After speaking with many lenders. We have found one lender who is will to help us. The guy we are dealing with is a broker. He said the following is the criteria if we get approved.
- Once you are approved and contracts are signed, the 10% deposit must be transferred to the lenders bank escrow account.
- The approval process is relatively quick, and the funding takes approximately 50 business days (or 10 weeks).
- The lender's fee of 7% is taken at the time of funding. My fee is billed directly to you only after you receive the funding.
Has anyone heard of es-crowing funds like this? We apply for a $1 million loan. We get approved and then we send them $100k