeking funding on any deal. Any promise of funding is simply what i

    described above. What Christian **** sells to you is to get the credit

    cards and transfer the available line into a PayPal account, which is

    utter rubbish and complete fraud. I have filed a report with SoFi, DCU

    Credit, credit card companies, IRS and every other agency i can think

    of. Be Warned. My lack of due diligence is costing me thousands in

    credit repair and attorney fees to clean this up. Learn from my mistake.

    The modis operandi is to target real estate investors who are just

    starting our or small business looking for funding. Any review on google

    or anywhere else touting the services of this organization is a total

    lie and scam. DON'T DO IT. It is not worth the headache, have a bit of

    patience and your business will find the right funding source. DON'T

    FALL INTO THIS SCAM. IT WILL COST YOU.

  • Barrington, IL · Member since 2017 · 1 post · 0 votes
    5y

    DISCLOSURE : I currently work as a consultant with Midwest Corporate Credit.  

    ** Mikyle Jessen has not worked with Midwest since about 2017 or so.

    National Corporate Credit is a completely different company.**

    @Daniel Ademide : I appreciate your comments, and my heart goes out to you.  But, you've responded in this post about the wrong company.

    Your experience was actually with National Corporate Credit.  This thread was started asking about someone who worked with Midwest Corporate Credit, up until several years ago.

    Several of the people that currently work with National Corporate Credit worked with Midwest Corporate Credit up until about 3-4 years ago, when they got together and apparently stole all the clients, contacts, contracts, and systems that Midwest had at the time.  They went out and started their own company with a similar name. They called our clients, affiliates, and contacts, saying things like they were actually with Midwest Corporate credit, and apparently said many other dishonest things.  They started selling personal credit cards and personal loans, charging higher fees, and apparently started telling people what they wanted to hear, in an effort to get their business. 

    Many of those clients and affiliates have since come back to Midwest Corporate Credit, after they realized what the guys at National Corporate Credit (Mikyle et al) had done.

    Midwest Corporate Credit currently helps people get unsecured business credit (through cards and a 'checkbook' line of credit, if they can qualify) for their companies (startups and established companies in most industries), and we can help people learn how to use their business accounts so they can get the most out of them.  We also help people real estate investors with secured loans and lines of credit for their deals, and some other business owners can qualify for unsecured loans as well.  We do NOT deal with any personal loans or personal lines of credit. 

    Qualifications, rates and terms, and usage strategies and possibilities vary with the type of product that someone can qualify for.  Easiest way to determine this is with a quick phone call.  

    We're a 100% success based company, so there are no fees unless you get approved.  This ensures we are trying to help you get the funding, not just collecting application fees....

    If you'd rather work with a company and professional that tells you what you NEED to hear, instead of just telling you what you want to hear and making you feel good, feel free to reach out to me directly. I'd be glad to help, if I can.


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