[nani]

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.

[Yankeeman07]

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.

[nani]

Hey Dave,

I'm familiar with hard money, i just need one without an upfront fee. Let me know!

[abfunders]

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?

[Steven_O]

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

[nani]

$15-$45k.

[Yankeeman07]

Hey Dave,

I'm familiar with hard money, i just need one without an upfront fee. Let me know!

Is this a typo?

$15-$45k.

Way to small for a hard money lender, plus would appear to be a residential deal?

[Steven_O]

Is this a typo?

$15-$45k.

Way to small for a hard money lender, plus would appear to be a residential deal?

Thats the fee they are charging him for Due Diligence...

[abfunders]

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.

[Steven_O]

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.

[Yankeeman07]

Thats the fee they are charging him for Due Diligence...

Thanks for the clarification - the post did not provide much info.

[Jstarr]

We dont have any upfront fees other that an appraisal.

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.

[Jstarr]

If they are charging an upfront fee, its a scam..

$15-$45k.

[abfunders]

If they are charging an upfront fee, its a scam..

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.