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I want to invest in hard money as a lender, but never done…

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I want to invest in...
I want to invest in hard money as a lender, but never done it before. Got this email from an agent offer but there are certain terms I don't understand. For example, FCI in the below, does it mean Financial Condition Index in this case?Especially this term in the below offer:Evoque will charge 1.49% servicing fee and cover all fees with FCIIs it common practice that they charge this "service fee" and what are the "fees covered with FCI?"Proposal:Collateral: SFRType: Business Purpose UseDocumentation: LiteValue: $215,0001st TD Proposed: $107,000Rate: 12% to Investor. Evoque will charge 1.49% servicing fee and cover all fees with FCIPayment to Investor: $1,070 per month (First 6 payments included in loan)Term: 24 MonthsPrepayment Penalty: 6 months
Submitted: 2 months ago.Category: CA Real Estate
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Answered in 5 hours by:
3/31/2018
Lawyer: N Cal Atty, Attorney replied 2 months ago
N Cal Atty
N Cal Atty, Attorney
Category: CA Real Estate
Satisfied Customers: 9,738
Experience: attorney at self
Verified

FCI is a loan servicing company: http://www.trustfci.com

I hope this information is helpful.

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Customer reply replied 2 months ago
Is it normal practice for agent to charge this FCI 1.4% monthly service fee? What kind of "servicing fee" and "FCI" fee is said in his email?I borrowed hard money before, the lender was never charged for any service fee. 10% agent fee is charged on borrower and included in the loan amount, then it's between lender and borrower. What is your understanding of the norm of this kind of hard money loan?
Lawyer: N Cal Atty, Attorney replied 2 months ago

I don't know enough about this type of loan to know if that service fee is normal. If you want, I can opt out of this question and let another Expert take over.

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N Cal Atty
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N Cal Atty, Attorney
Category: CA Real Estate
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