What is the best contractual agreement for private money?

[Pat Reilly]

Both my private lender and myself are new to private money loans.  What is the normal or recommended way to document the loan so that both the lender and the lendee (me) are covered?  Is it a promissory note or...?  I don't want a mortgage since that drives up the closing costs.  Thanks in advance for any response.

[Don Harris]

@Pat Reilly   You need to be talking to an attorney who handles Real estate closings because without a mortgage, your loan is bear axx naked unsecured. This is the wrong area to pinch a penny. Spoken from experience! You will pay now or you will pay latter.