I would like to loan my partner some money. What is the best way to secure it?

[Sandra]

I would like to loan my partner an amount of money to purchase the business of a bar, which will then be leased. He owns his apartment which has 10 years remaining on the mortgage. I want to be sure that my money will be returned if anything happens to him. He is 64 years old and has two sons. Is there a way to ensure repayment of money in such an instance. The two different options which I have currently been offered don't seem to be viable. Thank you

[aflores]

Hi Sandra

The best way to guarantee that you will have your funds returned is by registering a debt against his house, which would come second to the mortgage. Although this is not fully guaranteed, since he has a previous mortgage, it will safeguard you against the property being sold, your partner passing away and his children inheriting his assets.

This can be done at a Notary Public, and the only requirement is to have an NIE number and the required funds for costing.