Structuring Private Money Borrowing - Lawyer advice
I'm located in the Detroit area and will be borrowing private money for upcoming deals. This will be my first time funding a project this way. From looking in for forums, the common advice seems to be to talk to an attorney and that the structure needed consists of a promissory note and a mortgage document. Am I missing anything? I spoke to an attorney who seemed to think that I needed to create a different LLC in partnership with each private money lender and that we also needed some disclosure documents. Does anybody do this? Or is he looking to bill me for more than I need? Also, if anybody has experience with an attorney in Michigan who knows how to do this, please let me know. Any help/ advice on this topic is appreciated.