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Updated over 5 years ago,
Is this private money loan legit?
I've been asked to pay $1,365.00 for Appraisal fee, loan origination and processing fees before loan can be sent to underwriting. It's a 6 month fix and flip loan at 8.65% plus 3 points in and 2 out. It's my first deal,I know I'll pay more now then this time next year, but I wanted to ask experienced investors if this sounds common before I send that check tomorrow.
What makes me Leary is, it has to be sent as a ACH or a money transfer, they won't take a c/c.... Am I just worried for nothing?