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loan from friends. how to ensure security
01-May-2023 (In Recovery Law)
I have many properties which have been acquired using housing loans. The value of many of these properties is about 5 times their outstanding loans. I am in need of money but am not able to sell any property at market value since the economic conditions are not favourable. Banks are not able to extend additional loans because my cash flows and income is currently lnot good . I have friends who may be willing to give me temporary loan but I am not comfortable unless I am able to offer them some security. Is it possible to do a legal paperwork to secure my friend who is the lender and register it so that both are protected?
You can enter into an agreement with the friends wherein the creditors (your friends) have the right to recover the money from the debtor in case you fail to repay it within the stipulated time, specificallly by sale of the said proeprties . This will offer them the comfort which every creditor looks forward to at the time of giving the loan.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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