How a Consumer Hired a Lawyer to Draft a Promissory Note Agreement in Texas

In 2024, an individual in Texas sought assistance with drafting promissory notes for private loans to support a friend’s business engaged in purchasing and subdividing rural land. The client aimed to create three distinct notes for a Self-Directed Roth IRA, a Self-Directed Solo 401K, and personal funds, ensuring that each arrangement remained legally separate to avoid any prohibited transactions that could jeopardize the tax advantages of the retirement accounts. The client required straightforward documentation that outlined the loan amounts and terms, including an annual interest rate of 18% and the associated conditions for repayment. As a result, the client received three proposals from licensed attorneys, with flat fee bids ranging from $600 to $1,500, all submitted within the requested deadline