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Updated almost 4 years ago,
Brokers asking for 8000-1000 deposit for commercial loan
Hello BP Community,
I have brokers asking for deposits now a days, is this something new? I have a 35 unit apartment building I am trying to refinance. I have 2 potential loans which are good, but they are asking for 8,300 and 10,000 for deposit for them, appraisal and 3rd party reports. I already lost 8500 last year with a company who pulled a bait and switch on me. Any input would be great. I am in a rehab loan I need to get out of.
The property is cash flowing.
Thank you in advance,
Paul