My Company is a start-up real estate developer and we currently have a development loan of $650,000 that requires a $28,000 fully-refundable deposit to be held in escrow by an attorney to provide the lender with credit default insurance policies to protect them against default. We are looking to raise this amount in order to proceed with the loan. If the loan does not close within 30 days the deposit is returned. Upon closing of the development loan this deposit would be repaid along with a $5,000 fee that we would pay out on top of returning the $28,000 deposit. This deposit would be held for a period of 30-40 maximum.
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