Excessive Fees: usually upfront and independent of project success.
Some syndicators charge in excess of 10% commission. 10% seems to be the norm but is still high as it has to be made up through asset performance which takes a few years. Also an annual asset management fee should probably not exceed 0.5% on the asset value or 2% of the cash invested. Otherwise risk and reward are rigged in favour of the syndicator and against the investor. It should be a win/win situation!
Thus: Lower fees are better!
