Posted by SamIam_CA on 5/23/06 9:38pm
Msg #121833

hard money loan paperwork or lack thereof

I did my first hard money loan today and was shocked at the paperwork. A total of 19 pages and only a DOT to notarize. I thought since hard money loans were so risky there would be more paperwork - not less. Anyone have any insight?

Reply by NCLisa on 5/23/06 9:51pm
Msg #121838

It depends on if the hard money loan is a first, 2nd or 3rd, and if it is with a large lender, private bene or investor.

Reply by TitleGalCA on 5/23/06 10:28pm
Msg #121850

It could be that the loan investor isn't big on disclosure language and title to the property via the trustee is enough?

Perhaps the overkill by big lenders with the paperwork is.....overkill? Just my off the cuff remarks Sam.

Reply by TheresaCA on 5/24/06 10:42am
Msg #121949

Hard money lenders only care about the property.

Reply by Gerry_VT on 5/24/06 11:05am
Msg #121964

What is a hard money loan?

Is this a loan where the signer gets the check at the table?