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Updated over 6 years ago,
What are typical brokerage fees for financing?
I am working on a deal trying to get financial for a commercial property and the the lender has listed the following costs.
Email form lender;
Loan amount – 75% LTV max = $231,750 financing
Interest rate – Prime + 1.50%
Amortization of 20 years
Payment would be $1,512/Month.
Borrower would require the following amount of cash to close
$309,000 Purchase Price
-$231,750 loan proceeds
$77,250 Down payment required
Plus:
$1,160 Lender Fees (0.5% of the loan amount)
$6,900 Brokerage Fees (3% of the loan amount)
$3,500 Legal Fees (Lender and Borrower side total Estimated)
$2,500 appraisal Costs – if not completed and if one is required
$3,500 Phase 1 Environmental Cost – if not completed and if one is required
$17,560 – Estimated costs
Total capital required approximately = $94,810
My question is what are typical costs for
Lender fees? And Brokerage Fees?
This is through a broker who I am trying. My bank is also running the numbers to see what they can do.
6900 just seemed like a lot .
Totally will to listen to any advice.
Very new to this whole thing! Thanks