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Updated about 8 years ago on . Most recent reply

Felix Rivera's profile image
Felix Rivera's profile image
Felix Rivera
  • Investor
  • from New York, NY
  • Member since May 15, 2016
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Felix Rivera's profile image
Felix Rivera's profile image
Felix Rivera
  • Investor
  • from New York, NY
  • Member since May 15, 2016
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Felix Rivera
  • Investor
  • New York, NY
9
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40
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Questions About BiggerPockets & Official Site Announcements

Advice on private funding

Felix Rivera
  • Investor
  • New York, NY
Posted

Have anyone ever heard of a private lender by the name of Lawerence Sarner ? I'm trying to get funding to start my business and he ask me for $850 for origination cost and $2,300 for loan processing fees,includes legal charges for the loan application.Does this sounds right ?.I am a newbie and I dont want to get burn.The contract looks good, I had someone in real estate business take a look at it. Any advice plz.Thnx

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Don Harris's profile image
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Don Harris
  • Realtor
  • from Charlotte, North Carolina
  • Member since Oct 13, 2014
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Don Harris's profile image
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Don Harris
  • Realtor
  • from Charlotte, North Carolina
  • Member since Oct 13, 2014
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Don Harris
  • Realtor
  • Charlotte, NC
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Don Harris
  • Realtor
  • Charlotte, NC
Replied

@Felix Rivera what you will find on BP is a fairly consistent answer along the lines that no legit lender charges any upfront fees the exception of a minimal amount for an appraisal etc. 

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