Real Estate and Notes Investor · Sunnyvale, CA · Member since 2016 · 4 posts · 0 votes
I have an opportunity to loan money to an investor secured by about ten rental properties in Illinois, and am looking for an attorney who can provide the support needed to make this happen.
I need support for tasks such as drafting the promissory note and the mortgage, recording the mortgage, etc., generally making sure this is done right. Also for guidance and assistance in various due diligence, such as making sure my mortgage is first in line, making sure there are no tax liens or outstanding property taxes, obtaining title insurance, etc.
Rental Property Investor · Chicago, IL · Member since 2015 · 275 posts · 271 votes
9y
There is a guy at GNT title the name attorney's name is Robert Rothstein. He is nuts but really good for this. He does a lot of these for a lot of private money lenders.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
9y
Call a title company in your area, where the collateral is located. They generally use a standard note and deed of trust, this is pretty common stuff, they (and their attorney) will most likely be the cheapest way. It's commercial, so you aren't under loan compliance matters for servicing as a residential lender. Only doing one private loan, you don't need registration in Il. Tell them it's a blanket loan and your borrower needs a title search on each property $$$$.
I'm not saying don't seek qualified legal advice, just saying this is pretty slam dunk stuff at a title company and they can give you title coverage on your loan. :)