All Forum Posts by: Dennis Callaghan

Hello All,

I am recently new at BP and would appreciate any advice on the structuring of a personal money loan. I have 5 single family homes that I rent and two of them I got at auction but used retirement money to pay at auction and then got a cash out loan from bank to pay myself back. I now have an opportunity to borrow money from someone but dont know how to structure the loan (points, % etc). I then want to get a loan from bank and pay back as quickly as possible. How can I structure this to be beneficial to both of us? 

Also, I am use to banks being tough on where I get my funds from and 60 days at least for money to be in my account etc. so how do I keep the purchase of the auctioned home in my name and not the personal loaner's name in a way the bank needs to see it?....hopefully this question is clear enough. Thank you Dennis