Normal terms for commercial mortgage broker agreement

[Michael Wolffs]

I'm in the process of taking out a mortgage on a triplex I own (currently free and clear.) Since I own the property through an LLC, finding a lender has been a problem. I have broker who says he found a lender who will write the loan. But I've never dealt with a commercial broker before, and I want to know if his terms are usual and customary.

He wants $1,500 up front as a non-refundable "good faith" deposit, and 2.5% of the loan as an advisory fee.  This seems pretty steep to me, but I've never done this before.

Are their people here who've done this kind of transaction, and does this sound right.

Let me know.  Thanks,

Mike Wolffs