How to structure lending deal between 2 individuals

[Adam Craig]

After getting charged between 12-15% interest I finally connected with someone who has "their own money" rather then a traditional hard money lenders and companies. So rates and terms will be better.

In the past - my old hard money lender had all the contract documents, documents for title company ect... The guy who is going to lend me money has never really done anything like this so would we still take the same steps?

For instance - In the past I buy a house, my HML gives the title company closing instructions, he is listed on the HUD, and wires the money to the title company on closing.

Now that I have essentially a guy with cash in the bank does he need to deal with title company? Or should we just draft a contract and have him wire me the money directly. He seems open to whatever - With my old HML, systems were in place, now we are making the rules as we go so looking for guidance.