Anyone got any contracts for private money lenders?
I usually have them complete an accredited investor sheet and then obviously they get the note and deed of trust. What else are you looking for?
Yes
:biggrin :biggrin :biggrin :biggrin
My I ask more about your process for finding your investors? As well as the legal issues involved?
1.What type of advertising do you use?
2.How do you market your investment product to them?
3.What are your qualifications for a capable investor? (I know this will vary.)
4.What legal issues do I need to be aware of?
lassitermortgage you seem to be just the person I need to learn from.
If you don’t mind helping a young investor out. :biggrin
Thank you.
No real legal issues if you use one lender. If you plan to solicit from the public and pool money for investments, you become subject to SEC rules and whatever securities laws apply to your state. There are also concerns with your state’s consumer protection laws.
I’ve got an awesome deal under contract and I’ve got an individual to agree to lend me money for the purchase of the property.
Now I’m trying to get the documents ready for the closing.
When I talked with my attorney about drafting the documents he said he would need to talk directly with the lender because he would be representing the lender ((does your attorney say this?)).
I told him I wanted to make everything as easy on the lender as possible so I’d like to try and set everything up so the lender doesn’t have to worry about it.
The attorney said ok, but he didn’t want to be the trustee on the deed of trust.
Then he just went ahead and drafted the documents leaving the trustee blank. He said just have the lender fill in the name of his attorney.
This is my first time setting up a private lender. Would anyone be able to give me a word of advice so I can have a turn key operation when getting the documents drawn up so that its as easy on the lender as possible?
Thank you,
GradyNiblo
Ask me how you can earn 12% interest safely secured against real estate (70%LTV max).