First Time Hard Money Lender: Contract Advice
I am considering lending money for the first time. I would not consider this if I did not feel comfortable with the individual. He is a flipper in Prince George's County MD. We have many mutual friends and I have known him for several years. He has successfully flipped approx 10 houses and has more than 10 years of construction experience. He has two employees. I have called several mutual friends and his references. The last thing that I want to do before moving forward is make sure that I am legally covered. Any advise would be greatly appreciated. I will not replace legal counsel with this advice, nor do I hold anyone who comments to their opinions. Thanks in advance.
*I've already noticed the spelling error in the second to last paragraph ;)
Most Popular Reply
@Account Closed
Oliver,
Simply find a Real Estate Attorney in PG County or anywhere in Maryland who has done Hard Money Loans. They have their own documents that they use for the mortgage. If you find someone you are comfortable with, tell your Mortgagor to close with him. Don't use something you put together online. Also find out which Title Company or Attorney the person you are lending to uses. They surely will have the necessary mortgage document.
Rich Baer, Attorney