Specialist · Manhattan, NY · Member since 2014 · 85 posts · 12 votes
I have an private money lender that is ready to invest in a project. What documents should the lender have to sign to get the process started and what documents going forward?
I have an private money lender that is ready to invest in a project. What documents should the lender have to sign to get the process started and what documents going forward?
Thank you!
This is a question for a local attorney but in general you will want a mortgage note and trust deed if you're in a trust deed state some states are mortgage only (both note and recording instrument is built into one document).
Usually the attorney or escrow/title company acting as the intermediary will coordinate the closing documents for the rest like evidence of insurance, title insurance, coordinating notary.