Real Estate Investor · Rolling Meadows, IL · Member since 2008 · 11 posts · 0 votes
17y
There are several fees and the types of fees would depend on what kind of property and the size of the property.
A typical deal would include the same fees as a residential loan (appraisal, title, points, flood determination, etc.) but the fees would be larger. For instance, I work at a bank and see the appraisal invoices, which might run between $2500-$4500 for a commercial property. Also, expect a phase 1 environmental report fee, which is also expensive.
The bank will probably ask for a commitment fee up front before they'll order the appraisal. It varies bank to bank, but I usually see the commitment fee at a little over the cost of the appraisal, so the bank can still pay the appraiser if the deal later falls through. The rest of the fees are usually not due until closing.
Hope this helps, sorry I can't get more specific, but each bank is different when it comes to commercial loans.