Private Money loan

[Henry Sims]

Hey, BP land, I have a quick question for you all. I have a friend who sold his mobile home park so he could retire. He wants to make a little more on his money than a CD will provide. I'm looking to scale my business and would like to borrow some of his money to do so. Not sure how I need to do so. We came up with a loan for 6-8 months while I remodel a house I have. He is good with receiving 10% on his money paid out when I sell the house. In this instance, I'll borrow $80,000 and pay back $88,000. What paperwork do we need to secure his loan against the house? Will a simple notarized agreement between my LLC and him work? How do I need to receive the money? Should we do a joint bank account with the funds? Any help will be greatly appreciated.