I entered into a agreement with Norfleet Funding Group to facilitate a Standby Letter of Credit via its provider Jan 8. They charged me $30,000 to arrange the SBLC. I needed the SBLC to enter a Hong Kong based trading program which starts at the end of this month. On Feb 5 the Standby Letter of Credit issued by ING bank and arrived on bank in Hong Kong. I initially agreed that I would pay Norfleet 20% of my net profit from my trading activities. On Feb 4 I was sent a new agreement that called for 35% to be paid by me. As it was at the 11th hour I had no choice but to sign. I spent 6 months working with my trader and securing my slot. I cant help but feel that I'm paying too much with 35%. Is this amount the norm? Norfleet did perform as agreed but it ended up being more expensive.
Michael
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