Private Lending Rates

[Stephen Hairgrove]

I am getting started with real estate and preparing to partner with a friend on future real estate deals. For now, I am considering lending him a ~$50,000 private mortgage loan so he can buy another unit in a building he has several other units. As the deal is being worked on, I wanted to hear feedback about what kind of terms you would consider fair for a 15 year mortgage. He is a friend and future business partner so I want to be fair so for the sake of the friendship and future business it is important to me that the interest rate is profitable for me and for him. What rate would you recommend?