What Private Lenders Need to Know About Hard Money Loans?

2021-11-13T20:26:24-08:00Private Money Lending|

A hard money loan is a secured loan backed by real estate. They are often regarded as "loans of last resort" or "bridge loans." This is because these loans are typically employed in real estate transactions, and the lenders are usually individuals or businesses [...]

The Do’s and Don’ts in Drafting and Enforcing Personal Guarantees on Real Estate Loans

2021-11-13T19:34:57-08:00Private Money Lending|

Personal guarantees are legally binding agreements where an entity (the guarantor) enters into a contract to be responsible for another entity (the guaranteed) in a matter where the guarantor is a non-party. This kind of agreement usually occurs in debt situations, and it is [...]

Complying with California Threshold and Multi-Lender Broker Reporting Requirements

2021-11-13T19:22:20-08:00Private Money Lending|

Violations in the compliance of California's Threshold and Multi-Lender Broker reporting requirements are very common, largely due to the confusing nature of those requirements. Thus, as a mortgage broker in California, it is important to have some guide or a road map to help [...]

Must California Lenders Pay Interest on Insurance Proceeds?

2021-11-13T19:17:56-08:00Private Money Lending|

Simple, no! This question was engendered as a result of the clients' continual demand for interest on "hazard insurance proceeds" in escrow accounts. They based their claims on the fact that California, like 16 other states, demand lenders pay interest on mortgage loan's escrow [...]

A “Wyatt” Standard for Insurance Brokers?

2021-11-13T17:59:25-08:00Private Money Lending|

For brokers or hard money lenders, there are lessons to learn. This dates back to 1966, when Joseph and Clarice Wyatt walked into Union Home Mortgage's office to borrow $2,500. What they didn't know is that the loan, and the lawsuit that would ensue [...]

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