Investor · Jersey City, NJ · Member since 2015 · 304 posts · 48 votes
Hi,
Just wondering what is best way to collect and track monthly payment for private lending.
Like mortgage payments to banks, if we get late then it may affect our credit history, is there any way for private lender also to charge automatically late fee and link they payments with credit history.
Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
5y
There are servicing companies who collect payments. Usually the borrower is the one who pays the monthly fee for the servicing company. It is about $25 per month. Some of the servicing companies will report to the credit agencies. You would have to ask them if they report.
Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
5y
There are servicing companies who collect payments. Usually the borrower is the one who pays the monthly fee for the servicing company. It is about $25 per month. Some of the servicing companies will report to the credit agencies. You would have to ask them if they report.
Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
5y
I recommend a Notes service company there are serval. I preferred not to name a preference in open form. The ones that report to the credit bureau cost more. Most buyers do not ask to have it reported and they are usually the ones that pay for the service. This could also keep any disputes from happening Especially if the buyer send a little extra towards principle from time to time. Time saving is worth it as well.