Iowa:
I would like to lend my old friend Chris enough money to kick start a auto-body business. Can we legally write up a contract stating terms, interest rate etc? Chris is willing to put the deed of the property in my possession in case he defaults, cant pay back the loan. I dont want his property, but I need some sort of guaranteed collateral just in case..
How/can we write up a binding contract? And should we use two lawyers?
Thanks for the advice.
I would like to lend my old friend Chris enough money to kick start a auto-body business. Can we legally write up a contract stating terms, interest rate etc? Chris is willing to put the deed of the property in my possession in case he defaults, cant pay back the loan. I dont want his property, but I need some sort of guaranteed collateral just in case..
How/can we write up a binding contract? And should we use two lawyers?
Thanks for the advice.