Subject line: Thanks for applying to join my syndicate
Hi [first name],
Thanks for applying to join my syndicate. Unfortunately I'm not able to accept you at this time.
The reason is that,
[one of the requirements is that you need to __________]
OR
[based on the current regulations, I am only able to share deals I'm investing in with wholesale investors.]
OR
[we are only accepting limited people that we know personally, due to bandwidth.]
Happy to keep in touch and if anything changes I'll be the first to let you know!