Fractional Notes?

[Brian Wall]

Hi All,
I have two investors that are willing to invest in a rehab project that I have.

They are willing to each put up half the money I need. However, neither want to be in 2nd position. (can you blame them?).

I have heard of fractional notes. From what I understand that is where each investor holds an equal share of the note.

So neither are in 2nd position.

The concept sounds great, and they both seem to be agreeable, in concept. The question I have is how to write up the note.

Do I just add both names on the note? Instead of "I owe John Smith", I just put, "I owe John Smith and Mary Jones"?

Any help/guidance would be appreciated?

(yeah, I know, you are not a lawyer, unless you really are, so I won't hold you to it)