How a Business Hired a Lawyer to Draft a Commercial Loan in Illinois
See real project results from ContractsCounsel's legal marketplace — this project was posted by a business in Illinois seeking help to draft a Commercial Loan. The client received 2 lawyer proposals with flat fee bids ranging from $970 to $1,750.
Draft
Commercial Loan
Illinois
Business
Business
Less than a week
$970 - $1,750 (Flat fee)
2 bids
How much does it cost to Draft a Commercial Loan in Illinois?
For this project, the client received 2 proposals from lawyers to draft a Commercial Loan in Illinois, with flat fee bids ranging from $970 to $1,750 on a flat fee. Pricing may vary based on the complexity of the legal terms, the type of service requested, and the required turnaround time.Business Loan & Operating Agreement Modification
"Ryenne worked over the weekend to make sure she met her deadline. Thank you!"
ContractsCounsel User
Project Description
Need help with a Commercial Loan?
Lawyers that Bid on this Commercial Loan Project
Principal Attorney
16 years practicing
Free consultation
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Managing Attorney
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Commercial Loan
Texas
Can a commercial lender require personal guarantees from the owners of a business when granting a commercial loan?
I am a small business owner looking to secure a commercial loan to expand my operations. I have been approached by a lender who is willing to provide the loan, but they are requiring personal guarantees from all owners of the business as a condition for approval. I am hesitant to provide personal guarantees as it puts my personal assets at risk. I would like to know if it is common and legally permissible for commercial lenders to require personal guarantees in such situations, and if there are any alternatives or negotiation strategies to minimize personal liability.
Darryl S.
Personal guarantees are common for many small business loans and are often required to secure the loan. Requiring a personal guarantee is legally permissable.