[Karen37a]

Lendistry does NOT charge an 'upfront fee'. After receiving a file and determining they wish to move forward with a term sheet, they request a small fee to do further due diligence. This is very common in the ABL world, except the fees are usually $5000 plus. If the deal closes they credit the $200 from their origination/closing fees.

As other colleagues mentioned: if the client pays that small amount they know they have something real- not a client shopping their numbers. Actually protects advocates as well..

There you go.

I do not do business with them. I am glad he cleared this up, I was thinking...who the hell would do this and risk all the drama,regulations and jail.

yankee...some people get a second bedroom and advertise with an upfront fee with no intention of renting it to make their rent payment( which is also unethical and illegal) or....just close a sale