Updated over 5 years ago on .
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legal requirements for TN private lending
Hey everybody,
I think I'm stalled on my current path and need to make a pivot to make progress.
Plan: Brother is setting up SDIRA to lend to me for building and selling spec homes. We want to make it legal and protect both our interests while making money together.
Issue: Through searching these forums I think I have confirmed that in TN for private lending all that is needed is a deed of trust and promissory note. I asked the lawyer I have been using (He is with a title company, so in theory understands real estate law) to confirm what we need and draft a promissory. It has been 70+ days and I don't have a clear answer or a way forward from this lawyer, every time I check back I get minimal info and "we will get this figured out quickly and let you know". At this point I'm wondering if I am asking for the wrong things and am paying this firm's staff to go on a wild goose chase.
Need: Am I asking for the correct documents or do I need to be asking for others in order to bring this plan to fruition? Also, a referral for a real estate lawyer in or near Dickson TN that may be better to work with. If I have to go into Nashville I will, and if referrals need to be through DM's please send that way.
Thank you in advance.