How to avoid upfront payments sought by all lenders
All lenders seek upfront payments between US$ 5000 to 50000 as their cost towards due diligence.Unscrupulous elements have misused this element to such a level that even genuine demands of genuine lenders seem unjust and dodgy. Today no borrower is willing to pay this fee upfront. As a result both lenders and borrowers are losing on deals which could have materialized easily. Please post suggestions to overcome this problem.
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Comments (2)
Rev. Nathan Von Grif...11
Strategic Consultant Closer
Ray; this Network of Private Lenders was created for the purpose of getting Private Lenders and borrowers together also without upfront fees. It also helps when several borrowers and Private lenders -->PooL
Morris Iles6
Financing Specialist
There have been very few true lenders that have charged a commitment fee and failed to close a loan through no fault of the borrower. Most of the problems have been caused by non-professional brokers charging fees before placement with an actual lender. Upfront fees should be further defined as any fee that may be requested prior to obtaining a "Conditional Commitment" from a confirmed lending source. Commitment Fees should not be classified as an upfront fee. The commitment fee from a real