[OR] Which forms do I need in the process of securing a private money loan for a real estate investment?
I'm looking for a promissory note and deed of trust for the state of Oregon to facilitate a second private money loan for a real estate investment.
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The promissory note should clearly outline the loan amount, interest rate, term, and repayment obligations, while the deed of trust should properly secure the property as collateral. I recommend using the Fannie Mae forms since they’re widely accepted and help ensure compliance with legal standards, protecting your investment interests.
I suggest tweaking this promissory note for your purposes: Freddie Mac Multistate Fixed-Rate Note
And tweaking this deed of trust: Fannie Mae Deed of Trust
Do you have any specific collateral details or additional provisions you’d like included in these documents?
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I'm looking for a promissory note and deed of trust for the state of Oregon to facilitate a second private money loan for a real estate investment.
Lexi, Chatbot
I understand you're looking for a promissory note and deed of trust for a real estate investment in Oregon. Have you already identified the specific terms and conditions you'd like included in these documents?
Yes. The loan is for $35,000 at 10% and due in 10 months.
Lexi, Chatbot
Are you familiar with the legal requirements and regulations regarding private money loans in Oregon?
Some, not all.
Lexi, Chatbot
Is there anything else the real estate lawyer should know before I connect you?
Not that I can think of.
TJ, Esq.
Hello! My name is TJ, and I’m an attorney. Thanks so much for the opportunity to assist you!
TJ, Esq.
The promissory note should clearly outline the loan amount, interest rate, term, and repayment obligations, while the deed of trust should properly secure the property as collateral. I recommend using the Fannie Mae forms since they’re widely accepted and help ensure compliance with legal standards, protecting your investment interests.
I suggest tweaking this promissory note for your purposes: Freddie Mac Multistate Fixed-Rate Note
And tweaking this deed of trust: Fannie Mae Deed of Trust
Do you have any specific collateral details or additional provisions you’d like included in these documents?
The collateral is a property, which is why I need a note and deed of trust. Or does Oregon work differently?
TJ, Esq.
Those forms should work for your purposes. I hope that gives you some direction! Let me know if you need more specific help or if there’s any part of this that I can explain further.
TJ, Esq.
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