Do I need to do any additional paperwork for this?

As I continue to go over the private lending FAQs that you may need to answer as you go out and raise private money yourself, today I am sharing with you my answer to: Do I need to do any additional paperwork for this?

Here it is:

There is no additional paperwork needed for you to complete when you lend us money secured by local real estate.

When we are setting up the loan to begin with the title company, escrow company or closing attorney will complete all the required paperwork and make sure that the entire closing is done correctly.

While the loan is active, we use the note (which was set up at closing by the title company, escrow company or closing attorney) as a guide for the payment schedule so there is no additional paperwork required.

When the loan is paid off, the title company, escrow company or closing attorney for the sale of the property will make sure that all the paperwork for paying off your loan and clearing the title for the new purchase is taken care of correctly.

Until my next post,

James

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