What Fees/Commissions to expect from Commercial Mortgage Broker?

[Mit P.]

Hi BP! I have a Maryland commercial mortgage broker who will shop lenders for my financing needs. My rental property presently has one SBA, and one conventional (balloon). The idea is to re-finance for a better rate by paying off the two and cash-out remaining equity available (no appraisal done recently).

The broker is proposing an agreement of an approximate $700 non-refundable fee to me, and 1% commission of the loan amount (loan amount approx $700K). This is not inclusive of any points from lender charged to me, appraisal, etc. Proposed length of agreement is 24 months, any intro's he makes to lenders are his. He also suggests shopping one lender at a time. 

Would love to hear your thoughts on below. Thanks for reading, much appreciated!

My thoughts/questions:

1. Non-refundable fee does not make sense

2. 24 months is long

3. What is advantage of shopping one lender at a time?

4. What approx average commissions are expected for 700k loan amounts?

5. What approx interest rates should I expect?