Legal Advice for Lending or Borrowing
Legal Advice for Lending or Borrowing
Perth Commercial & Corporate Lawyers
Are you looking to borrow or lend money privately whether to friends or family or a business associate? West Perth Legal’s commercial lawyers can assist you with all legal aspects of private lending for the life of a loan. We act for borrowers, lenders, and guarantors and are experienced with different types of agreement and ancillary services, for both secured and unsecured loans.
For those who require targeted legal advice on private lending, we can assist with a range of legal questions including:
- What types of loan arrangement is suitable?
- How do I raise funds for my business through private lending?
- What legal documents do I need to protect my interests under a loan?
- What if there is more than one lender to the loan?
- What are my legal obligations under my loan?
- What happens when there is a default under a loan?
- How do I document updates to my loan?
- How do I release my obligation under the loan?
- How do I exit a loan?
West Perth Legal Advantage
Experienced Commercial Lawyers
Professionally Drafted Agreements
Price Certainty (Fixed Fees Where Possible)
Responsive Lawyers
Legal Advice for Private Lending
West Perth Legal offers legal services for a range of private loans, whether you are the lender, borrower or guarantor to a loan, we can assist you throughout the cycle of a loan. From setting up a loan, to making changes and updates, to documenting the release of a loan, our commercial lawyers will have you covered.
If you are unsure about how to proceed, or require specific legal advice, we offer targeted legal advice consult sessions.
Common Private Lending Legal Services
Every loan is different and carries different levels of obligations and risks. Simple loans can be documented via a simple loan agreement, and more complex loans require multiple legal documents with security agreements and registering security interests. It is important to seek legal advice on how to best structure your legal documents for your loan. You can contact us for a consultation to discuss the best structure for your loan.
Whether if it’s a private or business loan, it is important that the loan is written, typically via a loan agreement. This agreement includes key information on the loan such as the loan amount, term of the loan, purpose of the loan, interest rate, and repayment schedule. These can provide clarity to the parties in the case of dispute. Our commercial lawyers can assess your situation and provide you with a tailored loan agreement that is suitable for your case. We also provide targeted legal advice on specific provisions that may be contentious, such as liability and indemnity provisions, warranty and representation provisions.
Whether if it’s a private or business loan, it is important that the loan is written, typically via a loan agreement. This agreement includes key information on the loan such as the loan amount, term of the loan, purpose of the loan, interest rate, and repayment schedule. These can provide clarity to the parties in the case of dispute. Our commercial lawyers can assess your situation and provide you with a tailored loan agreement that is suitable for your case. We also provide targeted legal advice on specific provisions that may be contentious, such as liability and indemnity provisions, warranty and representation provisions.
If the borrower defaults on the loan such as missing a repayment or repaying late, the parties should look to the loan agreement to resolve such issues. Typically, the loan agreement will include remedies such as interest on late repayment, it will address when default notices should be issued, or when rights over the security over an asset can be exercised. Some loan agreements may include an indemnity provision where the borrower agrees to indemnify the lender for costs associated with default by the borrower. If your loan is in default, our lawyers can assist with interpreting your loan agreement, drafting default notices or help you exercise rights over secured assets.
In situations where the lender releases the borrower from a loan, or releases the guarantor from the loan, or releases the security under the loan, the parties may document this through a Deed of Release. The Deed of Release serves as proof that a party has been released and protects against future claims.
In cases where the parties wish to confirm a debt is owed by the borrower, a Deed of Acknowledgement of Debt may be appropriate. This is a formal document in which a borrower acknowledges that they owe a specific amount of money to a lender. It serves as a written confirmation of the borrower's obligation to repay the lender, providing a clear record of the debt. It can be drafted in conjunction with a payment plan, and registration of security over the debt.
Frequently Asked Questions
Commercial & Corporate Lawyers
We have helped hundreds of clients with their commercial legal needs. See our Commercial Law and Corporate Law pages for more information.
