Results 1 to 7 of 7
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04-25-2022, 08:34 PM #1
- Join Date
- Oct 2021
- Posts
- 13
ISO of real estate lender
I have a client with a duplex for purchase. The lender that I have been going back and forth with keeps adding fees and I'm close to losing this deal entirely. What is your go to non headache REI lender? Its a $200k deal and I want a point for origination but at this point I just want it to be closed.
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04-25-2022, 08:39 PM #2
Is it hard money? 80% LTV on purchases? 1% to you shouldn't be a problem. What is the lender charging?
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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04-25-2022, 08:41 PM #3
- Join Date
- Oct 2021
- Posts
- 13
A surprise $2k upfront application fee and an appraisal fee of $500.
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04-25-2022, 08:43 PM #4
That's bull****...all you need is to pay for an appraisal. Should be $1,000 give or take. What % fee are they charging and what are they paying you? What is the rate and term? Do you have a LOI or Term Sheet you can email me?
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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04-25-2022, 08:43 PM #5
- Join Date
- Oct 2021
- Posts
- 13
Is this standard? app fee not going towards the 20%
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04-25-2022, 08:48 PM #6
So you have to put 20% down the lender finances 80% but you also have to cover points and fees. I suggest people raise the purchase price and have the seller cover fees. Add 5% to the purchase price. Create a new purchase contract or purchase agreement.
Last edited by Olderguy; 04-25-2022 at 08:51 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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04-25-2022, 08:50 PM #7
- Join Date
- Oct 2021
- Posts
- 13
DM'd you. Thanks in advance by the way
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