Private Lending Questions

[Jake S.]

I have a potential deal in the making, and have a private lender lined up.

I, and the lender, are new to the private lending game, so what sort of paperwork/contracts need to be in place before the deal happens?

Really would appreciate any and all advice

[Jon Holdman]

You need a promissory note (which outlines all the details of the loan) and either a mortgage or deed of trust, depending on which is used in your state.  The lender (not you) should have these prepared by their attorney, though a title company may have samples.  The mortgage or deed of trust is recorded.  Promissory note is not.