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Updated about 6 years ago on . Most recent reply

Sean McCluskey's profile image
Sean McCluskey's profile image
Sean McCluskey
  • Rental Property Investor
  • from Newport Beach, CA
  • Member since Dec 29, 2017
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Sean McCluskey's profile image
Sean McCluskey's profile image
Sean McCluskey
  • Rental Property Investor
  • from Newport Beach, CA
  • Member since Dec 29, 2017
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Sean McCluskey
  • Rental Property Investor
  • Newport Beach, CA
138
Votes |
217
Posts
Private Lending & Conventional Mortgage Advice

Still pay hard money lender a point when I walked away from deal?

Sean McCluskey
  • Rental Property Investor
  • Newport Beach, CA
Posted
Hey BP, I recently backed out of a deal at the last minute. My hard money lender has asked me to pay one of the two points I was going to pay for the loan. I want to keep a long term relationship with them because they are great to work with. Has anyone done this and paid a fee like that before? Thanks! Sean
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Account Closed's profile image
Account Closed's profile image
Account Closed
  • Lender
  • from Los Angeles, CA
  • Member since May 11, 2015
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Account Closed's profile image
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Account Closed
  • Lender
  • from Los Angeles, CA
  • Member since May 11, 2015
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Account Closed
  • Lender
  • Los Angeles, CA
174
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399
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Account Closed
  • Lender
  • Los Angeles, CA
Replied

Depends how much work he did.  If you got all the way to doc signing and backed out simply because you changed your mind, then maybe.  If you do pay ask if he will do the next loan for only one point.

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