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Updated about 6 years ago,
Myself and two others are considering providing short term loan.
A group in my area is flipping a million dollar home. They have put quite a bit of rehab into it and our out of funds, They are asking for a 50-100K 6 month loan and are offering generous interest.
Myself and two other personal investors want to commingle our funds for the loan and share in the interest on a proportional basis.
Want type of corporate entity should I set up...llc, s corp, partnership?
What language should I look for on contract to secure my money? I'm thinking lien/where I stand in repayment order of other investors.
Any help would be greatly appreciated.
Thanks,