Seeking Advice on Lending Money for a Home Purchase in Texas
Hello everyone,
We are new to private lending and am planning to help a relative finance their home purchase in Texas. Both lender and borrower are residents of California, and I have a few questions to make sure we handle everything correctly:
1. Does Lender need a lending license to provide a private loan for a residential property in Texas, considering both the lender and the borrower are California residents?
2. Can a private mortgage be structured to qualify as a standard mortgage, enabling the borrower to refinance it in the future?
3. Could anyone recommend any agencies or documentation specialists in Texas who can assist with the drafting and recording of a promissory note and a deed of trust, according to Texas mortgage financing laws?
Any advice or insights would be greatly appreciated. Thanks in advance for your help!