Read this to believe this - Experience with Capital Concepts Inc. in Texas !!!

[Arjun S.]

Anyone heard or worked with this Capital Concepts Inc. (4smartmoney) based out of Texas? Please share because what I experienced today was unbelievable.

So I made a couple of calls to local hard money lenders as I was interested in getting a pre-qualification letter to submit with my offers, and all of them seemed nice, cooperative and helpful until I ran into Capital Concepts and Blake Yarborough.

I spoke with a lady at Capital Concepts' office and she seemed nice. She explained all the terms of the loans, and requested I submit an application with a credit check to get a pre-qualification letter. I asked her if I could submit the credit report I pulled myself a couple of days ago, as I don't want every lender to be putting an inquiry on my credit report. All other hard money lenders either wanted no credit report from me, or were okay with me providing them with what I had pulled.

Then I received a call from Blake Yarborough. He asked me where I got my credit report from, and I told him it is a Transunion report I got from annualcreditreport.com just a couple of days back. Then suddenly he flipped out. "NO NO NO That is not acceptable!!" he yelled. I was in a bit of shock at his behaviour and tried reasoning with him that it is just a pre-qualification letter, all other lenders were okay with it, and he can run the actual credit when I have the property under contract and submit a full loan application. He wouldn't let me talk as he kept yelling at me "You think you know more than me.. we are so competitive we beat all banks and this is how we do business..." blah blah blah until I had to stop him and let him know that he was not the only lender in town and I will take my business elsewhere.

I'm glad I saw his true side today and not after we got into a loan agreement. I cannot believe how such a rude person can be at the head of the company. Totally uncalled for actions- flipping out and yelling at a prospective customer? Who does that?

Obviously I would never take my business and money to Capital Concepts, and I would urge all members to do their due diligence on the lenders they work with.

[Josh James]

I met one of the Capital Concepts reps at a wholesale meeting once. I decided to try them out. I wanted to get a prequalification letter. I have good credit, assets and income. It was back and forth with documents for more than 6 weeks. They were pretty disorganized. I worked with three different people during the course of attempting to get approval.

Long story short, I steer clear of Capital Concepts too. I was wondering why they were on the lender list. I thought it might have only been me with a bad experience. Has anyone had a good experience with this particular hard money lender?

On the bright side, since then I have built a good relationship with a local bank. They beat the interest rate by more than half, I pay no points, and defer my interest payments for 3 months.