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Updated almost 6 years ago on . Most recent reply
Asking Lender for POF
I have a client that wants to ask the lender for proof of funds. The clients wants ensure that the lender has the funds to lend before he sends any fee. I've been in commercial lending for a while but I'm pretty new to real estate lending. During my time in commercial lending, I've never had a client ask for a POF from a lender to prove that the lender has the funds to lend.
Is asking a lender for a POF common? Would a lender normally provide this?
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- Loan Officer / Processor / Life & Health Agent
- Rancho Cucamonga, CA
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Originally posted by @Anthony Johnson:
I have a client that wants to ask the lender for proof of funds. The clients wants ensure that the lender has the funds to lend before he sends any fee. I've been in commercial lending for a while but I'm pretty new to real estate lending. During my time in commercial lending, I've never had a client ask for a POF from a lender to prove that the lender has the funds to lend.
Is asking a lender for a POF common? Would a lender normally provide this?
If the lender is asking for an upfront fee that's not a good. I would move forward with a different lender.