Posted by BoY on February 28, 2002 at 15:03:10:
Hi,
I was able to talk to some of my friends to become my private lenders and each of them is willing to invest with me. So my question is, if the amount I needed to purchase a property totals to all of their invested money, how will the mortgage look like? Will it state in the mortgage that each one of them will receive this X payment amount every month? Will their names show up on one note or will each get a separate note?
Really not sure and hopefully my question is clear enough to get some answers.
Thanks and appreciate you sharing your knowledge on this board.
BoY
P.S. I’ve this question on the MAIN GROUP forum as well and recommended to ask a lawyer.