Family & Friends Mortgage
Family & Friends Mortgage
FAMILY MORTGAGES
A GUIDE TO
VIRGIN MONEY LETS YOU SET UP YOUR
OWN LOAN WITH FAMILY OR FRIENDS.
THEN WE MANAGE IT FOR YOU. ALONG
THE WAY, WE’LL PROTECT YOUR
RELATIONSHIPS AND SAVE YOU
THOUSANDS IN BANK FEES. SOUND
GOOD?
Q&A 10
The materials in this guide should be used for general guidance and
informational purposes only and are not geared toward any specific
transaction or goal. The scenarios presented are fictitious and purely
for representational purposes. Every transaction is unique and ques-
The Virgin Money Bill of Rights expresses what we tions about your specific loan transaction, its circumstances, or any
think money should be about. Keep an eye on this recent changes to the laws of your state that might affect your loan
space for your rights. should be directed to a licensed legal or real estate professional in
your state. We recommend that you consult an attorney or tax advi-
sor before entering into a financial transaction of this nature. Virgin
Money is not a law firm and does not provide legal advice or tax
advice. Virgin Money is not a lender or a loan broker and does not
originate loans on behalf of other parties. The information contained
herein is the sole property of Virgin Money USA, Inc., and may not be
reproduced or redistributed for any purpose without the express
written consent of Virgin Money USA, Inc.
Mortgage documentation and set up. By spelling out the loan details you can protect your
Promissory notes, mortgage recording, title personal relationships because you are clarifying expec-
searches, compliance with the Applicable
tations upfront.
Federal Rate.
Mortgage payment processing. Repay- Take full advantage of the flexibility of a private mort-
ment schedules tailored to your individual gage by picking an interest rate and a repayment sched-
situation, loan restructuring to ensure that ule that meet your unique needs. In the case of an
missed payments do not lead to default, intra-family mortgage, the interest rate and the repay-
direct debit and direct deposit of payments, ment plan are usually selected to give the borrower a
late payment follow up. better deal than they might find at a bank.
Payment tracking and accounting. In this section we outline the steps to set up a Virgin
Online account access, year-end reporting Money Family Mortgage. These are:
for taxes, and record-keeping.
1. Agree to the terms and payment schedule
Amount borrowed
The total amount that is to be borrowed.
Repayment Schedules
Mortgage payments are organized into a schedule which
determines how much you pay and when you pay it.
Traditional bank mortgages are amortized; the borrower
pays the same amount every month for the life of the
loan. However, consider using a graduated schedule if
the borrower has low income now but expects it to
increase with time.
• Appraisal
• Home Inspection
• Full title search and title insurance
• Purchase and sale agreement
• Real estate taxes (check to see that all are paid)
• Homeowner’s insurance (paid in advance for one year)
TALK
You have the right to talk about money. And not
just when it’s time to split the check. Whether
you’re offering a loan or asking for one, it’ll prob-
ably be a little awkward at first. But don’t let that
stop you. Speak from the heart. Be honest. Just
don’t be shy. Good things can come from this
single conversation. Besides, compared to the
birds and the bees, this one’s easy.
They fit your needs. They fit your dreams. They fit your
wallet because they’re for you. Some call that revolu-
tionary. We call it changing the face of money.
We’ve been doing it for years. We’ve seen over $200 mil-
lion in loans and mortgages as CircleLending. Now, with
the backing of the Virgin brand, we’re stretching higher
and farther than ever to offer products that bring money
and people closer together.
HOW WE DO IT
VALUE At the end of the day, we want to make your loan a suc-
cess and you happy. Why? One, so you’ll refer your family
You have the right to get way more than you pay and friends to us. And two, because it makes us feel good.
for. To the point where you almost feel bad about
it. But don’t feel bad. That would be silly. Of course
we’ll give you great products at fair prices. No
brainer, there. But we’ll also give you other
things-like straight answers to your questions and
brilliant customer service. And we mean like,
pass-the-sunblock brilliant.
VISIT: WWW.VIRGINMONEY.COM
CALL US AT 1.800.805.2472
HOURS OF OPERATION ARE M - F: 9AM - 7PM ET
OPTIONS WITH ONE OF OUR
PRIVATE LOAN SPECIALISTS.
IT’S FREE. WE’RE PRETTY NICE. AND WE
WON’T KEEP CALLING UNLESS YOU
WANT US TO.