Private Money Lending

[Todd Carson]

I am considering loaning some money for a "private money" transaction in Oregon.  All of this will go through a correctly licensed mortgage company and individual. 

The borrower will use the money to acquire a property with a home on it.  The home will be the borrower's primary residence.

Does anybody know of potential issues related to foreclosing on a borrower's primary residence with a "private money" loan?

Thanks,

[Dane Fitch]

@Todd Carson you will definitely be hit by all of the Dodd Frank guidelines which is why all hard money lenders make our borrowers sign a document stating this is a business purpose loan and they will not make the property their primary residence.  Very risky from a foreclosure in the sense that they can defintely extend out the foreclosure by using every avenue available to them and if you screw up, they could make it very difficult for you to foreclose and at best make it super expensive.