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Updated over 11 years ago on . Most recent reply

Cameron Ellis's profile image
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Cameron Ellis
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  • from Memphis, Tennessee
  • Member since Dec 26, 2013
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Cameron Ellis's profile image
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Cameron Ellis
  • Investor
  • from Memphis, Tennessee
  • Member since Dec 26, 2013
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Cameron Ellis
  • Investor
  • Memphis, TN
49
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171
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Private Lending & Conventional Mortgage Advice

Any one have experience with a Promissory Note?

Cameron Ellis
  • Investor
  • Memphis, TN
Posted

BP, I am looking to do private financing on a tax delinquent property.. I am looking for any advice, and explanation on promissory note.

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Wayne Brooks's profile image
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Wayne Brooks
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Wayne Brooks's profile image
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

Cameron, all loans are based on a promissory note-the promise to pay. Usually for real estate, they are coupled with a mortgage instrument, which simply pledges the real estate as security/collateral for the promissory note.

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