WHAT IS A LOAN AGREEMENT?
A loan agreement is a legal contract between a lender and a borrower that outlines the rights of the parties and the terms and conditions of a loan. Generally, a loan agreement will identify the lender and borrower, the principal amount of the loan, the interest rate payable if any, the maturity date, the repayment schedule, the security, if any, and any other terms and conditions of the loan. If you are an individual or entity that is planning to enter into a loan agreement, we recommend consulting with an experienced real estate or business lawyer to either draft or review your loan agreement to ensure it is enforceable and that the rights of the parties are protected.
If you are looking to enter into a loan agreement, contact us today to set up an initial consultation. Our business law team has the experience and knowledge to draft and review a detailed loan agreement.
Disclaimer: The information contained in this article is not to be construed as legal advice. The content is drafted and published only for the purpose of providing the public with general information regarding various real estate and business law topics. For legal advice, please contact us.
About the Author:
Shahriar Jahanshahi is the founder and principal lawyer at Jahanshahi Law Firm with a practice focus on representing business star-ups and investors in the province of Ontario. For further information about Shahriar Jahanshahi, click here.