[Michael I]

I'll ask you this in return, if you're not syndicating and I'm taking all the risk, how do I offset my losses with deals that go bad or modify their payments? Hence an upfront cost.

I dont want to get personal , but i syndicate on nearly all my deals and have more than ten times my money without getting any funder fees.I do get having control of the deal makes default way lower. ( national at one of the past broker fair threw a number on how much less their defaults are on in house deals vs iso deals)
but bottom line the underwriting is off if you cant make money without those fees