Posted by Jon Richards on March 22, 2001 at 11:49:23:
Ken: The only caveat is usury on a hard money loan.
Check with the title company. You certainly should have the mortgage drawn up by a professional. It should not be expensive. You should also get a credit report, and a credit application from the payor. Verify his employment, and try to find out what he intends to do with thte money. The secret here is good underwriting. Don’t let greed, and 12.75% keep you from making a good decision and good investment.
Best of luck