[Aurelius]

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.

[Olderguy]

Is it hard money? 80% LTV on purchases? 1% to you shouldn't be a problem. What is the lender charging?

[Aurelius]

A surprise $2k upfront application fee and an appraisal fee of $500.

[Olderguy]

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?

[Aurelius]

Is this standard? app fee not going towards the 20%

[Olderguy]

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.

[Aurelius]

DM'd you. Thanks in advance by the way