[Yankeeman07]

So I saw this guys posts and spam of the boards and sent him several deals - They Issued term sheets on a large deal in February and revised in March and adjusted to take into account the Covid issues. I then kept in contact and when the flights opened up we were told the deal would move forward.
We sent updated financials and Stefan Bernarsky continued to lie and say they were very busy and he would have final numbers. He then vanished for 2 weeks ignoring phone calls and txt and emails. So Today I sent a txt asking if they were still in business as I had 4 new deals to submit. He Immediately Surfaces and says yes they are in business and swamped but he no longer wants to do the original transaction but wants the 4 new files.

I would warn you all that something is very wrong and if you send this guy files I have no idea what he is using all of the information for but it's not funding deals. And I have the 2 signed term sheets that they are now ignoring.


Mike

I'm not vouching for them but, did your deals conform to their unique underwriting?
Their web site details what is required for them to possibly fund?

IMO - not many merchants would fit into their scheme.

[michaelh]

Did you not see the part where they issued 2 term sheet after getting all the documentation? Are you asking if they just issue term sheets before seeing if the deal conforms?

[WestCoastFunding]

Did you not see the part where they issued 2 term sheet after getting all the documentation? Are you asking if they just issue term sheets before seeing if the deal conforms?

Were any fees requested at term sheet?

[michaelh]

The Term Sheet was issued on March 18th 2020 and it had a 6,000 dollar due diligence fee not to be paid until the lender was able to travel to the customers offices in either Texas or Arizona.

[WestCoastFunding]

The Term Sheet was issued on March 18th 2020 and it had a 6,000 dollar due diligence fee not to be paid until the lender was able to travel to the customers offices in either Texas or Arizona.

Hmmm. If the term sheet was signed, would a lien have been placed on their A/R? Any language in the docs mentioning this?

[WestCoastFunding]

The Term Sheet was issued on March 18th 2020 and it had a 6,000 dollar due diligence fee not to be paid until the lender was able to travel to the customers offices in either Texas or Arizona.

Ok, so it went something like this:

1. Client offered a fantastic looking term sheet with $6,000 in DD fees due at execution of term sheet.

2. Client feels uncomfortable with upfront fees from lender and says they want to meet face-to-face with lender.

3. Lender ghosts?

[KanjorskiPartners]

It went:

1) term sheet issued
2) no fees charged
3) we declined transaction based on findings post term sheet

Its a simple declined transaction during due diligence.

Please notice that we funded another file submitted by Michael's partner.