I'm sure you've run across this......

[Account Closed]

I have a project in the Islands that was a referral from an affluent Palm Beach friend. Needless to say the developer is one of the largest on his Island and his net worth personally is vast not to mention his company's holdings.

I have a CPA letter giving me a glimpse I imagine, of this clients financial standing. I contacted a hedge fund and he sent me a quaint intake form, essentially asking me to divulge every last detail of the project and borrower's life history. I simply asked the fund for a conditional LOI so I could fly down and present it to the developer and the fund is giving me some static about full disclosure of the client.

I advise the fund that my client has the financial ability to self fund, but would rather use other money so he can continue with his other ventures. The fund took an attitude that "He is the one asking for money, not us". Now in a usual preferred banking enviornment, such arrogance towards a high profile client would never be exhibited. I'm seriously considering withdrawing the deal from the fund and taking the business elsewhere. The only problem is, I'm certain this particular fund can perform since they have done-so in the past for me.

To boot, the borrower is requiring the fund to give him an ability to fund affidavit.