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AttyHeather, Lawyer
Category: Real Estate Law
Satisfied Customers: 672
Experience:  Attorney with 15 years experience
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How do I demand payment for short term and bridge loans to

Customer Question

how do I demand payment for short term and bridge loans to an LLC in which I am a managing member? I want to offer members two options, 1. pay their portion of the demand according to percentage of ownership or 2. forfeit their ownership points completely in lieu of payment.
Submitted: 9 months ago.
Category: Real Estate Law
Customer: replied 9 months ago.
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Expert:  AttyHeather replied 9 months ago.

Hi, I'm Heather, an attorney with 15 years experience and I'd like to assist for informational purposes.

The loan documents themselves and/or operating agreement should have provisions regarding payback. Do you have access to those documents?

Customer: replied 9 months ago.
I have all documents. All loans are in default totaling approximately $400k. all were set up at 7% over 5 years. No Payments have been paid.
Expert:  AttyHeather replied 9 months ago.

Do your documents give you specific instructions as to how to call the loans due?

Customer: replied 9 months ago.
What i am attempting to do is remove the rest of my partners from our LLC without paying the members. What I want to offer is either 1. pay the amount or 2. forfeit ownership. then i am going to restructure the LLC but need to points available to do so.
Customer: replied 9 months ago.
Expert:  AttyHeather replied 9 months ago.

The system states that your payment failed. You might contact customer care for

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