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Updated about 8 years ago on . Most recent reply
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Help in finding a contract for a private lender
I'm looking for some advice/help in finding a contract to use with a private lender. My dad and I are about to purchase our first flip. We have a family friend who has agreed to finance the purchase and rehab of the project. Their accountant has asked me to come up with the contract for the loan. I'm in CA and would like to know what my best route is here. Thanks in advance.
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There is probably a promissory note form in the FilePlace under the tools tab above. If you want a mortgage or deed of trust that is something that an attorney should draw up. When I do any transactions with private loans involved, the settlement attorney draws up the loan docs.
This is definitely not a do it yourself area.