Admin fees for draws?

Admin fees for draws?

Robert TinkerPro Member
Rental Property Investor · Round Rock, TX · Member since 2019 · 251 posts · 159 votes

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

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Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
7y

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

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  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    7y

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

  • Robert TinkerPro Member
    OP
    Rental Property Investor · Round Rock, TX · Member since 2019 · 251 posts · 159 votes
    7y

    @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.

  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    7y

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

  • Robert TinkerPro Member
    OP
    Rental Property Investor · Round Rock, TX · Member since 2019 · 251 posts · 159 votes
    7y

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

  • Investor · Kirkland, WA · Member since 2017 · 121 posts · 53 votes
    7y

    @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.

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