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Promissory Note for Owner's Personal Loan to an LLC for Purchase
- Hey Everyone!
- Happy Holidays.
Question: a partner and I purchased a property cash last month (vested in an LLC where we are 50/50 members). We have now started collecting rent, and what to set up the capital contribution we both put into the LLC to purchase the property as a personal loan to this business, with the net rents paying this loan back to us.
1) Does anyone have such a promissory note they have used that they could share?
2) Since there will be at least one person trying to get that easy post to rack up their post tally by briefly and ambiguously says "go see a state specific RE attorney," one tip that I would appreciate that comment at least say which state's laws I should be concerned about, and thus, know which state to find and attorney in?
3) Is there a cap to what we can set this interest rate to be (I've heard that you can't exceed whatever cap users laws would allow). If anyone has heard of this, I'd appreciate direction to resource it (because somehow, hard money lenders seem to be able to go around this, as well as sub-prime car lenders).
Thank you so much! Burned a lot of time on the web trying to figure this one out on my own!
-Tanner