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Updated about 9 years ago on .

User Stats

5
Posts
1
Votes
Melissa Yatzeck
  • Waukesha, WI
1
Votes |
5
Posts

Where to get loan document drafted for family investors?

Melissa Yatzeck
  • Waukesha, WI
Posted

My husband and I want to start a house flipping business. We have already set up an LLC entity. My sister and her husband are going to be our investors. We have verbally agreed that they will provide 100% of the funds, we will do all of the work, and we will split the profits 50/50 after the sale of the house.

Where can we go to get a simple loan agreement drafted? They have said they would like the house to be listed as collateral against the loan. They have also said they would like to earn at least the current inflation rate. For example, in the event that a house we rehabbed didn't sell for a couple of years, they would be guaranteed a share of the profits equal to at least the rate of inflation during that time period.

I tried a couple of websites where you draft your own loan agreements, and couldn't find any that included these features. Any advice for a newbie?