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Updated almost 11 years ago on . Most recent reply

Robert Carpenter's profile image
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Robert Carpenter
  • from Montclair, New Jersey
  • Member since Apr 14, 2014
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Robert Carpenter
  • from Montclair, New Jersey
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Robert Carpenter
  • Montclair, NJ
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Real Estate Deal Analysis & Advice

Private money loan contingencies

Robert Carpenter
  • Montclair, NJ
Posted

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  ?

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Ellis San Jose
  • Rental Property Investor
  • from Westlake Village, CA
  • Member since May 21, 2010
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  • Rental Property Investor
  • Westlake Village, CA
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Ellis San Jose
  • Rental Property Investor
  • Westlake Village, CA
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A private money loan can be structured anyway that both parties will agree to.

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