Results 1 to 14 of 14
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02-09-2021, 09:44 AM #1
- Join Date
- Jun 2020
- Posts
- 16
Hard Money with no DD Fee upfront
Hello,
My client is looking for a large hard money loan that requires no fee upfront. He would be happy to have them take it out of closing, if need be. Client has over $150m in real estate. Open to 1st or 2nd position. Please advise when you can.
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02-09-2021, 10:17 AM #2
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,952
Commercial or Residential?
State & Zip Code?
Amount of Loan Seeking?
Usage of Funds
Property has Existing Lien?
Tax Returns ?
Just a few questions that any Hard Money Lender would ask.
Call me if you wish to discuss.Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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02-09-2021, 10:27 AM #3
- Join Date
- Jun 2020
- Posts
- 16
Hey Dave,
I'm familiar with hard money, i just need one without an upfront fee. Let me know!
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02-09-2021, 10:50 AM #4
- Join Date
- Feb 2017
- Posts
- 3,429
For such a large deal, I personally think it will be highly unlikely for you to find a lender who will do it without some form of commitment fee. There will be massive underwriting and massive investment of time, and if he backs out, then it was time and money spent not able to do anything.
Awesome work finding the client, but my experience has been in deals like this that they don't go very far without some DD fee.
What is the size of the DD fees you've been asked for so far?
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02-09-2021, 11:26 AM #5
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
If its legit, I have firms that don't charge a fee. Or will charge at the end. What state is the client in? What is the amount they are looking for? And what was the appraised value last time they appraised it? Every one has 150M in real estate till they need to prove it.
MSG ME.
Steven
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02-09-2021, 11:41 AM #6
- Join Date
- Jun 2020
- Posts
- 16
$15-$45k.
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02-09-2021, 01:53 PM #7
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,952
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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02-09-2021, 02:10 PM #8
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
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02-09-2021, 03:18 PM #9
- Join Date
- Feb 2017
- Posts
- 3,429
I can probably get this deal done with a $10k DD fee, 30-day closing time-frame, but sounds like you may be able to as well.
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02-09-2021, 03:35 PM #10
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 474
No UPFRONT due diligence fee, but there is an APPRAISAL that needs to be paid for and done (based on his 6M request, would be around 2k) AND a $1,500 processing fee the lender charges once ready to fund (out of proceeds). 3pt fee on funding.
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02-09-2021, 03:46 PM #11
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,952
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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02-11-2021, 01:42 PM #12Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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02-11-2021, 01:42 PM #13Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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02-11-2021, 01:51 PM #14
- Join Date
- Feb 2017
- Posts
- 3,429
Jerry, with all due respect, I closed a hotel hard money construction loan that was for $6mm in December 2020 and the DD fees were $10k. They were eventually credited back from the fees taken out of the loan and fully credited back whatever they didn't use. The amazing part about the $10k was that they appraisal that they had done some 6 months prior was acceptable to the lender, and they just had to reassign it.
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