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127
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54
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Carlo D.
Pro Member
  • New to Real Estate
  • New York
54
Votes |
127
Posts

Seeking advice on a small business loan I am looking to extend to a long time client

Carlo D.
Pro Member
  • New to Real Estate
  • New York
Posted

I have a client of 15 years who runs a route selling business for 40 years. Just today he asked if I knew of anyone who does business lending. He' looking to borrow $30,000 for 6 months at 25% to 30%. (he said he's ok with this since this would be an unsecured loan)

 The purpose of the loan would be business expenses, growth through advertising and for new route listings.   I told him I'd look around, but I'm considering funding it myself. I never did this before and I have a bit of capital as I'm looking to get into my first real estate deal out of state in the next 3 to 6. months. If I decided to do this, how would you recommend I go about it? What loan docs would I need a lawyer to draft? Thank you in advance

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