All Forum Posts by: Raj G.

Hi Friends,

I am looking for reference for good attorney "Creditors’ Rights foreclosure attorney" in NJ.

property is in Jersey City , NJ.

I did a private lending , borrower bought house under the name of LLC, first lien recorded. value of house is at least to cover the principal & Interest(as of now). It has Borrower's personal guarantee as well, Mortgage note, promissory note.

Now borrower(investor) neither paying monthly interest, nor responding to any phone call etc.

Anyone wants to add anything here to help me prepare for my first default experience on my loan. Please add.

I appreciate all replies by all of you here.

Thanks again

Thanks everyone for your replies, it's in NJ, approx. how much time it will take for foreclosure process and how much I should be ready to spend on attorney.

Once we hire an attorney, he will take care, or I also have to go court frequently.

I am asking because I  have a job, it's tough to get frequent off.

Trying to prepare myself for tough time ahead.

Thanks again.

It's in NJ

I did a private lending , borrower bought house under the name of LLC, first lien recorded. value of house is at least to cover the loan(as of now). I have personal guarantee, Mortgage note, promissory note.

Now borrower(investor) neither paying monthly interest, nor responding to any phone call etc.

What should be my immediate action. or series of steps.

Definitely I will reach out to attorney. but in the mean time, I though asking here, if anyone has any advice.

Thanks

Hi,

I have been doing private lending for a very long time, most of time first lien, some time 2nd lien also.

recently came across a situation where first lien is already there on property and there is clause than 2nd lien can not be done on property.

Investor(borrower) giving me option that we can prepare a new document for "Equity pledge" this mean conditional equity in property if there is default.

I never heard this thing before.

any one any input on this.

Thanks in advance.

Thanks @Beth Johnson.

Can you please share what is general default interest clause.

Hi,

I did a private lending, term was 1 year. there was a clause that borrowed can extend loan (if lender is ready) for 2 times, each time for 3 months. but borrower has to pay 1 point for each extension(3months). so extension can be done total 6 months.

Now, after 1 year, borrower keep paying interest .

3 years went like that.

Now Borrower wants to pay off. in such case what should be Loan extension point added.

Thanks

I was doing private lending for long time. Now I am getting JV offers from the investors.

in joint venture I also wants to contribute. I don't want to by fully passive. I want to contribute as more as possible.

Most of the investment will by from my pocket.

my questions are if my JV partner let's call him Contractor

1. Contractor is not paying enough time on our JV project, working on many other projects?

2. Contractor buying material more than required and using extra material in other projects?

3. What are other questions we should discuss in advance.

any advise, any sample document.

Thanks

What are pros and cons of below clause in private lending agreement from Lender's point of view.

I never saw such clause before. Thanks

10 new Development LLC, A new jersey limited liability company.

This certifies that Borrower Name1 is a member of the above-named limited liability company and is the owner of Fifty (50) units and is entitled to the full benefits and privileges of such membership, subject to the duties and obligations, as more fully set forth in the Limited Liability Company Operating Agreement.

Whereas, Borrower Name1, hereby sells, assigns, and transfers unto Lender Name, successors and/or assigns as their interest may appear his Fifty (50) units Membership Interest in consideration for a loan in the amount of $Amount.00.

IN WITNESS WHEREOF, the Limited Liability Company has caused this Certificate to be executed by its duly authorized members this Date 2024.