All Forum Posts by: Jonathan Lee

Hi @kyle joseph  I can make that time, Gather is a great spot. Looking forward to seeing it confirmed. 

Thanks everyone who has replied. The broker is willing to have me submit all the application stuff without the fee and get the underwriter to give me a verbal yes/no. Then when I need to pull the trigger on an offer I can pay the $500 knowing that I'll be approved unless I've misrepresented or something has changed significantly. I haven't proceeded yet but at least that sounds less risky

Thanks all. Yeah it is being called an "application fee" by the broker, but since it is applicable to the closing costs it could for the appraisal or any other cost

It’s paid up front; I’ve been given a quote after submitting my PFS, and now to get fully approved i need to submit credit. They want $500 now, which is applicable to the closing. No problem with that, except for the fact that it’s non refundable if i don’t make it through approval

Thanks @Tarik Turner & @Chris Mason I'll assume its fine. Definitely get a "don't waste my time fee" but I would think $100 would do the trick rather than $500 nonrefundable... 

Hi all, first post after scrolling through for months. I have an offer through a broker from a construction lender on a 2 family gut renovation in Boston that I'm looking at. Not sure if this is truly "hard money" or what, but no income requirement. They are looking at the project itself, my experience, credit, and cash reserves. The offer looks good so I went to get fully approved, and the broker told me that there is a $500 application fee. Is this normal?

I have always just done conventional bank financing and portfolio loans, so was surprised by this fee. If normal, no problem, but didn't want to be walking into something sketchy. I'll lose the fee if I don't get approved from what I understand. I've never worked with this broker before, met him at a RE meetup, though another broker I was connected with knew him. 

Thanks!

JL