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loaning hard money - Posted by Greg
Posted by Greg on June 05, 2004 at 08:41:47:
Are there any special requirements when loaning hard money? As in government paperwork, etc? I have a lady that might be interested in loaning $500k at 6% int. only. I would in turn loan it at 15%. Any suggestions? I am not a real estate newbie, just haven’t been down this road yet.
Re: loaning hard money - Posted by Ben (NJ)
Posted by Ben (NJ) on June 06, 2004 at 08:54:59:
Check local laws but in most states, as long as you do only two or three loans per calendar year, you are not required to get a mortgage banking license. Ron Legrand has a decent course titled “Private Lending for High Profit”.
Re: loaning hard money - Posted by wes
Posted by wes on June 05, 2004 at 09:47:22:
Check with the governmental department in your state that oversees lending. (For example: here in Georgia it would be the Department of Banking and Finance).
They should be able to either answer your question or point you to the Department or person who can.
The two points I believe you will find as being the most important are “usary laws in your state” (how much interest you can legally charge) & whether or not Hard Money lending is considered regulated or unregulated in your state. I believe in most states, the loan is made as a business loan as opposed to a residential loan thereby avoiding the state regulation of being a residential lender.