Updated over 10 years ago on . Most recent reply
Private Lending: Who draws up the agreements?
In the past I have loaned private money through a broker friend of mine. They always handled the transaction that is their lawyer who represented ME drew up the loan dox and secured the note ,mortgage etc. Also we all know when someone goes for a conventional bank mortgage the lender makes the terms of the loan, not the borrower!
I have been solicited by some individuals who have "flipping " business' and it seems THEY are making the terms of the loan and THEIR attorney is handling the paperwork.
This here seems like a conflict of interest where the borrowers attorney is representing both the borrower and the seller? What is wrong with this?
Steve