I've been approached by someone in my network to do a joint venture with them. Is a 6-8 month residential deal but requires a commercial loan. The intention is that I would supply the cash and she would take care of the loan.
We will be seeing a lawyer to get a contract prepared on the JV relationship to cover ourselves if the worst happened and to be clear on the profit split.
Do I need to go on the loan application as a cash partner or can I be separated from that part of the deal? The deal itself looks pretty good but just want to get a feel of the finance/legal side prior to getting on board.
Has anyone been a part of a JV and have any feedback on anything to look out for? I'm normally very independent with my property transactions so going into uncharted territory here.
Thanks in advance
We will be seeing a lawyer to get a contract prepared on the JV relationship to cover ourselves if the worst happened and to be clear on the profit split.
Do I need to go on the loan application as a cash partner or can I be separated from that part of the deal? The deal itself looks pretty good but just want to get a feel of the finance/legal side prior to getting on board.
Has anyone been a part of a JV and have any feedback on anything to look out for? I'm normally very independent with my property transactions so going into uncharted territory here.
Thanks in advance