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Updated over 2 years ago,
Private Lending Question
Hi. I have a private lender willing to loan us some money. I approached an attorney to draft some documents for us and provided the collateral details. However, she said she cannot because the interest rate being charged by the private lender is predatory. Yes, it is high, but it is a one time overall rate and we are okay with it. My goal was to draft an agreement and possibly a mortgage for the collateral and see if title company could record it for us. How do you get it done and also make the private lender comfortable that their interest is secured or what are other ways to go about this? Both the collateral and I are in DFW. Thanks.