QUESTION
A relative is asking to borrow 300K to purchase a house. What should a loan paper say?
Asked on Sep 07th, 2014 on Contracts - Florida
More details to this question:
How should a letter lending money to a family member read in order to protect the money in the event of a problem with the borrower or home?
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
The loan paper should say one word.....NO! HOwever, IF you have the money to lend and intend to do so despite it being a terrible idea, then since you have $300,000.00 to lend, you NEED to spend a couple thousand on a transactional lawyer to draft up the documents needed to protect you properly. If you have other questions, please fee free to contact our office at 1-800-922-6442 for a FREE consultation.
Answered on Sep 19th, 2014 at 12:56 PM
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