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I have a have a small business with a balloon coming due. I have never seeked a commercial loan. Being a small business I am not the perfect SBA or stated applicant. A commercial Consultant is telling me it is standard in the commercial industry to have an agreement with a 2,000 retainer and a 4.25 vig upon closing. If no closing takes place no fee is charged. Industry standard practice and proper rate Yea or Nah? Thanks
As an FYI… per the Federal Trade Commission (FTC) , there is only one source for you to get a free credit report from all three credit repositories, “annualcreditreport.com”. not give anyone else your personal info without seeing them in person. Make sure to price out your loan with your LOCAL banks and mortgage brokers only. A lot people giving advice on here are also looking to give you a loan (it’s not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE Fairhope WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO. Remember Buddha's advice: "Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (it’s not advice, its advertising). Don't buy "it." When shopping for a mortgage, here are a few things to do to maximize your savings and time: 1. When asking for a Good Faith Estimate(GFE), tell each mortgage originator (lender) what interest rate to use so you can compare apples to apples (rate affects closing costs). This is probably a different thought process for you because you always shop interest rates on a mortgage right? Remember all mortgage originators have identical wholesale interest rates. If you shop the same interest rate among mortgage originators, it levels the playing field and discloses what they want to charge you for their time to originate and close your mortgage. It is similar to shopping for a car. Why does the exact same new car vary in cost from one dealership to the next? Some dealers want to make more profit than others. 2. Secure Good Faith Estimates from various mortgage originators within a 4 hour time frame (rate and pricing can change daily and even multiple times in one day). 3. Do not compare the prepaids, reserves, escrow, title charges, and government recording sections of the estimates; third part fees are not controlled by the mortgage originator. 4. Ask each mortgage originator to base the interest rate on a 30 day lock unless you need longer. 5. If the loan allows you to waive escrow (paying taxes & insurance yourself), let the mortgage originators know because this will affect closing costs. 6. If refinancing, let the mortgage originators know if you are pulling cash out. A cash-out refinance usually increases closing costs. Your Biggest Challenge The mortgage industry today has never been more unethical. The industry has produced several record-breaking years in a row regarding total origination and as a result, greed is driving the industry. Your biggest challenge is receiving a Good Faith Estimate that is provided to you in "Good Faith"! We spend more time showing consumers how mortgage originators are lying to them in regards to an estimate given! That’s right, lying! “Bait and switch” has become a prominent sales tool in the mortgage industry. Bait you in with a bogus estimate then switch things after you are hooked. This is so discouraging; banks and so called direct lenders have become some of the worst at this practice. Education is your biggest weapon against this practice. Take the time to fully understand closing costs and rates before proceeding. You should know exactly how much the mortgage originator is getting paid by all sources (no matter where it comes from, it's ultimately coming out of your pocket). Protect yourself by asking for and receiving prior to application and origination a written guarantee stating the TOTAL amount of compensation (YSP, rebates, commissions, kickbacks) that will be received and kept by the mortgage originator. This will help assure that your best interest is kept in mind. Originating a mortgage is a service, not a product; compensation should not be based on the loan amount or interest rate. All ethical, honest, upfront, transparent mortgage originators will be more than willing to provide you with a written total compensation guarantee in addition to the (GFE) Good Faith Estimate (focus on the word “Estimate” because that is exactly what it is, an estimate of charges) prior to originating your loan.
Several consultants charge a retainer rarely do they return the retainer if they do its only a portions if it. generally people that charge you to look at your commercial loan make money simply by taking retainers! and few loans are done! there are other options for you. rates change with the deals i have seen offers as loan as libor+1% and up to 14% depending on the project what typeof loan etc. from what i have seen go thru lately borrowers that can put 15% up the loan and have the cash in banks the rates are around what the LIBOR Rate generally libor +1% give or take a bit! Depending on the type of financing thats requested. every commercial loan is given a rate on a case by case basis! I must say although 4% broker fee is seen often it is a very high fee to pay for a commercial loan. the reason for it us usally you are acually paying several brokers in a chain to get your money! so a normal fee of 2-3 % becomes 4-7% with everyone trying to get a piece of the deal! My personal favorate to look for financing is below they dont charge a fee to look at a loan and only when you have a deal that can be done and due dilagance is needed does the borrower have to pony up any money! It is not standard to charge a borrower to look at a deal! those who do look at alot of dales and charge a fee! thats how they make thier money! what your consultant is telling you is bull puckey! below is a link to a commercial lender they have no limit to what they will lend! 4.25 vig i dont understand! if this is is a fee of 4.25% its a crazy amount for a broker fee! get closer to the money these guys are just brokers and you are paying too high a fee!