Whether you are lending your own money or managing money for others, mortgage loan documents must be comprehensive, easily prepared, generated quickly, and meet the cost expectations of the borrower. Our firm has a two-pronged approach to mortgage documents: a do it yourself online solution and a custom attorney drafted document solution – both of which meet the needs of our clients.
Online Loan Docs
For commercial and residential business purpose loans that are not unusual (not more than 2 borrowers and 2 properties cross-collateralized in any state or between 2 states) we believe the most cost-effective solution is for you to generate loan docs under our sister company, DossDocs.com. DossDocs.com is the culmination of thousands of hours of coding, nearly all of it by Dennis Doss, with 44 years of legal experience in the mortgage business. It is the next generation of superior quality business purpose loan documentation [borrower ($399) and investor docs ($199)], all AWS cloud based, with instant output, all DRE and CFL disclosures, covering all 50 states with every possible loan feature — all at price that is less than what you currently pay. At the beginning of each set of loan docs is a complete summary of all the salient terms of the deal. Cut the chains of those long input forms, license agreements, client information sheets, credit card authorization forms, delays in getting your docs, monthly billings, set up fees, annual fees, redraw fees, and all high fees.
In addition to loan docs for business purpose loans secured by 1-4 unit properties and loans secured by commercial real estate in all 50 states, DossDocs.com also has nationwide online docs for broker’s investor packages, loan modification / extension agreements, forbearance agreements, pre-negotiation agreements and loan default letters. DossDocs.com even has business purpose construction loan docs and consumer purpose bridge loan docs for collateral located in most states.
All you need is a device and an internet connection.
Attorney Drafted Loan Docs
For more complex loans, large loans and even private money reverse mortgages, consider having a law firm like Doss Law draft your loan docs. We:
- Analyze the loan scenario to make sure it is not a consumer purpose loan
- Scrutinize if a lender or broker license is needed to make or arrange the loan
- Determine if the deal terms are compliant with the applicable laws depending upon if it is an unlicensed loan, DRE broker arranged loan, CFL lender loan, and CRMLA loan
- If the borrower is an entity, then we will review all corresponding entity documents to determine the proper signature authority
- Create properly titled signature blocks
- Counsel you on legal issues in the deal such as the business purpose exemption, DRE LTV restrictions, DRE construction rules, multi-lender issues, unlicensed lending rules, borrower vesting, identity theft risks, and probate lending
- Draft custom terms, such as extensions, release provisions, cannabis provisions, paydown requirements, add warrants/options, exit fee, and your custom terms
- Help you structure the deal, such as guarantees, cross-collateralization, and cross-default provisions
- Recommend title endorsements
- Recommend Schedule B Exemptions on the preliminary title report
- Add additional disclosures and protections for junior mortgages
- Choose what documents and disclosures to add for commercial loans (e.g., environmental indemnity, subordination non-disturbance and attornment agreement, subordination agreement, and intercreditor agreement)
- Deal with revisions demanded by the borrower or borrower’s counsel
- Help you choose and implement securities exemptions
- Help you with comply with DRE construction rules (if applicable)
- Add accommodation deeds of trust and guaranty deeds of trust
- Add security agreements when the collateral involves personal property, LLC membership interests, and corporation shares
- File a UCC-1 when a security agreement is used
- After the loan docs are completed and the deal is funded, we can draft any additional mortgage documents, such as: loan modification agreements, extension agreements, forbearance agreements, pre-negotiation agreements, loan default letters, transfer consent and assumption agreements
If you retain us to document your loan docs, we will give you the full service of all of the above items for a fixed fee. The larger the loan, the greater your exposure and need for another pair of legally trained eyes on the transaction. An experienced borrower should appreciate the risks involved and will not balk at the additional cost. Your investors will feel more at ease too.
Will attorney drafted loan docs scare the borrower away? This has never happened in 45+ years. All parties should feel more secure.
How much will it cost? Every deal is different. We will consider the size of the deal, it’s complexity and your timing requirements. Ask for an all-inclusive fixed fee quote that includes redraws and corrections.
Will lawyer-written loan docs slow the deal down? Absolutely not. We will complete the first draft of your loan docs 2-3 business days after you accept our quote and send us everything we need to complete them. In a pinch, we may be able to complete them faster or even in the same day (if they are not too complex). We usually make revisions within an hour or two.
No matter what, you should review the loan documents carefully before asking your borrower to sign them.
If you wish to become a client, contact us, and let us help you prosper — safely.