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03-13-2018, 09:52 AM #1
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
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..
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03-13-2018, 09:58 AM #2Karen37aGuest
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 saleLast edited by Karen37a; 03-13-2018 at 10:02 AM.
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03-13-2018, 06:35 PM #3
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...Jonathan Kohanoff
B.R.E. #01962090
Diamond Business Loans
Beverly Hills, CA 90211
jon@diamondbl.com
www.DiamondBL.com
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