John's hard money lender had a rigorous application process and none of the deals I submitted were approved.

It just says as applicable by local laws.

I only had to put down 5%, didn't need PMI, closing costs were minimal, no application fee, no appraisal fee, no credit check fee...and no junk fees.

I tend to agree with you but only in part.I do blame "part" of the problem on "bedroom" (mortgage) brokers who helped, and in some cases "encouraged" loan applicants to falsify documents, particularly income statements.I blame the "don't worry, be happy", the market will take care of everything attitude of the Bush (and Bush Sr. and Reagan) administration toward any type of oversight of the mortgage business.As we all learned in high school Civics class; people may be honest, but when an opportunity presents itself they will cheat.

There is a $50.00 application fee due at the time of the consultation and you would pay NOTHING else until services are fully complete, and since we are now non-profit, the client only makes a donation that they can afford.

Hey buck,Since it sounds like you are pretty new to commercial loans, I ran into an article that may help you out.http://afgen.com/commercial_loans.htmlIt talks about the differences between residential and commercial loans as well as the application process.

I have done alot of reading and research on investing but as always practical application and experience reign supreme.

If you allow dogs under 25 pounds, you have to decline someone who has a dog that's 25.5 pounds or the applicant you denied because they have a 100 pound Great Dane can sue for discrimination.So far we have not had any issues with allowing dogs.

My experience is that once leases are negotiated, there really is not a lot of administration involved other than to keep track of any built in rent increases, if applicable.

We originally thought we would rent it out, but have found that we simply haven't had the time or patience to deal with type of applicants (and tenants) we will get.