Short-Term Loan Agreement

[Matt Rutter]

Hey Everyone,

We're looking for a short-term loan document to outline the terms of a private loan.

Without going into too many details, we are in the process of acquiring a new MFH rental property and borrowed about $60,000 from family to be repaid over 10 years with 3% interest. Their names will be on the title and mortgage since that is where the money is coming from, however, the agreement and plan is to refinance them off the title and mortgage at a later point since this is a short-term loan, and not an equity stake in the property. I realize there might be an easier way to have done this in the future, but those are the current logistics given our first time using private money.

I'm looking for a document that might cover those details.

Thanks!