What Are the Biggest Mistakes You’ve Made in Private Money Lending?

[Holly Peterson]

Scenario: A lender had limited communication with the borrower throughout the loan term, resulting in misunderstandings and lack of alignment on project goals and expectations.

Mistake: Miscommunication led to issues that could have been addressed early on, contributing to project delays and difficulties in loan repayment.

Lesson Learned: Maintain open and regular communication with borrowers. Set clear expectations and establish a process for addressing concerns and updates.