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Updated almost 4 years ago on . Most recent reply
New to Obtaining Private Lending in El Paso, Texas
After reaching out to my inner circle of family and friends, I've already received interest from numerous people potentially willing to be my private money lenders. I've never done this before and after reading some related BP posts, I still do not know what the best answer is. Do I have to go to an attorney? Can I go straight to the title company? Any book suggestions? I appreciate any guidance or advice on this, thank you!
-Sam
Most Popular Reply
@Samuel Gutierrez Since it's a private lender you can have an attorney write a promissory note for the loan. This has nothing to do with the title company unless you want the lender to go on the deed and on record as being a lender. The easiest way is to figure out the terms with the private party then put it in writing. Once the property is ready to be funded, the private party wires in the funds and you are on your way. Don't over think it.