Commercial bank loan of 6% interest only

[Scott W.]

Will lend 80% up to $125k purchase price for 6% interest only good up to 12 months; $1000 processing fee and about $400 in misc fees ($100 for appraisal).

For the rehab/holding/closing/BS costs, I will use a private lender also of 6% interest only and my line of credit for 2% interest only.

That is some cheap $.

Will update when find a deal for my 1st flip.

[Joel Owens]

I wouldn't pay anyone 1,000 to process a loan. If they want get paid a fee at closing when it funds then that is fine.

Too many fakers out there stealing money and make small fees appear legit.