Private Lender Promissory Note

[Angellar LaCour]

Hello,

I have a private lender who wants to invest in my rehab/flip projects. The first will be direct pay from lender, after will be through self-directed ira custodian for the funds.  I need some guidance/best practices of how much to pay the lender for the money and how to set up the promissory note.  Repayment will be when the property sells, but will accrue monthly interests.

These are small amount as the properties are distressed properties in Louisiana

Project 1 - loan from lender $15,000 - for 4 months

Project 2 - loan from lender $35,000 - for 6 months