Updated almost 10 years ago on . Most recent reply
Hard Money Paperwork Needed?
I have a property in contract to purchase in a few weeks. It is a foreclosure, priced below market value so there was a lot of competition. I made my offer all cash. I will be rehabbing and selling this property.
I have a close friend that is going to be a hard money lender to help fund part of the purchase and rehab. He is going to borrow me 50k.
I am wondering what paperwork needs to be completed and/or recorded to facility this transaction with him. Is a personal promissory note enough? Should we completed some type of mortgage or deed of trust?
Obviously, I want it to be as simple as possible and not have to surprise anyone with additional paperwork at the closing...
Our goal is simple but secure....
Any feedback and suggestions would be greatly appreciated