Need Advice on How to Lending Contractor Money

[Geoff K.]

Hi all, I need advice pretty quickly.

I have offered to loan my contractor $60k so he can also buy a rental property off market. I fully trust him but I also need to know what documents/title lients/promissory notes/etc that I will need to draw up to safely loan him the money. I would be the "bank," so holding first position (and only) lien on the house he wants to buy.

And yes, I should use a lawyer, but I just started working with a lawyer and he is a small 1-person shop and can't get the documents created in time. I am also accustomed to buying cash, so loan type documentation is not my strength.

Any recommendations for how to do this myself? Ultimately, I'd love to do some private lending on the side (in addition to my flips and rental purchases), and would love your advice!

Thank you,

Geoff