They try to integrate inspections, and the closing docs on their platform and doesn’t work well.

Depending on the lender (bank or alt. lender) you have to look at origination fees....points, doc prep, interest rate, frequency draws are allowed/min. draw amount allowed per request, interest payments vs. interest reserve & whether interest reserve is capitalized to fully understand the true cash requirements.

LENDBASE has the following feesConventional:1% origination fee$500 doc fee (est)Title Work TBDAppraisal $2000-$3000Environmental $0-$2000 (depending on search) Which all seem pretty normal, but FIRST they require you pay them up front $4,000.00 to start brokering loans, it’s their "non-refundable engagement fee.”Has anyone ever heard of this ever?

Now maybe I am wrong and all the POH homes are spectacular and very well maintained with new roofs, furnaces and no water leaks. 

One thing is for sure, if I ever wrap another mortgage I am getting a POA to access the docs on the original loan so that I am never again at the mercy of that borrower to relay information.

Leaking roofs, falling down foundations, mold rodents and past debris from previous tenants or owners.The process to buy these “pre reo” is actually a long one.

The biggest piece to me would be understanding how the priorities of those share classes play out, which should be outlined in detail in the sub docs and waterfall.  

Craig, I'd be happy to review your docs and deal for you and get you to a servicer.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

@Todd Groom Hello and thank you for the offer to share your doc.