Four equal partners is very similar to four equal partners.
Have a vesting schedule.
Have a buyout clause.
Use an attorney.
Get back to building.
Have a vesting schedule.
Have a buyout clause.
Use an attorney.
Get back to building.
All extremely valuable to limit long term risk. Over time someone(s) will have to leave the group and having this ironed out up front saves a lot of time, effort, and money down the road.
One thing to consider is cash contributions (if any) that might alter the allotted equity. Other than that, equal partners with vesting is a good way to go.
If the lender is worried about interest rates and credit worthiness, they probably should not be pursuing a startup. The idea of a loan is that it removes negotiations over a finite pie that probably is worth nothing over the long run.