Sample promissory note

[Sharad M.]

Hello all,

Can someone please email me a sample promissory note they have used with their private money lender? I tried looking for it under the FilePlace, but didn't find anything. My email is in the signature below.

Thanks in advance!

Sharad

[Dion DePaoli]

Shared,

I would suggest since neither of the two of you are all that familiar perhaps what you do is outline the terms and conditions of what the loan would look like. Make it look a bit more like a term sheet or MOU. That will let you talk about what is important to each of you, get it in black and white and then it can be sent to an attorney to draft the note and security instrument or note as described.

Forwarding a random note that may or may not be used to me seems a bit like wasting time. Security instruments are different from state to state (mortgage vs deed of trust) collection and enforcement rights are different from state to state as a lender and creditor.

Both of you stick to what you know, keep it simple and pay an attorney to fill in the gaps with the correct documents. I would think you don't want to make it complicated or confusing to scare your investor off. You can Google loan term sheet, find the simplest one that you understand and use that. There is no "right" or "wrong" way to start as long as you each get the terms you are looking for.