 Private Money Lending (by DJ [VA]) Sep 15, 2021 11:07 PM
 Private Money Lending (by Frank [NJ]) Sep 16, 2021 3:27 AM
Private Money Lending (by Richard [MI]) Sep 16, 2021 6:26 AM
Private Money Lending (by OTC [TN]) Sep 16, 2021 7:11 AM
Private Money Lending (by Ray-N-Pa [PA]) Sep 16, 2021 8:25 AM
Private Money Lending (by Ken [NY]) Sep 16, 2021 8:41 AM
Private Money Lending (by Nicole [PA]) Sep 16, 2021 9:47 AM
Private Money Lending (by dino [CA]) Sep 16, 2021 10:05 AM
Private Money Lending (by BRAD 20,000 [IN]) Sep 17, 2021 1:47 AM
Private Money Lending (by DJ [VA]) Posted on: Sep 15, 2021 11:07 PM
Message:
Who would you use to write up the note / financial documents, if you wanted to loan out money to another investor?
RE Lawyer?
Title company?
Copy a form someone else used?
This would be after the project and investor have been verified to be a good risk.
What do you think is a good rate these days?
--68.229.xxx.xxx |
Private Money Lending (by Frank [NJ]) Posted on: Sep 16, 2021 3:27 AM
Message:
Business lawyer --174.206.xxx.xxx |
Private Money Lending (by Richard [MI]) Posted on: Sep 16, 2021 6:26 AM
Message:
Take out a life insurance policy on them as well because you never know. If they should pass away, it may be difficult to recover your money.
Make sure you have plenty of collateral.
If you're going to act as a hard money lender, get hard money rates.
Keep the deal as a business deal, not as a friend to friend or family deal.
There are several online places you can lend money through in smaller increments to spread the risk. --24.180.xx.xx |
Private Money Lending (by OTC [TN]) Posted on: Sep 16, 2021 7:11 AM
Message:
I used a RE attorney and a title company to prepare documents. I charged 2 points upfront and 10% interest. The deal worked out nicely. --173.247.x.xxx |
Private Money Lending (by Ray-N-Pa [PA]) Posted on: Sep 16, 2021 8:25 AM
Message:
I bought an attorney's course. It was only $99 and had all the forms.
ACRE of Pittsburgh was selling them about 10 years back, but I am not sure if they still offer them. --24.101.xxx.xxx |
Private Money Lending (by Ken [NY]) Posted on: Sep 16, 2021 8:41 AM
Message:
Hire an attorney to represent you,the borrower pays the attorneys fee.In my area it is 5 points and 15% interest with a minimum 6 months of payments. --72.231.xxx.xxx |
Private Money Lending (by Nicole [PA]) Posted on: Sep 16, 2021 9:47 AM
Message:
definitely a lawyer. Only a lawyer. Perhaps title companies are different in other areas and I understand many title agents know and understand the "big picture" but are they licensed in your state to draw up contracts? Here, they can't even draw up a Deed unless they are insuring title and that took a court case to give them that permission perhaps 25 or so years ago. --98.237.xxx.xx |
Private Money Lending (by dino [CA]) Posted on: Sep 16, 2021 10:05 AM
Message:
Once you have decided on which attorney and which title company to use, before you actually execute the documents, I would also have the title company look over the documents the attorney has provided and have attorney look over any documents title company will prepare, and get feedback to see if either might offer anything worth modifying the documents.
--76.171.xxx.xxx |
Private Money Lending (by BRAD 20,000 [IN]) Posted on: Sep 17, 2021 1:47 AM
Message:
DJ,
I use forms I bought in a course at a seminar. LOVE seminars!
I charge $500 origination fee and 15% interest.
Mine is a note for the debt and a mortgage lien on the property. Borrower pays the recording fee and the Broker's Price Opinion on the value of the prop.
Gotta be careful - lotsa federal laws about lending. Only lending to investors HELPS keep you in the clear.
BRAD --73.102.xxx.xxx |
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