[Resolved] Global Broker Training Systems / Highly disappointed - waste of money
I usually don't go on rants on forums such as this but I was seriously miss lead by these guys. I took their class this past summer and I have to admit that they did a great job on selling me on their program but severely mislead me on the aspects and details of their program. First when I brought up the issue of other complaints I read on the internet they gave me the used car salesmen pitch that someone dropped out of their program and they still had their deposit so now suddenly they can offer me a "reduced" rate of $15, 000 if I signed up now. As much as a red flag that was, tt sounded enticing and I took the bait and attended. Second the majority of lenders you get are for equipment leasing and a few others that do different things. This was extremely disappointing as they stated we would get several lenders in other areas of finance that I expressed interest in and wanted to make sure they had. They yes't me to death just to sign me up. Also the majority of lenders you get are very very EXPENSIVE with high payments and lease rates to your customer. All throughout the class they tell you that this is the right stuff to concentrate on and focus on people with bad credit to try to sell these high interest rate loans and leases and make "huge" commissions on. So I did this and every customer a ran across that fits this profile cursed at me on the phone when they figured out their lease payment equates to a 40% rate of return that the lender wants. I finally booked one deal out of 30 applications and made $3, 500 over a 4 month period. Hardly a career with these statistics with dedicated man hours put in for 4 months. There were also numerous deals that I could not get done with the lender base you get. I brought this to Phil (the owner's) attention to try to help me with placing these deals as they were complex and required structuring and I got a simple answer of "don’t concentrate on these". "You are better off doing other types of deals". This is my support?? So with my frustration I had to get these deals done elsewhere on my own and had to go through another broker that had contacts for the appropriate lending sources for these particular deals. I had to split the commissions with the broker I found and got the deals done but the point here is I could not do them through the lenders I thought I paid 15K for. I also have been in contact with the other people that I was in class with and they have had worse results then my story and have pretty much given up on this business. I have owned several businesses throughout my life (one in the financial services sector) but this business is far from what they portray it to be .