Seeking Advice on Lending Money for a Home Purchase in Texas
Hello everyone,
We are new to private lending and am planning to help a relative finance their home purchase in Texas. Both lender and borrower are residents of California, and I have a few questions to make sure we handle everything correctly:
1. Does Lender need a lending license to provide a private loan for a residential property in Texas, considering both the lender and the borrower are California residents?
2. Can a private mortgage be structured to qualify as a standard mortgage, enabling the borrower to refinance it in the future?
3. Could anyone recommend any agencies or documentation specialists in Texas who can assist with the drafting and recording of a promissory note and a deed of trust, according to Texas mortgage financing laws?
Any advice or insights would be greatly appreciated. Thanks in advance for your help!
- 12 Penns Trail Suite 138 Newtown, PA 18940
- 186
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is this for a primary or investment property ?
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Lender
- Lendbright
- 267-516-0896
- https://www.lendbright.com/
- [email protected]
Hey Prem,
1. You do not need any license to lend in Texas. I have done lots of PML lending here. You can get the title company to draft up a promissory note and deed of trust.
2. As long as the title company files the note and deed with the county then it's easy to refinance in the future.
3. I like two different title companies in Texas. If you want an introduction to my contacts at either feel free to DM me. Hope that helps
This is kind of unrelated but I've been doing real estate wholesales for a little over 3 years and I've grown a list of active vetted investors. I have 1.35 Million contacts that have purchased an investment property in the last 2 years. My company works directly with 2000 of these contacts and they are considered our "VIP Buyers" and 62,000 of these contacts are vetted active buyers our dispo managers have added to their list. I get a lot of requests to connect them with private money lenders like yourself. I'd love to put you in contact with these people and start marketing your services to them, I have done this maybe 40 times now with my current lenders and i typically just add my payment into the HUD and the borrower pays it, this service wouldn't cost you anything. We could potentially vet the leads we give you before as well as underwrite the property and find an appraiser so its very streamline for you and my clients.
Quote from @Jacob Sherman:
is this for a primary or investment property ?
investment property by the buyer
- 12 Penns Trail Suite 138 Newtown, PA 18940
- 186
- Votes |
- 938
- Posts
Quote from @Prem Jain:
Quote from @Jacob Sherman:
is this for a primary or investment property ?
investment property by the buyer
#1 no
#2 yes
#3 an attorney would be best to facilitate the transaction and to work with title to confirm lien properly secured
-
Lender
- Lendbright
- 267-516-0896
- https://www.lendbright.com/
- [email protected]