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Do Lenders Double Dip?
If you were a contractor and the work you do take a lot of money so that the customer hast to make a loan, you offer the usual finance contract. Does the lender have the right (or authority) to ask you for extra money at the same time they are giving the customer a loan?
1 Answer
- sophiebLv 79 years agoFavorite Answer
At one time I worked in the corporate trust department of a bank and this department gave out construction loans. And the lender did not ask for extra money. I do know that sometimes there is an application fee (for processing) for all loans though, in every institution. I've never heard of the bank asking the contractor for more money though although maybe this is something new since the banks are in trouble these days and looking for all kinds of new add-ons for extra income for their bank. What in particular are they claiming that extra money is for?
Double dipping usually refers to someone earning double, like they retired from a job only to get a large payout on that job for retiring and then they get rehired into that same position and earn a salary or wage and still get their retirement pay and the payout. That's called double dipping.
