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Updated about 7 years ago on . Most recent reply

Account Closed
  • Investor
  • New York City, NY
36
Votes |
173
Posts

Private Money Contract

Account Closed
  • Investor
  • New York City, NY
Posted

Can anyone tell me a quick cheap place to sign a private money agreement with someone.  My friend has 100k he wants to lend me but wants something in writing first, interest and balloon payment etc. 

Most Popular Reply

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1,100
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Mark Gallagher
  • Flipper/Rehabber
  • Allentown, PA
701
Votes |
1,100
Posts
Mark Gallagher
  • Flipper/Rehabber
  • Allentown, PA
Replied

@Account Closed

For both parties sake, it would make more sense to secure it against one of the existing pieces of real estate. Then you'd file a mortgage for the property with the courthouse, and then a note between parties specifying the terms.

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