Hello friends. I am trying to lend money to an investor for a rehab. I want the loan to be back by their house. Is their anyone with experience on how one goes about securing a loan by the borrowers home? What is the process and how do I go about it? Any help would be greatly appreciated, thank you all!
Hello friends. I am trying to lend money to an investor for a rehab. I want the loan to be back by their house. Is their anyone with experience on how one goes about securing a loan by the borrowers home? What is the process and how do I go about it? Any help would be greatly appreciated, thank you all!
Sure, it's done all the time. Determine if this is who you want to lend to (have them fill out a loan application and decide.) Then, order a title report and open escrow, and figure out how much you want to lend, the interest rate and term. Then have the escrow agent or attorney depending on your state prepare a note & mortgage (or Deed of Trust) depending on your state with the appropriate property named as the security. The escrow agent will tell you when to wire money to escrow so they can close.