Wholesaler · Holland, MI · Member since 2014 · 4 posts · 0 votes
At the moment I have a house lined up for flipping. I'm going to partner with someone who has been flipping house for over 10 years but has never needed private lenders to flip homes. I have a private lender tHat would lend me the money but I don't know how that process is done. How do I obtain the actual money and what forms or documents do we need to complete?
Specialist · Portland, OR · Member since 2013 · 96 posts · 19 votes
12y
Ask BP member Stewart Fox. He is very familiar with the process.
Also, it depends on what the lender wants. If they want the property as collateral for the loan, most title companies can prep documents and handle escrow. Call around and ask what docs would be needed in your state and what services they will provide.
One of my private lenders uses his attorneys to draw up the promissory note. But he doesn't need a deed of trust because he doesn't require collateral.