What to ask borrower before loaning private money?
Hi,
I'm new to loaning money for real estate deals and looking for advice on questions to ask the borrower. A fiend asked me to loan him money for 3 properties that will be demoed and 3 row homes with 3 apartments each will be built. After completion of the project, he plans to refinance the property and pay off my investment.
What things do I need to do to cover my butt? Is it better to get a personal promissory note vs one from his LLC?