Easy Street Capital - Asking to wire transfer a deposit.

[Haarden Shah]

Hello,

I am new to real estate investing and decided to go with Easy Street Capital as our lender for the DSCR loan.

They already ran out credit and we went under contract on a property after getting the pre-qualification letter from them.

I also got the Term Sheet from our contact Zach and the last page is asking us to wire transfer $2,500 to their bank account for the deposit.

Is this common for private lenders? I was under the impression that all payments should go through the title company.

This is our first deal so we're still learning the ropes. I appreciate all the help we could get here, thank you!

[Matthew Crivelli]

@Haarden Shah

Yes, Easy Street does this. It's not common among Hard Money / DSCR lenders but it is there policy. Why? I'm not 100% but Easy Street is all over bigger pockets so I'm sure one of them will comment with a lengthy reason why.

Most HM lenders have you pay the appraisal management company directly for the appraisal, outside of that, all other costs are paid at closing.