I’m looking to loan a good friend’s small business ~20k at low interest to print his art book. I’m well aware of the risk that I lose the whole amount, the book doesn’t sell, etc. Any tips on contract templates for setting up a loan like this? I’m in California, he is in Michigan. I don’t want it to be a personal loan, it should be to his company. I have an estate lawyer but not a contract lawyer, and am guessing for this amount it isn’t worth paying a lawyer to write a customized contract.
Banks require the borrower to pay cost of underwriting, bank’s legal fee, loan process fee, etc.
Make your friend pay for the cost of agreement.