Hi.
I am looking for feedback on a commercial broker opportunity I found on the web.
The company is Global Broker Systems (see GlobalBrokerSystems.com). They also market under Global Equipment Leasing and Global Church Financing. The person running the company claims to have run a commerical brokerage firm for 27 years in NYC.
I have been to their offices and have met the man. Seems to be legit. My question: He offers a training program (for $19950), which also includes access to the same 14 commercial lenders he uses. No fees to him - you work for yourself directly with the lenders after training. He essentially provides instant access and credibility (leveraging his relationship formed over the years with them) for you with the lenders.
These lenders specialize in B, C, D commerical credits - and all types of commercial transactions, including lenders with preferred SBA status. THe NYC BBB rates the company as active for 27 years, with no complaints last three years (which is all they rate).
I don't know all of the lenders, but from my visit to his office, I saw transactions to CIT, Pioneer Credit, Evans National Leasing, and Sunbridge Capital.
I have no commercial broker experience. I do have some commercial lending and extensive consumer lending and leasing experience.
As I see it, the value of the program is the access to the lenders, who I percieve might otherwise have an issue dealing with me as a new entrant.
My questions:
1) Does anyone know about this company? Are they legit?
2) Is there a real barrier (experience, relationship) to entry that is worth paying 20K to overcome?
3) How big is the market for equipment buying and leasing for those with less than good credit? Is it underserviced? Who are the big lending competitors?
4) Has anybody out there gone through a similar program successfully? I have talked to two references they gave me, but who knows how credible they are.
Just trying to do some due diligence. Thanks in advance for any help you all can give me.