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Updated over 1 year ago on . Most recent reply

Nathan Cain's profile image
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Nathan Cain
  • New to Real Estate
  • Member since Jan 12, 2020
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Nathan Cain's profile image
Nathan Cain's profile image
Nathan Cain
  • New to Real Estate
  • Member since Jan 12, 2020
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Nathan Cain
  • New to Real Estate
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10
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Private Lending & Conventional Mortgage Advice

Lender asking for $250 deposit for pre-approval letter

Nathan Cain
  • New to Real Estate
Posted

ABL1.net says they will fund my deal, but they are asking for a $250 refundable deposit before they will give me a pre-approval letter.

Is this a legit practice? 

Little Rock, Arkansas
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Derek Brickley's profile image
Derek Brickley's profile image
Derek Brickley
  • Lender
  • from Ann Arbor, MI
  • Member since Jun 29, 2021
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Derek Brickley's profile image
Derek Brickley's profile image
Derek Brickley
  • Lender
  • from Ann Arbor, MI
  • Member since Jun 29, 2021
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Derek Brickley
  • Lender
  • Ann Arbor, MI
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Derek Brickley
  • Lender
  • Ann Arbor, MI
Replied

Typically... no putting a deposit down is not something you need to do.  There are some lenders that will charge an upfront fee, but it might make more sense to look elsewhere.

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