First time Hard Money Loan

[Ronny Crawford]

Advice Needed!

I am meeting with a REI that is looking for a $20,000 hard money loan. I have never been a lender before and need some advice. Here are the details:

$20,000 loan with me being placed in second position? How does this work? What do I need to have signed to secure my loan to this investor?

Terms seem reasonable, 12% for 6 months, so I'm going to meet at the property today to see the project that is already under construction.

Any and all advice is greatly appreciated.

Thanks,

Ronny

[Al Wilson]

We never take a second lien, no matter what the terms.