Sampling of documents
Promissory Note:
Outlines the amount, term & interest rate that has been agreed upon
Business loan agreement:
Lays out the loan terms, including the loan amount, which is clearly linked to the purpose of the loan, interest rate, payment schedule, term or length of time to pay back the loan, and loan security.
First / Second Position Mortgage:
Legally secures repayment of the loan with the property; the property cannot be sold or transferred until the loan is paid off.
Deed in Lieu:
Enables the lender to possess the property used as collateral, if payment is not made in a timely manner.
Construction Draws:
Allows money to be held in escrow until each project milestone is completed, based on inspection.
Personal Guarantee:
Unsecured written promise from the borrower, personally guaranteeing payment on the loan.