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16
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6
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Darren S.
  • Investor
  • Winter Haven, FL
6
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16
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Hard Money Lending - Contract Template?

Darren S.
  • Investor
  • Winter Haven, FL
Posted Sep 28 2017, 14:42

I have been asked by my handyman to provide him with a loan (in Florida) for the purpose of (1) purchasing two mobile homes - one of which he intends to rehab and live in and the other he will rehab and rent out; and (2) provide him the funding necessary for the materials he'll need for the rehab. We've agreed on a 10-year loan, 10% interest rate, no prepayment penalty. Its a fairly modest loan size so I dont expect he will have difficulty keeping up with payments. (Famous last words.) 

Also, if he changes his mind about the 2nd mobile and decides to sell it, we've agreed to share in the net profit.

This is my first time acting as a private lender. Would someone either have a model / template contract they use for lending money they can share with me, or direct me to a place online I could find an appropriate template to work with?  (Apologies if this has been asked on the forum before, sometimes its hard to search for the right topic in the forums.)

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