22 unit deal in Newark, NJ looking for funding or Partners

[Carlos Toussaint]

Hey Guys,

I have a 22 Unit Mixed Portfolio deal in Newark, NJ primarily in the Phillipsburg area. My partners found a Private lender in Texas, who's willing to fund 95%-100% of the deal but one of the stipulations is to pay $3950 fee for an LOI. I never dealt with a Private lender before but that seems pretty weird to a fee for an LOI. I have attached a photo of the Commitment letter below.

You experienced Private lenders and Investors please take a look and let me know if it's legit or not. Also, any Lenders or Investors who may want to partner up, let me know.