Posted on: 24th Apr, 2010 02:05 pm
How can a friend make a personal loan to a friend who agrees to allow their real estate to be collateral for the personal loan? The discussion has been an interest deferred loan for two years with a baloon note the third year for the principal and interest. We believe that we nee a promissory note with a deed to secure debt but exactly how should it be worded?
Welcome nnj,
You will have to contact a real estate attorney who will help you and your friend to draft a deed in order to secure the debt. He will be the best person to help you in this regard.
You will have to contact a real estate attorney who will help you and your friend to draft a deed in order to secure the debt. He will be the best person to help you in this regard.