How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask AttyHeather Your Own Question
AttyHeather
AttyHeather, Lawyer
Category: Real Estate Law
Satisfied Customers: 672
Experience:  Attorney with 15 years experience
93913325
Type Your Real Estate Law Question Here...
AttyHeather is online now
A new question is answered every 9 seconds

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.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
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 justanswer.com.

Related Real Estate Law Questions