Admin fees for draws?

Question

Is it customary for a hard money lender to charge admin fees when requesting rehab draws?

Joel Thompson · Answer

@Robert Tinker usually that is something a lender will be upfront about during the funding process, specifically on your first deal with them. It's unfortunate that they didn't explain it.

Wayne Brooks · Answer

Just a fee that’s part of the game. If Yhey sent an inspector it’d be $100-$200.

Robert Tinker · Answer

@Wayne Brooks Thanks, just wanted to know if this was customary. First deal with hard money so I'm learning.

Wayne Brooks · Answer

Yes, they inspect to verify the work has been done that you are requesting payment for.

Robert Tinker · Answer

@Wayne Brooks So they don't have an inspector in the area and I had to drive 100 miles round trip and take photos myself and they charged me $50.Should I ask for a credit back or just let it go.

Admin fees for draws?

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