Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago on . Most recent reply

User Stats

2
Posts
0
Votes
Alexandar Parev
  • Investor
  • Singapore, Singapore
0
Votes |
2
Posts

1st hard money deal

Alexandar Parev
  • Investor
  • Singapore, Singapore
Posted

Hi,

reaching out to the more experienced hard money lenders in this forum.

Recently I completed my first hard money lending deal(I am the lender) to a company which is flipping houses.  We concluded the deal with a Promissory Note and I sent the money to the escrow account. The loan is backed by the house that will be refurbished (as stated in the promissory note). 

However, how can I:

1) Make sure the lender has indeed used the funds to buy that particular property?(does the escrow agent send me some form of confirmation?)

2) How do I know I am indeed registered as a lien holder ( I understand I need to get hold of the trust deed from the County Recorders' office. If so I live outside of USA, so can I do this online)?

3) Where and how do I check if the property is insured?

4) Anything else that I have missed in order to make sure that my first lending deal has been executed properly.

Thank you

Loading replies...