Refinancing a property a little over $3MM. Going with a loan broker that requested $1,500 non-refundable underwriter retainer fee, and a $3,500 non-refundable loan processing fee, and a $15,000 non-refundable underwriting fee, and a 1.25% ( or $30,000 minimum) origination fee at close.
All of this on top of $45,000 wire for a good faith deposit.
Working on my first MHP financing process at the moment. Might be able to recommend one in the future. Hesitant to make any referrals until the entire process is completed successfully.
The $45K deposit would only be reasonable for a Fannie Mae/Freddie Mac or Conduit lender. If he’s going through a regional Bank or Credit union then the fee should be about $25k (no legal fees).
Some fees are non-refundable but typically only if work has been done on the file. IE they ordered the appraisal and it’s half done but then the Borrower backed out. You would only get a partial refund of the appraisal. Same with lender fees etc.
"I have a minimum loan size of $3M with a minimum origination fee of $50k. To the extent you have referrals that fit those parameters, I would love to try and help.