So, you are putting a loan agreement in place and not sure whether you can do it alone (with a template) or it is worth engaging a lawyer to help.
We generally recommend that you seek professional advice from a lawyer if:
- your loan arrangements are complicated;
- you are lending a substantial amount of money; or
- you expect there is a real risk the borrower may default on the loan.
A lawyer can help you:
- to ensure the loan agreement is correctly drafted for your circumstances;
- to secure any property offered as security for the loan;
- conduct checks on the borrower and any property they own; and
- ascertain what other liabilities the borrower may have, as these could affect whether someone else is entitled to priority repayment.