NEW Blog Post – NO Upfront Fees and why I “dumped” one of my 100% commercial lenders
Asking a borrower to pay a fee to a loan broker or lender before receiving a viable LOI is like a waitress demanding her tip before she’ll take your order. It’s just not the way things should be done.
Unfortunately, my list of up-to 100% lenders just shrank by one. Lender 2 responded to one of my submissions for funding with a request for a $300K "placement" fee. When I reminded them I don't charge any upfront fees in advance of an LOI – and I don't work with any lenders who charge fees like that– they told me it wasn't an upfront fee. It was a placement fee. Read more… http://www.worldwidecommercialfunding.com/blog/blog-no-upfront-fees/