Loan Question

Recently, I had a friend who needed to borrow 15k to have enough in his bank account to qualify for a loan. He invests properties in California. Anyway, he was going to pay me back within a week, as well as pay me $1,000 for my end of the "investment."
Anyway, I knew couldn't raise the money on such notice (a day or two), so I declined. He told me there would be future opportunities and he would let me know further in advance next time.

Is there a way to ensure repayment of this sort of "Friendly loan" legally? A figured a notarized contract would be relatively safe (as safe as you can at risk of losing 15k).

Nobody I have taled so far to said it was a good idea. He went as far as to send me his credit report, a schedule of assets owned and about 5 other documents as proof of collateral. I figure none of this is legal or binding, but $1000 free and clear in a week is a little tempting...

Any suggestions?

Even if there is some legal recourse is the promise of $1,000 in a week worth the risk of fighting it out in court? To be honest, it sounds like a classic Ponzi (pyramid) scheme. Check the link...

http://en.wikipedia.org/wiki/Ponzi_scheme

Sounds fishy...

Troy
Sarasota Real Estate (http://www.siestakeyrealestate.com)

if it sounds too good to be true... most likely it is.

You might also lose a friend in addition to your $15 grand. I would politely decline and tell your friend that you don't wish to mix finances and friendship. If he's willing to sign a promissory note then it's a little different - keeping the transaction at arm's length.