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Updated over 6 years ago,
Issue with HML lender demanding fee for a dead deal
I am in Ohio - I have been dealing with a HML broker (my first mistake), he was referred to me by a fellow investor. I have been working with him for close to 3 months (in that time I have extended my current HML loan twice at $1,000 each time). With each new "deal", he calls on the phone with "terms" most often not in writing and not what I am looking for. I have paid for two appraisals and several app fees with nothing to show for it. At this point I am beyond done with this individual. I am out $4k in appraisals, fees & extensions. Now HML broker has sent me an invoice for $3,500 demanding I pay it immediately because he fulfilled his contract obligation to me. I never signed a contract and I don't have a closed loan. Is this person for real? Am I missing something?