How Do You Vet JV Partners or Financier Brokers?
I set up a call between one of my developer friends and a BP member today and it quickly became clear that there was a chicken and egg problem. The BP member and loan/equity broker was trying to vet us and get us to fill out loads of paperwork to circulate to her investor groups for a deal we are working on in Houston. We were trying to get her to supply us with information to decide whether or not it was worth the time to fill out loads of paperwork and supply some unknown person a lot of personal information.
How do you normally get past the loads of paperwork chicken and egg issue so as not to waste each other's time? Does the person normally need to be recommended or supply some references to qualify for your time? I am just wondering what other people do so that I may be able to employ best practices going forward to maximize the use of my time and to avoid spinning my wheels with people that can't help with financing.