Private money loan contingencies

[Robert Carpenter]

Suppose you borrow private money for a deal and the deal goes bust. Now with a bank mortgage there in normally a 'deficiency clause' allowing the bank to try to seize other assets you may have if the foreclosure proceeding nets less than the bank feels it is owed.   What about a private money loan ? Are most private money loans written WITHOUT deficiency clauses  ?

[Ellis San Jose]

A private money loan can be structured anyway that both parties will agree to.