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01-14-2017, 12:13 PM #18
- Join Date
- Oct 2016
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- 4,318
Which reminds me of the "private investment bank hustle". These operations calling themselves private investment banks offering fantastic term sheets $5M term at 7% over 7 years, and the minute you sign the term sheet you have to send them a bunch of DD fees. They eventually say they can't fund (never intended to fund) but will use their "strategic partners" to provide funding. Ends up being a $500,000 cash advance from BFS or the like. If the client refuses because they wanted something more traditional, they find that a lien has been placed on th AR. To release the lien the borrower gets stuck paying thousands to the "private investment bank". This was popular years ago.
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