[Triton]

Has anyone ever heard of this company?

They are offering one of my clients an amazing deal that isn't really heard of in this lending space.

[Lorenso dennis]

No I have never heard of them but I offer some loans that may seem absurd as well. So it may be possible.If you give me more details, I may be able to answer your question a little better.

[FUNd]

Nope. But I bet you dollars to donuts they are asking for some type of fee or deposit upfront.

[RichardGerard]

To all: we have had dealings with and they are reputable.. If they ask for a due diligence fee upfront it is because they need to verify the assets on the balance sheet. Remember: they are NOT an advance firm.

[FUNd]

You're joking, right? What does a "due diligence fee" have to do with verifying assets on the balance sheet?

[RichardGerard]

Asset Based Lending has nothing to do with advances. If a firm wishes to have a lender verify receivables, inventory, equipment, and make an on site visit to determine whether or not a firm is being forthright with its financials, they have the right to charge due diligence.

Banks do it all the time and this is the standard on this platform. It also allows the lender to know they are not being shopped, and to be sure the client is vested. It only helps Brokers like yourself...

[FUNd]

NEVER PAY ADVANCE FEES. Ever. Banks don't charge fees upfront. Total and complete lie.

[RichardGerard]

I would never advocate a client to pay a fee for an advance or a term loan.. For an ABL facility however it is industry standard practice..

A Broker we partner with- on this Blog- can verify that we have just saved a client $15k a month with this strategy...

Would be happy to assist you and yours..

Richard 516 510 3855

[FUNd]

Advance fees are not standard practice for any type of legitimate loan instrument. They are the basis for bait and switch tactics.

[RichardGerard]

I have a client that has just paid 1/2 point for a $6M ABL LOC... He was happy to do it.. It's merely a different entity.. Again those fees are wired to the lender... Sadly not to us!

Also standard practice on Commercial Real Estate loans with a CLA or LOI... Appraisal and UW fees... Due diligence

[Kevin Henry-Seacoast]

Just sent you a private message.

[FUNd]

Due diligence is the cost of doing business. If there is a fee, legitimate lenders take it out of loan proceeds.

And if you're trying to say appraisal fees on mortgages that are paid to a 3rd party are the same as advance due diligence fees, you're wrong.

[RichardGerard]

Seems that we disagree

[omegafund]

We have worked with many different lenders that do large ABL lines over $10M and real estate transactions, even some factoring companies charge upfront DD fees.
They may be as small as 299 upwards to $10-15k depending on the size of the transaction and the assets to be verified and the costs of 3rd party reports.
While I have seen many fraud lenders charge upfront fees and then disappear you have to make absolutely certain you are dealing with a legitimate lender before you ask your client to send over fees.
Some Real Estate lenders ask for appraisals fees even some banks ask for fees upfront.
If most of your transactions are in the cash advance ACH arena under $1M then yes it would be uncommon to charge a fee upfront. If you move to the larger transaction over $3M and certainly $5-10M+ then you will see DD fees upfront.

[Sean Cash]

Has anyone ever heard of this company?

They are offering one of my clients an amazing deal that isn't really heard of in this lending space.

Their website doesn't inspire any confidence that they are legitimate. The "news archive" has no dates. They should probably upgrade if they want to be taken seriously and I mean that in a nice way.

[BigIz]

I checked them out a week and a half ago and I also thought their website was kind of rinky dink.

[unitax58]

NEVER PAY ADVANCE FEES. Ever. Banks don't charge fees upfront. Total and complete lie.

The due dilligance is similar to appraisal fee.

[golf2014]

evidence in thread indicates positive experience with this company.