loan agreement cook county IL

[Robert D.]

Cook county IL

I know couple of investors/rehabbers who need short term financing and have free and clear properties. I will prepare a simple loan agreement (and release) that I can record, once they sell the house, I get proceeds at closing. We agreed on 25k today, repay 28k in 3 months. If not then 1K every 2 weeks for 1 year. If not repaid in 1 year due on sale kicks in. In case things do not work out I would like that instrument to be easily enforceable in court without necessity to re-record after say 2 years etc. at the same time I want to make sure I am compliant with Dodd-Frank Act, predatory lending etc. I would not like to have to outside service such loan as well. so if everything goes well everybody happy ..

but if something goes wrong and I will need to get my money back and interests I would like to be able to file simple foreclosure lawsuit and sell my loan on the judicial sale. do you think that simple 1 page agreement would do? I asked around couple of lawyers to draft such an agreement, most of them scared to reply….