Fund That Deal

So I’m websurfing last night as I usually do and I came across a web site called Fund That Deal.  It looks like one side is for people needing money (real estate investors) and the other side is for people wanting to be private banks.  The site marries the two.

Now I notice for a would-be real estate investor needing a deal there is a one time $199.00 sign up fee and then they charge 1% for putting deals together.  And I assume that’s on top of whatever funding fees the private investors will have.

Anyone have any experience with Fund That Deal?  It sounds promising.  But asking people to throw in $200.00 with such little information seems a bit quirky.  Don’t get me wrong. I’d gladly pay (and recommend people pay) the $199.00 if it actually worked. Heck, it’s a drop in the bucket if everything is legit.