Loaned money to a brother in law
Sorry to bother you guys with my mistakes but in August of 2019 I loaned 50K to my wife’s sisters husband, he was supposed to return the loan in November of the same year with a $5K extra ( so 55K total) that Didn’t happen. Because he’s family I didn’t ask about the money until January/February of 2020, he came over then and convinced us to loan him another 75K for until July, he offered us 25K in profit. So in total he loaned 125K and was supposed to pay back 150K.
He needed the money to push work on a 14 unit apartment building which is almost done and was supposed to be refinanced to finish the fix with the new construction loan and also he was to pay me back from that refi.
The building is not done yet and he’s trying to do a refi but he’s saying that there are problems with it, due to COVID-19.
My question is what should I do? It’s almost November and I don’t have a real answer from him on when I’ll get the money back, the money was supposed to be used on investments into my own rental properties, I don’t know if it’s good that he’s family or not, we’re sure that we’ll get our money back but don’t have an answer when that will happen.
He said he’ll make it worth the wait for us.
Any input is appreciated and please don’t call me an idiot, also don’t ask to barrow money Cause I won’t do it