Collateralized Loan - FHA Requirements for Down Payment
Hello BP Community,
I'm going to place an offer on an investment property, but I need to secure a collaterized loan (2nd mortgage) on an existing investment property. I've already lined up the person who is willing to provide the loan. The loan will be repaid upon selling the investment property later this year.
Background - The home is in San Diego, California. I owe $400K. The property will sell for around $650-$675K. I'm getting a $150K 2nd loan (from an individual, not a bank). This loan is being used for investment property down payments.
My question - To meet FHA guidelines, I need to have this loan fully recorded. Is this a fairly straight forward process, or do you recommend I get a real estate attorney? If it is straightforward, can someone share a simple note and deed of trust example (I've found resources online, but I want to make sure I have something that is proven)? If a real estate attorney is recommended, any here on BP that would be able to help? I would need all of this recorded quickly....