[RichardGerard]

Lendistry does NOT charge an 'upfront fee'. After receiving a file and determining they wish to move forward with a term sheet, they request a small fee to do further due diligence. This is very common in the ABL world, except the fees are usually $5000 plus. If the deal closes they credit the $200 from their origination/closing fees.

As other colleagues mentioned: if the client pays that small amount they know they have something real- not a client shopping their numbers. Actually protects advocates as well..

[Karen37a]

Lendistry does NOT charge an 'upfront fee'. After receiving a file and determining they wish to move forward with a term sheet, they request a small fee to do further due diligence. This is very common in the ABL world, except the fees are usually $5000 plus. If the deal closes they credit the $200 from their origination/closing fees.

As other colleagues mentioned: if the client pays that small amount they know they have something real- not a client shopping their numbers. Actually protects advocates as well..

There you go.

I do not do business with them. I am glad he cleared this up, I was thinking...who the hell would do this and risk all the drama,regulations and jail.

yankee...some people get a second bedroom and advertise with an upfront fee with no intention of renting it to make their rent payment( which is also unethical and illegal) or....just close a sale

[DiamondBL]

Lendistry does NOT charge an 'upfront fee'. After receiving a file and determining they wish to move forward with a term sheet, they request a small fee to do further due diligence. This is very common in the ABL world, except the fees are usually $5000 plus. If the deal closes they credit the $200 from their origination/closing fees.

As other colleagues mentioned: if the client pays that small amount they know they have something real- not a client shopping their numbers. Actually protects advocates as well..

True Story -
Our office has seen kind of a lag or delays in follow-ups from Lendistry thru a few steps in the process. But they are still a solid option.
They usual go thru the SBA route and try to offer a loan in between. We have not been able to figure out the rhyme or reason .... yet...

[Michael I]

Please if the reason was so the guy is not just shopping , they will return the money if they decline . They do it because they decline so many in underwriting and cant afford to spend so much on due diligence for everyone .

[Karen37a]

Please if the reason was so the guy is not just shopping , they will return the money if they decline . They do it because they decline so many in underwriting and cant afford to spend so much on due diligence for everyone .

You cant charge an upfront fee..its illegal for loans

And you will get in trouble on mcas... non-negotiable

Refer to what Richard said

On my application in BIG BOLD PRINT it said NO COST NO OBLIGATION...so no yee haw broker on my team tries this crap and gets me in trouble because I own the company.

and ill fire instantly...keep the renewals...they signed it..only reason to get terminated with me

"egregious acts"

[Karen37a]

***closing eyes ***


geezus spring hill...dave. You tried to beat up one of my cold callers on the phone once..

Val the russian...recall?

Then I wound up on the phone with you. smh

[ryan $]

Lmao

[Jonathon]

Be prepared for a very extensive stip list if you are dealing with lendistry. ALL UCC's must be cleared and they want the borrower to take out additional life insurance, and its the slowest process ever. One rep here funded a deal with them that took 4 months, and didnt pay ****

[snajieb]

Just recently partnered with them and sent them a file. Then I find out they charge $200 upfront non refundable application fee to the borrower. That made the hair stand up on my head. Charging up front nonrefundable fees has traditionally been one of the quickest ways to unveil a fraudulent lender and also the quickest way to be shut down by bank commissioners. I checked Lendistry's BBB rating and found out its only been listed as A+ since Feb 10, 2018. That's right, its only been there for a month.

Has anyone had an experience with Lenistry? If so please opine.

If you have questions, contact Janet Perez. She will explain lending guidelines and fee structure. Also, RG identified what the potential fees could be surrounding this request. They are a lender and Janet can assist with clarifying their product.

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Janet Perez / VP, Business Development
Janet.perez@lendistry.com / 714.615.3971

Lendistry
Office: 562.242.2993 / Fax: 562.475.4981
lendistry.com

[RichardGerard]

If you have questions, contact Janet Perez. She will explain lending guidelines and fee structure. Also, RG identified what the potential fees could be surrounding this request. They are a lender and Janet can assist with clarifying their product.

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Janet Perez / VP, Business Development
Janet.perez@lendistry.com / 714.615.3971

Lendistry
Office: 562.242.2993 / Fax: 562.475.4981
lendistry.com

Sean, you're a great guy- and we get along. However as relates to this: the folks at Lendistry have demonstrated on a recent deal that they're not sure if they want to lend- or if they would prefer to act as an intermediary. They took 4 weeks to NOT do a deal for 250k over three years- that we are closing for 350k over 10. Their Underwriter was falling all over assets- while not paying attention to 500k in AR, and a client with a NOI of 300k from 2017!!! Not a clue. As for Ms. Perez- she tried to step in and assist- but was far from pleasant. If the SBA is faster than them- I can't fathom a situation where they would be useful- especially if they have a 3 year amortization as opposed to 10!

We have had considerably more success dealing regular banks, ABL's, and the Government -on term loans- than any of the folks mentioned. If however you are looking for subordinating debt, the folks mentioned previously might be able to help..

RG

www.businesscapitalconsultants.com

[Sachip24]

From what I heard Lendistry is going state by state getting gov backed money. I know they have Cali covered already thats why deals in Cali they close super quick, and some other states on west coast I believe not sure which ones specifically. But that is their plan

[RichardGerard]

The deal we brought them WAS A CALI deal.. The government closed the deal BEFORE THEY DID..

Unless they made a complete overhaul of their entire model/staff I can't see any value at all in working with them

[LinkedInQueen]

Just recently partnered with them and sent them a file. Then I find out they charge $200 upfront non refundable application fee to the borrower. That made the hair stand up on my head. Charging up front nonrefundable fees has traditionally been one of the quickest ways to unveil a fraudulent lender and also the quickest way to be shut down by bank commissioners. I checked Lendistry's BBB rating and found out its only been listed as A+ since Feb 10, 2018. That's right, its only been there for a month.

Has anyone had an experience with Lenistry? If so please opine.

Please feel free to contact me with any questions or concerns at 562-242-2993