OfflineGood afternoon! I just received a "soft" commitment letter from hard money lender Northwest Capital Services, LLC located in Spokane, WA. I've been talking with Ed Franklin and he asking for $565.00 up front to move forward toward a final approval in 2-3 weeks after they research the properties I have forwarded him info on. They loan 65% ARV and the properties need very little repair. I'm "approved" for 100k and the ARV should be in the 300k range. Any thoughts would be greatly appreciated. Am I being too careful or is this how the process normally works? And yes, this would be my first deal....
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I have been speaking with Ed Franklin at NWCS about a small loan to get my start up going, he is asking for 267.00 in processing fee to move the paperwork through to approval. Terms are 25k at 9%, 10 yr. term 5 yr. fixed, 3 pts. anyone here have any dealings with him?.
@ gabaree62, im currently doing something very similar to your deal above. ed's asking $365 in upfront fees/processing fee. But terms also state processing fees due upon acceptance of LOI. Ive talked to 1 guy by phone who has dealings with Ed, and it wasnt positive. Ive been trying to call AEG Capital Services to confirm Ed is an agent and I cant get thru. Id do little more homework before you or I just give free hard earned money away. Im trying to stay positive, But im also trying to make wise decisions and it sucks to think there are people out there that use others. my user name at yahoo dot com. let me know how it goes.