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Hard Money residential financing: Post approval fee to borrower prior to closing HM loan

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    Member of Hard Money forum
    Comment please....

    What is the industry standard for a lender to require a post approval fee to the borrower prior to closing a HM loan. The terms they are offering are way below HM normal rates...7%. My instinct tells me this is unethical and probably a scam.
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      CommentAuthoradmin
    • CommentTimeJun 15th 2009
     
    Not unethical if a credible lender has fees that need to be paid. However, never upfront, always at closing.

    Pitbull

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