how to use personal loan in house purchase

[LIpeng Wu]

Thanks to bigger pocket, I got a personal loan from bigger pocket network. However, I am not sure how to handle personal loan in house purchase.

• 1.Should I ask for a preapproval letter and attach the letter to my contract offer? Or I don’t need mention that this is the loan, just write it as all cash?
• 2. Not like the conventional loan where the loan will be sent directly to settlement company, my loan lender would like to send the money directly to my account, and then I will handle the transaction with settlement company and lender. Is that routine in the case of personal loan? Is there any other way to handle the personal loan related hours purchase transaction?
• 3.Once the offer is accepted and the transaction is finished, the deeds entitled with my name will be sent to loan lender as evidence that the house under contract is the collateral to the loan. I am wondering whether we need to set up the note to secure the personal loan. How do you guys deal with collateral problem in personal loan?

Thank you for your ideas.