Loan agreement
A document drawn just for you to your exact requirements. Free discussion before we provide an estimate. Fixed fee for each stage of work.
Key features
The loan can optionally be secured on a guarantee by a third party.
England & Wales
Scotland
- Length:8 pages (1800 words)
- Available in:
Microsoft Word DOCX
Apple Pages
RTF
If the document isn’t right for your circumstances for any reason, just tell us and we’ll refund you in full immediately.
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You don’t need legal knowledge to use our documents. We explain what to edit and how in the guidance notes included at the end of the document.
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About this document
Use this agreement to record a loan where the money will specifically be used to buy, renovate or refurbish a property. It can be used for lending to one or more people jointly.
Even when you trust the person to whom you are making the loan to repay you in full and on time, with such a large amount being lent, you should record the agreement in writing. By using this document, you should avoid confusion about whether the money was a gift or a loan, when the money should be repaid and with how much interest.
The agreement includes the option for a third party, such as another family member or a company to guarantee the debt.
It is suitable for situations such as:
lending to a family member and his or her partner to use as a deposit for a house or flat
lending to a family member to pay off a mortgage
lending to a friend for property renovations
Either party may be abroad or in the UK, and the loan can be of any size.
Alternatives
If you would prefer to use a simpler agreement, see loan agreement template for lending to friends and family members.
Unfortunately we are not able to sell a document that secures the debt against the property - such a charge is a restricted activity under law and requires a solicitor. Additionally, in many cases, doing so would break the terms of any mortgage agreement.
If the borrower has other assets, such as a share portfolio or possessions of value, you may like to use these as security instead.
Contents
Definition and purpose of the loan
Relationship and status of the borrowers
Borrowers' warranties
Sum of the loan and advances
Repayment conditions
Interest payable
Early repayment
Method of payment
Provisions covering default (non-repayment)
Assignment (transfer of obligations to repay)
Guarantor and guarantee
Miscellaneous legal matters
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