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All Forum Posts by: Jimmy Gaughan

Jimmy Gaughan has started 1 posts and replied 2 times.

Buying & Selling Real Estate

Post: DOES A PRIVATE LENDER / HARD MONEY NEED A LOAN APPLICATION

Jimmy GaughanPosted
  • Banker
  • Orange, CA
  • Posts 2
  • Votes 0

The reason for my question is because we do lend, but we have not used an application in the past five years.  I have a hand full of "flippers" that we lend to, but one of them that has had an issue with paying back their loan is saying that because we did not have her fill out a loan application that the deal is not legal.  Funny how she has made payments for over a year and we have even worked with her not paying us for two months while she has been going through a refi.  

0 Votes
Buying & Selling Real Estate

Post: DOES A PRIVATE LENDER / HARD MONEY NEED A LOAN APPLICATION

Jimmy GaughanPosted
  • Banker
  • Orange, CA
  • Posts 2
  • Votes 0

Are private investors and/or hard money lenders required by law to have a loan application? 

0 Votes