BRRRR lender question

[Kris Rudge]

I'm working on getting funding for my first BRRRR. I found someone advertising on a local meetup in my area that said "I will fund your deal for 5%". I reached out to him and he says he is a private investor for Charter Financial. Being that this is my first deal I have a few questions to see if this is normal. Ive always been a little skeptical due to past issues. He is asking for a registration fee of $1800 that is paid once i am approved for the loan of 70k. Does that sound right? In advance, thank you for your help!