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Updated almost 6 years ago, 01/10/2019
Hypothecation/Collateral Assignment of Note. Realistic Terms?
What type of terms can I realistically expect for a Hypothecation/Collateral Assignment of Note/Deed of Trust? (loan against my dot/note)
$50,000 1st position deed of trust/note (only lien on title)
Secured by $450,000+ newly remodeled property with clean title
No interest rate, past balloon date so can be called due at any time (was placed as interest in home)
Property is titled to an LLC so homestead exemption wouldn't apply in event needed to foreclose
Looking for a short-term loan using the note and deed of trust as collateral. I'm not interested in selling outright. The owner/company on title owes me additional money so I may need to use it for leverage to collect on the bigger amount.
I've reached out to some investors but wanted to see what typical terms would be for something like this. Appreciate any help!