Business Profilefor1st Call Consultants LLC
Current Alerts For This Business
As of August 1, 2019, State of California's Business, Consumer Services and Housing Agency, Department of Business Oversight (DBO) issued a
DESIST AND REFRAIN ORDER
(For violations of Financial Code section 22100).
The Commissioner of Business Oversight (Commissioner) finds that:
1. At all relevant times, 1st Call Consultants, Inc., also known as 1st Call Collateral (1st Call) was a Florida entity of unknown form doing business in California, with addresses at
3000 Riverside Drive, #103, Coral Springs, Florida 33065, 3200 N. Federal Highway, Boca Raton, Florida 33431
and an email address of correspondent@1stcallcollateral.com.
There is no record of any corporate filings for an entity named 1st Call Consultants, Inc., in Florida, California, or any other state.
2. 1st Call maintains a website on the internet at www.1stcallcollateral.com.
On their website, 1st Call offered "retail lending products" that earned private and institutional investors "lucrative returns".
3. At all relevant times, Mark Colter (Colter) was an individual with a last known business
addresses at 3000 Riverside Drive, #103, Coral Springs, Florida 33065 and 3200 N. Federal
Highway, Boca Raton, Florida 33431, and an email address of mark.c@1stcallcollateral.com.
Colter represented to consumers that he was the "National Sales Director" and "Vice President" of 1st Call.
4. Beginning in at least 2018, Colter cold-called a California borrower offering 1st Call's
services. Sometime in 2019, 1st Call and Colter engaged in the business of a finance lender and/or
broker in California by entering into a "credit lending" agreement with this California borrower after promising to secure a $2 million dollar "discretionary revolving line of credit" for the borrower.
Colter was the main point of contact for the California borrower at 1st Call and oversaw the
application process with the borrower.
According to the agreement, 1st Call was to secure a $2 million-dollar loan for the borrower.
1st Call acted as if it was performing under the agreement by going so far as to assign the borrower a "client ID" and ask the borrower to give it limited power of attorney to prepare and execute documents on their behalf throughout the loan process.
5. 1st Call and Colter charged the borrower interest, which they represented to be calculated as 1.50% interest on the amount advanced plus one-month LIBOR (the basic rate of interest used in
lending on the London interbank market) rate on all advances made by 1st Call.
In addition, 1st Call and Colter charged the borrower loan fees, including a $40.00 transaction fee for each advance, and charged $21,000 as a "credit deposit".
1st Call and Colter kept all fees collected for themselves. To date, the borrower has not received the $2 million-dollar loan, nor, despite numerous requests, anymoney back from 1st Call and Colter.
6. 1st Call and Colter have not been issued a license by the Commissioner authorizing them to
engage in the business of a finance lender and/or broker under the California Financing Law (Fin.
Code, §22000 et seq.), nor are they exempt from the licensing requirements of Financial Code section 22100.
By reason of the foregoing, 1t Call Consultants, Inc., also known as 1st Call Collateral, and
Mark Colter have engaged in the business of a finance lender and/or broker without having first
obtained a license from the Commissioner in violation of Financial Code section 22100.
Pursuant to Financial Code section 22712, 1st Call Consultants, Inc., also known as 1st Call Collateral, and Mark Colter are ordered to desist and refrain from engaging in the business of a finance lender and/or broker in the State of California without first obtaining a license from the Commissioner, or otherwise being exempt.
This order is necessary, in the public interest, for the protection of California borrowers, and
is consistent with the purposes, policies, and provisions of the California Financing Law.
For further assistance please contact
Department of Business Oversight
Citizen's Complaint
1515 K Street, Suite 200
Sacramento, CA 95814-4052
Consumer Services (916) 327-7585 or
Toll-free (866) 275-2677
https://dbo.ca.gov
At-a-glance
Related Categories
Business Details
This is a multi-location business.
- Location of This Business
- 3000 Riverside Dr # 103, Coral Springs, FL 33065-5514
- BBB File Opened:
- 4/28/2009
- Years in Business:
- 19
- Business Started:
- 6/29/2005
- Licensing Information:
- This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
- Type of Entity:
- Limited Liability Company (LLC)
- Alternate Business Name
- 1st Call Consultants, Inc.
- 1st Call Collateral
- Business Management
- Mr. Richard Hamilton, Managing Member
- Mr. Mark Colter
- Additional Contact Information
Email Addresses
- Primary
- Other
Customer Complaints
0 Customer Complaints
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