When are Hard Money Fees Paid?
So I emailed about 7 lenders yesterday and got replies back from all of them. After reading 2 of the emails I began wondering about these fees and when they are due. This is an excerpt of 1 of the emails I received:
-Interest Rate 11.00-12.00%
-Min and Max loan amount Min. - $80,000 Max. - $2,000,000
-LTV on the After Repair Value Up to 65% of the ARV
-Funding timeline Less than 30 days
-Interest only payments or principal & int or balloon Interest Only
-Loan term 6 Month Balloon
-Fees
- Processing $575
- Underwriting $995
- Doc Prep $750
The above fees are in addition to other normal and customary fees such as appraisal, tax, title, recordation, etc....
So my question here is 1) Are those Processing, Underwriting, and Doc Prep fees normal? 2) What is the Tax, Title, and Recordation fees all about? That's not part of the "Processing"? 3) Normally when are all these fees, origination fees, and points due?