Private Lenders - How Much Do You Pay for Loan Documents

[Ben Whittington]

Title says it all - how much do you, private lender, pay for attorney's to prepare your loan documents (contracts, promissory notes, deed of interest, etc.) and where are you located? 

[Robin Simon]

Quote from @Bob Schulte:

Hi Ben,

I am not a private lender but I have worked with a few. Typically, private lenders pay anywhere from $500 to $2,000 for loan documents, depending on the complexity of the deal and the attorney’s rates. This usually covers contracts, promissory notes, deeds of trust, and other necessary legal paperwork. Costs can be on the lower end if you use more standardized templates, while custom documents tailored to specific deals tend to fall on the higher end.

Location can also play a role, with attorneys in larger cities often charging more. It’s always good to shop around or even negotiate a flat fee if you plan on doing multiple deals.

 Not just location, but different states can have different (sometimes weird) rules like here in Texas where you need a manual third party "attorney review' on every loan doc set - adds about $100 to each doc cost that doesn't apply in most states