Power of Attorney and Fee - Unsecured Private Funding
I was contacted by a company who wants to collaborate with me to purchase and resell houses - a wholesaler and company who works with lenders to access funds. Two concerns arose.
1. The company is asking for a 15% fee on top of the interest rates offered. Fine I don't know if that's standard or not.
2. The bigger one. The agreement provides Limited Power of Attorney. It states the company can apply, accept and process any loans, LOCs or credit cards (and any other credit instruments) on behalf of me with my information. And to sign on my behalf to conduct business.
Any thoughts from seasoned experts? My ultimate goal is to collaborate to invest in, and sell real estate but I don't want my credit blown away here.