If you are borrowing for renovations, you will likely have a draw fee in the $100-300 range per draw.Selling costs: biggest one is commissions.  

If the borrower is seeking a construction loan, I would say loan administration is of utmost importance.

Financing provided through this program is only available for properties located in Michigan or Florida.Available Product Type: SOFR 7/6 ARM, SOFR 10/6 ARMLoan Amount: $766,550 MaximumLTV: Purchase and No Cash Out Refinance - Maximum 99%Prepayment Penalty: NoneLoan Assumption: NoneEligible Properties: 1-unit dwellings, attached and detached condominiums, PUDsEscrow: An escrow account must be established for property taxes, and flood insurance, if requiredUnderwritingNo Private Mortgage InsuranceOccupancy – Primary residencesMinimum Credit Score - 700DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors)Student Loans – If in deferment, no qualifying payment requiredDown payment of 1% must be borrower’s own funds, while closing costs and prepaids may be gift fundsAttached condominiums require a 10% down paymentEligible Borrowers – Protect and serve heroes are defined as employees of public or private education institutions, employees of medical and healthcare organizations, all first responders, and active or former military personnel.Servicing: Retained

If there are two borrowers, then of course if a POA is used it would be limited to one borrower...If both borrowers were available and/or decided to attend they would both sign the loan and therefore no POA.2.

I would post the details in classified section and let people give you quotes I find one off borrowers focus on cost much more than serial flippers who are looking for long term relationships there is much more to finding a capital partner than who has the cheapest fees..

So far we have collected about $280,000 but the borrower has been unable to pay us off.  

This doesn’t change with your borrower’s LLC.

I know they've been around for quite a while, and I'm wondering if anyone would be willing to share their experiences they have had dealing with them, either as an investor or a borrower.

@Raj Vardhan, in my limited experiences, 6 or 12 month seasoning is common if you want to borrow based on new appraised value.  

How much are you qualified to borrow and what will your monthly costs be for mortgage, insurance, taxes???