BillsWatch Posted August 1, 2009 Share Posted August 1, 2009 My brother asked to borrow some money to help him buy a foreclosed house for his daughter to rent. He has borrowed money and paid it back with interest to me before and his credit is good with me. When he told me how little he needed to borrow to make 20% (rental property requirement) I suggested maybe we could just skip bank and I could shift assets so he could borrow entire amount minus 5% he was depositing. I'd make more than I'd make lending to bank and he would get a lower interest rate with easier person to deal with. Because this is all tied to real estate I need to have this all official. He lives in NC and I in VA so it is not as simple as sitting down with him and local attorney. Anyone deal with private mortgage loan before? We want to make sure everything is correct for tax purposes since he and I both will be dealing with IRS and heaven forbid we both need to be protected rights wise if disaster occurs. Link to comment Share on other sites More sharing options...
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