Legal Question in Investment Law in New Jersey

I am considering loaning a small business 50000$. Is it sufficient to use a standard loan agreement obtained from a web site that provides these forms. I would obviously amend the document to suit the particular circumstances. Do I require an attorney for this or is the aforementioned approach adequate?

Asked on 7/26/17, 12:18 pm

1 Answer from Attorneys

Roman Fichman Esq. Law Practice of Roman Fichman Esq.

Be very careful! $50,000 is a lot of money to be risking with a standard loan form that you do not know if it really fits your needs and likely does not offer collateral options to secure your money and ease recovery and collection in the future.

The cost of properly recording the loan and legal consultation may be a little bit more than buying a form online but you will be mitigating the risk. In addition, often times, lenders fold cost of legal consultation into the cost of the loan (you probably have seen the term 'closing costs' which are in effect the lenders' costs) so in effect your legal costs will be paid by the borrower as part of the loan payments.

Contact me directly anytime.

Roman R. Fichman, Esq. │ @TheLegalist

email: Info (@) TheLegalists (dot) com

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Answered on 7/26/17, 12:46 pm

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