All Forum Posts by: Steve Bach

Thanks George

This has nothing to do with sales. Its about myself acting as a LENDER

In the past I have loaned private money through a broker friend of mine. They always handled the transaction that is their lawyer who represented ME drew up the loan dox and secured the note ,mortgage etc. Also we all know when someone goes for a conventional bank mortgage the lender makes the terms of the loan, not the borrower!

I have been solicited by some individuals who have "flipping " business' and it seems THEY  are making the terms of the loan and THEIR  attorney is handling the paperwork.

This here seems like a conflict of interest where the borrowers attorney is representing both the borrower and the seller? What is wrong with this?

Steve

Charles:

When and how  are they paid by the borrower. If I have to draw up the paperwork for the note and mortgage I must pay an attorney to do this. What happens if borrower changes his mind?

Bill

Thanks for your response.  Just to clarify I am lending my own private money from my own funds for rehab/ investor deals. I am not subject to any SAFE act regulations. You mentioned that I cannot collect any fees for processing the loan?

Hey Donny

I asked almost the same question today on a similar post. How do you put together a deal on paper? I am on a private lending website that prohibits upfront fees. So questions I have

are who pays the cost of drawing up loan agreements, doing background and criminal checks on prospective borrowers just to name few. hopefully these threads will answer our questions

Steve

Hi all.

I am a new private investor and am looking for info on how to set up the documentation processing my own loans. For example people are asking me if there are any upfront fees. I am currently on a website which doesn't allow investors to charge any upfront fees. So how do I start the paperwork process with an attorney ( who I must pay) without charging any processing fees? What happens if the borrower changes their mind? I would appreciate if anyone can guide me through the paperwork process of how this works or if there are any attorneys I can hire in the NYC area who can handle this process.

This is great site BTW thanks to all!