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Richard, Attorney
Category: Business Law
Satisfied Customers: 55481
Experience:  32 years of experience practicing law and a businessman.
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I own a business and my father just agreed to give me a

Customer Question

I own a business and my father just agreed to give me a small business loan.
I need a short simple contract that would provide for an interest rate, agreed payback term and payment and a section outlining how the loan is secured and what happens if it is not paid back.
Submitted: 10 months ago.
Category: Business Law
Expert:  Richard replied 10 months ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 10 months ago.

Good morning Gary. You'll need two documents for this: i) a Promissory Loan setting for the terms of the loan; and ii) a Security Agreement giving your dad a security interest in the designated collateral. I can provide you templates for each which you can easily fill in the blanks with your specific facts. I would have to do that for you through the Premium Services option offered by JustAnswer. If that would be helpful, let me know and I'll extend that offer and you can then decide whether or not to accept. Fair enough?

Customer: replied 10 months ago.

We've got it covered. Thank you for the offer.

Expert:  Richard replied 10 months ago.

You're very welcome. Happy to be able to point you in the right direction as to the documents needed. Best of luck to you!

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