Hello friends, I gave a financial loan to a person. We agreed that he would pledge property (s) in Philadelphia to me at a height…
Hello friends, I gave a financial loan to a person. We agreed that he would pledge property (s) in Philadelphia to me in the amount of the loan he received. We talked about a second mortgage procedure on the property (s) (they already have a mortgage). Some questions about the procedure - 1. Is it done through a title? 2. How long can it be done? 3. What documents / proofs may be required to prove that the procedure was indeed performed and within how long from the date of the procedure are they available? 4. Do you have any comments / insights regarding the procedure or suggestions for another procedure? Thank you very much
If you ask me, do you always have to be a first lender? As Stell said, most often accompanied by two do not see money, this is a high risk. These are if the first mortgage is really really low relative to the value of the property.
Demand that a company hold the property.
You will have a floating lien on the company's shares, in addition to a second mortgage listing.
In a particular situation, you may require a check of rights and the establishment of a dedicated bank account into which fees will be entered which both of you are authorized to sign. In addition and as my fellow scholars pointed out, registration of your name as part of ownership.
Offers of course to consult a local attorney (!).
good luck!
Your loan, as implied, is just a capital supplement to the entrepreneur in addition to bank financing / loan.
הבטוחה שאתה מקבל second .mortgage ,משאירה אותך בבעיה במקרה של חדלות/קושי בהחזר של היזם-פרויקט. ***לידיעתך!
Therefore, at least you will require a personal guarantee of the entrepreneur + definition of jurisdiction / arbitration in Israel.
It is advisable to accompany a local attorney who is knowledgeable in transactions in this style to maintain your interest in the transaction.
Avi Cohen
Definitely consult Teitel. You need to register on the Deed of the property or as Lean so that it cannot be sold without you.
I'm not against just making sure your risk is really, really low. Keep in mind that if something happens, there is little chance you will see the money back for two reasons: Most money will probably go to the lender in the first position unless there is really a lot of money in the building and even when you sell you will have something left
2. Assignment costs and the time it takes, I mean the legal process will burn a lot of money so it's not sure that it will be worthwhile if the loan amount is low.
I edited the post to make it clearer
Are you talking about refinance? The best proof is when you have money in your account
Funding takes about two months
through the bank. If the property of a company you will need to transfer on a first name unless you do commercial financing