Posted by Charles Clark on January 06, 2003 at 09:03:08:
Hi Luke,
This is legal, I would have a lawyer draw up a contract for your arrangement.
I hope that you and your friend both do as the other thinks will be done. Otherwise you may loose a friend.
From experience.
Charles Clark
neiloans@hotmail.com
Loaning money in Wichita to friend - Posted by Luke
Posted by Luke on January 06, 2003 at 08:05:53:
Hi, I would like to see what options I have on loaning my friend 15,000 in Kansas to buy a house to rehab.
He would need the money for three months. I would give him the money and in three months he would give me back the original 15 and an additional 3k (1k for every month) If it takes him 4 months to return the money then the original 15k plus 4k or if it took him 1 month 15k plus 1k and so on.
First, is that legal? Second, can I do that?
Thank you.