Paperwork for 1st position loan for as hard money lender

[Henry Der]

I purchased a property this year. Was having rehab work done, but project and budget has gone off the rails. Seller will buy back the property and assume all debts going forward. I will hold a first position loan for the money already invested/spent on the property and project. Seller will continue to complete rehab and take on project as their own now. What type of paperwork would I need to engage this first position mortgage - debtors will be an LLC and personal guarantees of two people. Loan type will be interest only for 18 months. When I take a loan I normally sign 20 to 30 pages of nonsense. Hoping I can use something less burdensome. State is Ohio. One debtor lives in a different state, other one in state (does that matter?). I live out of the country (not in USA). I will use a title company to register the loan. He has given me a sample of a statutory mortgage document that he says I can use, which is no more than a half a page and is very simple - too simple it seems...with no mention of debtor obligations, personal guarantee stuff, etc.? If you can recommend the correct approach, level of debtor documentation to use, links to documents I can look at or download, that would be a good start. Thanks in advance!

[Roman M.]

Please do yourself a favor and use a lawyer to protect your interest and make the buyer pay for loan doc prep fee. It's that easy. 

You don't want to try to save a few hundred bucks and then have a mortgage that is either non compliant or not enforceable.