Newbie Stumped on Promissory Note
I am using a loan from a friend to help fund our first deal but we don't have a specific property under contract as yet. How do you structure the promissory note when you need to secure the lender's interest with the real estate you intend to buy. I have seen many promissory notes that relate to real estate that naturally leave a blank line to input the property's address as the security for the loan. How would I handle this issue?
I appreciate any suggestions/advice
-Hurricane Sandy