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Seasoned investors, I need your help!

I am in the process of getting my first loan ever, and it is a mixed use loan. With a soft money lender. I will be getting a second mortgage with the seller. And the first loan is about 370k contingent on the appraisal. I have just received the loan terms. Can anybody tell me if anything seems crazy? The lender fee seems a bit high but I’m just not sure if that’s because it is a soft money lender and I am a first time investor… Any input is appreciated!!!

Here are the terms:

A new first lien in the amount of $369.850 Mixed Use

360 Month Term & Amortization

30 years

10.740%

Prepay Penalty = 1 Years: 5%

Rate buydown: None 1.00% Fee paid to reduce prepayment period by 4.00 years)

Lender fee: 3.5% of the Loan Amount $1,599.00 Processing Fee

$2,900 appraisal fee

$2,995 Underwriting Fee + $600 Loan Doc Fee + Environmental Fee between $1,367.40 to $2,050.58 paid at closing

6 Months Reserves Required Occupancy Plan Required

submitted by /u/1ndog
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source https://www.reddit.com/r/RealEstate/comments/1596g3t/seasoned_investors_i_need_your_help/
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