Unpaid Private Loan on Texas Fix-and-Flip
I made a private loan of approx. $40,000 to a friend and his partner through their LLC for a Texas fix-and-flip project. The property did not sell due to market conditions, and the repayment date has passed with no repayment.
I’m trying to handle this professionally and would prefer to formalize a repayment plan before escalating further. If someone could help with Texas attorney recommendations (real estate / private lending / collections) who can draft or review a repayment agreement. I would appreciate any insight or referrals from those who’ve dealt with similar situations. Thanks in advance!
Most Popular Reply
without the recorded deed you have an unsecured note, did you not use a title company to close this? Do you even know how many other loans they have. We use Macke Wolf in texas and the first thing as part of any arrangement would be to make sure you get it secured against the property. that is priority #1.
- Chris Seveney
