Private Money Deposit-simple structure

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Posted by Brad-Pa on May 16, 2008 at 07:20:16:

I'm buying a rehab property with a hard money lender who,in return for great terms, requires 10% deposit. I used them once before, this time I'm getting the 10% from a private lender. I figure I'll need $27K but am asking the private lenders for $35K. I very quickly have 6 different parties lined up and now I'm looking for suggestions on the simplest way to document it short of a mortgage which is out in this case.

I'm going to offer 15% simple interest and though I'm pretty sure I can be done and sold in 6 months, I'd like the flexibility of 12 months.

Thanks in advance

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