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Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 5654
Experience:  28 years of experience in general practice, real estate law and estate law.
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This question is for a real estate lawyer, that understands mortgages. I have a friend who buys and rehabs tri-plexes in Chicago. He is quite seasoned, does about 50 of them each year. On average, he buys a triplex for 60-70K, and spends 120K gut rehabbing
them, and sells them for 245K. He wants to borrow 150K from me at lucrative terms. I know that his selling price of 245K is reasonable, so am lending him 70% of the after-repair-value. I also know that he does good work on the rehab, so the property will sell.
I just need help from a lawyer to read the mortgage/note to ensure that I am fully protected as a lender on the deal (first lien). What is an inexpensive way for me to get advise on a 9-page mortgage contract that his attorney came up with?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 1 year ago.
If you can attach the document(s) it would be my pleasure to review them for you.
Customer: replied 1 year ago.
I cannot attach the document, JustAnswer does not have that feature. Here is a link - https://drive.google.com/open?id=0B5eoxKAFWxj8bTJUbzFSaTVoeVk
Expert:  Attyadvisor replied 1 year ago.
We do have a feature. I am not able to open that link. Please contact customer service for assistance at 1.***-***-****
Customer: replied 1 year ago.
found the link. See file attached.
Expert:  Attyadvisor replied 1 year ago.
The governing law should be Illinois and federal law. "I just need help from a lawyer to read the mortgage/note to ensure that I am fully protected as a lender on the deal (first lien). " I see no note, only a mortgage and certificate of exemption.Sample Illinois Promissory Note https://s3.amazonaws.com/uslf-previews/IL/IL-17074-MH.pdf See Illinois Mortgage form 3014 http://www.freddiemac.com/uniform/unifsecurity.html Have you already provided the loan?"I just need help from a lawyer to read the mortgage/note to ensure that I am fully protected as a lender on the deal (first lien)"To make sure that you are in first lien position you would want to make sure that no other mortgages have been recorded against the property. I would want to have a title search performed to make sure the property is free and clear from any liens or encumbrances. Most lender's require a lender's title insurance policy. Would you like a link for Cook County Real Estate attorneys that provide free consultations? We need to make sure that you are protected. http://realestate.findlaw.com/mortgages-equity-loans/home-loans-from-family-and-friends.html
Customer: replied 1 year ago.
no, have not provided the loan yet. Here is the note. Please guide me.
Expert:  Attyadvisor replied 1 year ago.
It is not the quality I would provide.
Expert:  Attyadvisor replied 1 year ago.
Real Estate Attorneys free consultations https://www.justia.com/lawyers/real-estate-law/illinois/cook-county
Expert:  Attyadvisor replied 1 year ago.
Please feel free to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you.If you would be kind enough to rate my service possibly so I may receive credit for my work I would appreciate it.Thank you for using JA! We appreciate your business.Read more: http://www.justanswer.com/real-estate-law/980nc-regards-town-s-master-plan-commercial.html#ixzz3hFKTStwa

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