Commercial/Broker Loan fees

[Rose Croskey]

We are about to begin the refi process to get out of hard money and into commercial loan for a small 6 unit complex. I would say the loan amount would be 350k but can't be more than 400k at best. The broker I worked with is helping with it and I met him and the VP of the bank at the property today to get input. I asked about fees and the bank said anywhere from 1.5-2% for all the costs at closing (legal, appraisal, etc). Then I asked the broker his fees and he said 2% since it's a smaller loan and they do 1% for larger. My husband thinks it's alot of money. No argument there. But isn't that the standard in fees? Nobody is gonna work for free. These people have pretty good connections and I do feel like their word weighs alot to the lender. Plus, they pretty much do all the work/communication. I just supplied paperwork to them and they got us the hard money loan. Before I even met the VP of the bank he already knew about us and our financial picture because our broker already sent our files over. It's alot of money. But I feel like we are getting what we need out of it. Any thoughts? Am I just too nice....??