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Updated over 2 years ago, 07/26/2022
Are HML Upfront Commitment Fees Normal? (1stcapitallending)
I am rehabbing my parents property as my first rehab project. 180K is left on mortgage and 45K in renovation costs with an ARV of 450K. I am applying for a renovation loan only for 60K.
I found a lender (1stcapitallending) who would would give me 7% interest over six months, total cost of loan is 2100 funding 100% of the Loan with no downpayment. This is great, but there is a loan commitment fee of $1200 that I wasn't expecting so I'm doing my due diligence.
Does anyone have experience with 1stcapitallending? How common are upfront loan commitment fees?