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Updated about 5 years ago on . Most recent reply

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10
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0
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Ryan Whitelaw
  • Appraiser
  • Santa Cruz, CA
0
Votes |
10
Posts

Need Help - Lending $24k To A Friend

Ryan Whitelaw
  • Appraiser
  • Santa Cruz, CA
Posted

I'm looking to help some friends out with their first time purchase and have some questions. This will be their primary residence and I'll be lending them $24k. Loan will be in second position and will be recorded after they close escrow.  Terms are $24k with 5.0% interest only due in 10 years.  My questions are:

1) Is there a good website or somewhere cheap/easy I can use to draft a note?

2) What's the process look like for recording the note?

Any info you can provide would be very helpful.  Thanks in advance for your time.

~Ryan

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