Consumer Law, Warranties Friend want to borrow money

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monkeytree

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A close friend of ours wants to borrow $100k and promise to return $50k after one month, and another $50k for six months. He needs the money for his business and his real estate payment temporarily. Do you have any suggestion how can we write contract for this loan and what legal advice you have if he fails to pay back the loan? Will it be better if he personally or his company to borrow the money?
 
For that amount of money, get a lawyer to draft it. You don't want to be left holding the bag. Roll the fees in to the amount of the loan your friend has to repay.

Loan it to him and to his company. I'm guessing whatever real property he owns is mortgaged already, so take a security interest in whatever personal property he or the company has. Get his spouse and parents to guarantee it too.
 
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