Seeking Advice on Lending Money for a Home Purchase in Texas

[Prem Jain]

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!

[Eric Williams]

Hey Prem,

1. You do not need any license to lend in Texas.  I have done lots of PML lending here.  You can get the title company to draft up a promissory note and deed of trust.  

2. As long as the title company files the note and deed with the county then it's easy to refinance in the future.

3. I like two different title companies in Texas.  If you want an introduction to my contacts at either feel free to DM me.  Hope that helps

www.ceshker.com

https://pattentitle.com/