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Updated 7 months ago on 08/05/2024. Most recent reply

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Posts: 1
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Jeremy BradshawPoster

Rental Property Investor
Columbus, OH

Private Lending & Conventional Mortgage Advice

Private money lending, Chicago

Jeremy BradshawPoster

Rental Property Investor
Columbus, OH

Posted July 22, 2024 10:49

Hey all! Looking for some advice. We are looking to do a private money lending deal with a company out of Chicago on a SFH. There are some details I just found out about. Although we will be the 1st lien holder on the house, they do not record the lien. Is this a normal thing for Illinois? Or should we back out?

Chicago, Illinois

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Investor
Virginia

Investor
Virginia

ModeratorReplied July 22, 2024 11:56

Quote from @Jeremy Bradshaw:

Hey all! Looking for some advice. We are looking to do a private money lending deal with a company out of Chicago on a SFH. There are some details I just found out about. Although we will be the 1st lien holder on the house, they do not record the lien. Is this a normal thing for Illinois? Or should we back out?

you are not the first lien holder if there is nothing recorded. You are an unsecured lender. You should never ever ever provide a loan on real estate without it being secured. Who is your attorney and who is your title company?

Chris Seveney

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