Private Mortgage A private mortgage, often referred to as a "hard money loan," is a loan funded by an individual investor or a private lending company rather than a traditional bank or credit union. These loans are typically asset-based, meaning they are primarily secured [...]

Promissory Note A legally binding document that serves as a borrower's written promise to repay a specific sum of money to a lender under agreed-upon terms. It outlines crucial details like the loan amount, interest rate, payment schedule, and maturity date. For private mortgage [...]

Private Mortgage Note A Private Mortgage Note refers to the specific loan agreement between a private lender (or investor) and a borrower, secured by real estate. Unlike institutional bank loans, these notes are often originated by individuals, private funds, or smaller companies. It encompasses [...]

Key Terminology in Private Mortgage Lending & Servicing Private Mortgage Note A private mortgage note, often simply called a "note" or "promissory note," represents a written promise by a borrower to repay a specific sum of money to a private lender or investor, typically [...]

Key Terminology in Private Mortgage Lending & Servicing Private Mortgage Lending This involves individuals or non-institutional entities providing loans secured by real estate, often when conventional financing isn't available or suitable. Unlike banks, private lenders typically offer more flexible terms, quicker approvals, and can [...]