@Clinton Straub I have used Jim Lamb of Mortgage Network Inc on my last 4 deals. His rates are competitive and he's a good guy. If you want his contact info, please DM me.
@Clinton Straub I have used Jim Lamb of Mortgage Network Inc on my last 4 deals. His rates are competitive and he's a good guy. If you want his contact info, please DM me.
I received a quote from a lender but closing cost were close to 10%
I dont think this is normal.
Thanks for your help
Clinton
What type of lender? Hard money? Private? Bank?
What was the size of the loan? It usually is not based on percentage, rather fixed fees (lawyer, title, origination points, insurance, appraisal, recording fees, etc.) If it is a loan of under $100,000 i could see it possibly coming to 10%.
That being said, I have some references for different types of lenders in Philly.
Sean Maloney of keystone funding. he's from Phoenixville but will help in Philly also. I'm using him to help tenant/buyer for a sandwich lease option deal currently
Let me know if you need other resources in and around the Philly area. I have 3 Lenders that I rotate and work with on a regular basis.
I always tell my clients that you need to feel comfortable with whom you are using for financing and that they need to explain every single line item and charge.
For example, some Lenders tend to forget to mention when buying and selling in Philadelphia County there is a transfer tax ---> 4.1% total of the purchase price; typically split 2.05% and 2.0% between buyer and seller. Things like that are very important to know and be cognitive of.