1st Time Private Lender

[William Clark]

Hi all - I am working to close on my first rental here in the Phoenix area and unfortunately after exhausting all other options we were able to secure a private lender from within the family. However, I have never been witness or know anyone personally that has completed a cash transaction. I am taking the lead in making sure the process is completed in the appropriate manner, but I am looking for someone who has experience in this arena that can help give me clarity on the process.

1. Does the private lender have obligations based on the fed rate to provide a specific rate minimum?

2. Should I be in contact with a title company to help facilitate the transaction on the day of closing?

3. Does anyone know a real estate lawyer in the phoenix area that can help with the documentation?

[Chris Seveney]

Quote from @William Clark:

Hi all - I am working to close on my first rental here in the Phoenix area and unfortunately after exhausting all other options we were able to secure a private lender from within the family. However, I have never been witness or know anyone personally that has completed a cash transaction. I am taking the lead in making sure the process is completed in the appropriate manner, but I am looking for someone who has experience in this arena that can help give me clarity on the process.

1. Does the private lender have obligations based on the fed rate to provide a specific rate minimum?

2. Should I be in contact with a title company to help facilitate the transaction on the day of closing?

3. Does anyone know a real estate lawyer in the phoenix area that can help with the documentation?

 1. If its a rental and non owner occupied they can charge any interest they want, its not an owner occupied loan. 

2. Yes

3.Not my area of expertise in phoenix but I am sure someone can advise.