Private Lender Documents

4 Replies

Hello fellow investors! Im getting the last ducks in a row to close on our first flip using private money. We are unsure if we will need a mortgage along with our promissory note or if the promissory note is sufficient by itself. Have any of you ever secured the loan with a note and no mortgage?

Hey there, and congrats on your first flip!

In Ohio, you need a note and a mortgage.  Both should be prepared by title/attorney for $100-200 max.  Both should be used on every single deal in OH that involves PML.

Bryan Blankenship, Contractor in KY (#RM52286152) and OH (#HIC0006061)
Originally posted by @Bryan Blankenship :

Hey there, and congrats on your first flip!

In Ohio, you need a note and a mortgage.  Both should be prepared by title/attorney for $100-200 max.  Both should be used on every single deal in OH that involves PML.

Thanks Brian! That cleared up a lot of ambiguity! Huge help. Much appreciated. 

If you are closing at a title company, they will take care of all the documents that you need. They will make sure that the lender, you and the seller are protected.

I would recommend always to close at a title company. There are some fees for their service, but you have a great deal to begin with so it should not be a big deal to pay a small fee to make sure everything is done right.

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