Seek Capital LLC BEWARE!!

[Matt Good]

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.

[Heath Jones]

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!!!!!