Investor · California and Chattanooga · Member since 2023 · 6 posts · 2 votes
Hi all, I have a friend / private money person who is going to lend me money to buy a property. I know I will be writing a prommisary note that I'll get notarized. But I also want to give him security of having a lien on a property that is not the subject property. How to do I do this? Both properties are in California. Thanks!
Lender · Los Angeles, CA · Member since 2009 · 1k+ posts · 2k+ votes
2y
You don’t borrow what could be a life-changing amount of money from a friend and have them obtain their docs through a title company, @Lynne Castillo. Title companies have lawyers, but they are not your friend’s lawyer. Nor will a title company provide a complete loan package.
Your friend needs a lending attorney to prepare a set of loan documents. Here are a few that I know can help:
For what it’s worth, notes do not get notarized. Depending on the interest rate and points, this might require a broker. The attorney will advise. Don’t try to do this on your own, Lynn. And, be careful of the advice you get here.
Lender · Eugene, OR · Member since 2019 · 2k+ posts · 1k+ votes
2y
Lynne, Work with an experienced real estate attorney, who is also experienced in private lending contracts, terms and conditions. Money spent now will save huge headaches later.
Lender · Los Angeles, CA · Member since 2009 · 1k+ posts · 2k+ votes
2y
You don’t borrow what could be a life-changing amount of money from a friend and have them obtain their docs through a title company, @Lynne Castillo. Title companies have lawyers, but they are not your friend’s lawyer. Nor will a title company provide a complete loan package.
Your friend needs a lending attorney to prepare a set of loan documents. Here are a few that I know can help:
For what it’s worth, notes do not get notarized. Depending on the interest rate and points, this might require a broker. The attorney will advise. Don’t try to do this on your own, Lynn. And, be careful of the advice you get here.