Need a local MI private money lender architect for help on a deal

[Emilio Basa]

Hi everyone,

I need help with structuring a private money lender deal. I have a rehab that is almost done. I'd like to purchase the property instead of listing it. I have a private money lender, but I just don't know how to structure the deal.

Anyone out there in the Michigan area that can assist me? 

Thank you.

[Jon Holdman]

Are you doing a fix and flip that you used a private lender to do, and now you want to keep it?  Or are you looking at a fix and flip and want to buy it using a private lender?  I'm confused.

If the former, just refinance it into a long term loan, ideally a conventional loan.  That will pay off your private lender.

If the latter, the private lender will be just like a bank.  You will have a promissory note to document the loan terms and a mortgage or deed of trust to give the lender security in the property.