What are the Fees To Close a Commercial Loan?
If you are planning to purchase a commercial property you should have at least $10,000 in your bank account to cover all transaction costs associated with a commercial loan transaction. Commercial and business loans don’t come cheap and if you never financed a commercial property you need to know the facts so can be prepared. Here is what you can expect to pay for a commercial tranaction: – Appraisal fees anywhere from $1,500 to $3,500 or more depending on property type – Appraisal fee $5,500 for mobile home parks – 60 day rate lock fee $500 refundable at closing – Processing fee $200 – $1000 – Underwriting fee $500-$1500+ depending on lender – Title work cost quoted by title company – Escrow for taxes and insurance unless LTV is 50% or less – Three months reserves principle and interest payment showing in a liquid account of borrower Question: How do you determine the interest rate for my loan? The interest rates vary by loan size, borrower’s credit, and loan to value. Credit scores b
