Private Lenders
Hello Forum,
I am getting involved in real estate rehab/flipping houses business. I own a residential contracting company but I am ready to go to next level. I have contacted some private lenders in order to get some financing options and all of them are willing to borrow money. Terms are acceptable but all of the lenders that I have contacted are asking me for an origination fee upfront.
I ask them to deduct that amount form the amount of loan but all of the ones that i have spoken to refuse to do that
I want to ask how is the normal (standard) procedure on this cases or is a rule of thumb that they all require an origination fee? Is that a good idea to do?
Thanks for any help or orientation
Victor Aponte
-
Contractor
- MOG Improvement Services