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How are you today...? I'm looking for someone with

Hi...how are you today......

Hi...how are you today...? I'm looking for someone with experience in advance loan fees/commitment fees for a big loan.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

The loan is to fall under the state of New York Laws.

Lawyer's Assistant: What steps have you taken so far?

We are a small company looking for startup capital. We are being asked to provide a commitment fee to compensate the lender for his commitment to lend. The fee is applied to interest payments when the loan is transferred.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No, Thanks

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Answered in 6 minutes by:
3/25/2018
Lori
Lori, Attorney
Category: Legal
Satisfied Customers: 2,102
Experience: Attorney with over 25 years experience
Verified
Hello. Let me see if I can assist. It is very customary for lenders to charge a commitment fee on the loan. This fee is subject to negotiation with the lender - depending upon the other fees being charged by the lender and the interest rate being charged.
Any other questions?
If not - please remember to accept my response and post a positive 5-star rating.
Lori
Lori, Attorney
Category: Legal
Satisfied Customers: 2,102
Experience: Attorney with over 25 years experience
Verified
Lori and 87 other Legal Specialists are ready to help you
Ask your own question now
Customer reply replied 3 months ago
Thank you Lori,
The Loan is supposed to go to the lender's "holding account". Will the banker "hold" our funds until the lender deposits his? and then the banker can send both funds out. Or can the lender (who may not even be a real guy) simply take our cash and disappear....
We are trying to understand how to protect ourselves from fraud.
The Loan and commitment fees are quite substantial.
Mark
Customer reply replied 3 months ago
I'm in Canada so I could call you if that would be preferable.
Gabrielle D
Gabrielle D, Managing Partner
Category: Legal
Satisfied Customers: 0
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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