Hard money fees please help
I got a hard money loan from a well known lender in my area.
He says i need 12000 down i said ok. 3 days before closing he adds another 7500 for his fees. The lady who works for him could not believe it. I got the loan remodeled the house and called him to email me a pay off. Now theres another 7500 fee saying deferred interest and i paid it in the beginning. And now another fee for 12,250.00 says total attorney fees collectible under note 24500 and oh they only want half. Im really pissed off i remodeled the house and now they are trying to take all my equity in fees please help. This is what attorney senrlt me word for word "If you read the terms of the note, you will see that it allows for the statutory 15% fee when the loan is referred to an attorney for collection. That is not what our firm charges – that is what the lender is allowed to collect under the terms of the note. The fee does not have anything to do with the closing. It is not practical for a closing attorney to cover every single term of a loan at closing; furthermore, our job is to represent the lender." Are attorneys allowed to do this?