Make sure you do THIS if there are Material Changes to your Syndication

Whenever there’s a material change where we believe it’s significant enough that a reasonable investor could argue, had that change not happened or had they known about that change, they would have invested in the first place, then it’s probably a good idea to do a material change letter. And the reality is the ones that we’ve done generally don’t result in a mass exodus because again, most of these material changes, even though they are material, most investors don’t think they’re that big of a deal. Before sending out a material change letter, just to pick up the phone and call all of your investors that are already in, say, hey, look, here’s the change that’s happened. I still think this is a great deal. I still believe in this. It’s not going to change the returns that much or at all, or maybe they change in your favor, but legally, or blame it on the lawyers, my attorney is insisting that I send you this letter. So you’re going to be receiving a letter from us giving you the opportunity to back out. And if you want to back out, back out, but we still like it.