Self-Originating Promissory Note and Mortgage

[Han T.]

Hi All,

A few questions here.

1. Have anyone self-originated a promissory note (pledging their properties as first lien with a mortgage note) before? What I mean is, instead of finding banks, FHA, commercial loans or Hard money lenders, you find your own lender (assuming you have friends or family, or business associates willing to be your lender), use an state-approved promissory note vetted by an attorney and be in contract with your lender?

2. Is what I just mentioned doable? 

3. What are the challenges you faced throughout the whole process?

Your time and reply is truly appreciated. Thanks in advance!

[David M Trapani]

Hello Han. Yes, totally doable. Can be a fantastic play.