Simple Contract Template for Private Funding (HELP:)
I have a small deal of lifetime opportunity to cash-purchase an off-market SFR in Florida with private money from a close friend. I am currently in contract with the home owner and we want to cash close by 30DEC. The purchase funds are in escrow and the title is set. My friend and I have done other financials deals together on renos and new construction build-outs, but this is our first title purchase. Although the funds have already been sent to escrow, I want to put a simple/formal contract ion place with my friend for cash loan. Biz is Biz-
FYI, I am a career designer/engineer/builder and he knows I have the knowledge and capabilities to rehab the house (definitely not my first rodeo). For years I have been building for clients. This will be my 4th property that I own and 2nd that will own without a partner.
I am a new BP-Pro member and have not been abel to get through the full site yet. If anyone could direct me to the correct pdf/contract or library of legal docs would be extremely appreciated.
Stats
Appraisal $179,000
Purchase $80,000
Finder fee $20,000 (paid to Florida friend in the back end)
*yes, $79,000 in immediate equity, as-is*
Loan #1
30Dec2022 close date
Purchase $80,000
Closing $0.00
Taxes $250 prorated Dec22
Misc $2,000
Total loan amount $82,250
Term 11.5% over 12mos
Payment is full at agreement payoff. No prepayment penalty.
Loan #2 *Ready for discussing best plan of attack*
Jan 2023 target close date
Reno Feb-Apr 2023
Rehab $90,000 (conservative high budget)
Term 12mos at 11.5% *I am open to other reno financing options*
Term 11.5% over 12mos
Payment is full at agreement payoff. No prepayment penalty.
Time is sensitive. Please feel free to call me directly?
Thanks a lot!!
James
-
Engineer
- TAYNR
