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Loan from director


We have an interest free unsecured loan from the director of the company. My query
1. Is it possible for us to borrow some amount as loan for interest (in accordance with bank rates) and have a loan agreement drawn between the company & director? - would there be any issues on the grounds that earlier loan is interest free and now it carries a rate of interest ?
2. Can this be taken as overdraft facility from director (same way as the bank works) to use the amount & repay out of invoice remittances and pay interest for the actual days used. Again borrow it when required and use it for the period required ?

Please let me know if this is possible.

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