Stephen Coon Private Lending

[Song Lee]

Has anyone heard of or have done business with this company, I started the process and they keep asking for more fees, 

[Joel Owens]

Never heard of them.

Do not pay a bunch of upfront fees. There are many so called lender out there that take upfront fees. If their lending source or if they are the source doesn't want to do the loan then they make money off of these fees.

Think about for instance if a mortgage broker is going to get a 20,000 fee for a loan say 1 point of 2 million but they request an upfront fee of 7,500 of the 20k. If the loan never closes they still make 7,500 and will usually vet the lender less that they will perform.

If a mortgage broker gets nothing until it closes you better believe they will be laser focused on who the lender is and if they will perform.

As a purchase you always need to do your own due diligence. If something sounds to good to be true it generally is and some companies will keep ramping up fees in smaller increments to get the buyer more committed to them in lost money if the deal is not funded.

There are lender deposits that go to appraisal,phase one, survey,site inspection,etc. Some buyers want to pay these services directly if the lender is not well known. Some lenders are known to take deposits and then never order the reports.