newbe request contract knowledge

learning through an audio course. would like information on writing contracts.what are the best courses.WHO of the hard money lenders have the best terms and is there penelties if you pay loan back early.

Hi longhaul,

To find out whether or not there is a pre-payment penalty from your lender you will just have to ask around. My lender, which is a bank, does not have a pre-payment penalty. Some HML’s do, some don’t.

About writing contracts: if you’re planning on buying the house, instead of flipping the contract, just say that its subject to home inspection and lenders underwriting, or lenders approval. Most sellers understand these 2 clauses. And if you include these and the deal doesn’t work out, you’ll get your earnest money back. Good luck!

Howdy Longhaul:

Our HML has a 4 month minimum and it is usually paid up front out of the loan proceeds. After that there is no penalty

I never had a course on writing contracts. I just got out a pen and started filing in the blanks with numbers and address and legal description.