Hard money loan with partner

[Tim Thiemann]

A partner and I will be borrowing money for a unknown rehab project. We do not have to pay back until 8 months have passed with 7% interest. 8 months should be plenty of time to do what we have to do.

My question is, what kind of contract if any is needed to make sure the money we borrow is only spent on the things that involve the rehab?

Also, do the numbers sound good?

Thanks for the help.

Tim