[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.