Posted by Rose on October 25, 2009 at 19:52:45:
Thank you John this info was very helpful.
Posted by Rose on October 25, 2009 at 19:52:45:
Thank you John this info was very helpful.
Private Money Lending - Posted by Rose
Posted by Rose on October 23, 2009 at 11:09:50:
I was hoping that someone could tell me if it is legal for a Nevada privately held company to loan their companies private funds as private/hard money on business, land, residential without licensing in the State of Nevada. Another question is, can that company pay a referral fee to someone that brings business to them? Thank you for your time and any knowledge in this matter is greatly appreciated.
Comm’l lending not usually regulated - Posted by John Merchant
Posted by John Merchant on October 24, 2009 at 16:43:21:
In most states there are few regs or laws re comm’l lending and comm’l is defined as loan on any kind of income property incl SFR but not an OO home or consumer loan deal.
And comm’l lender is exempt from licensing and can pay anybody anything it wants.
Also usury not applicable for comm’l deals so any interest rate can normally be charged w/o state getting its nose into the deal.
To make sure lender is protected and borrower can’t later come back and holler usury or illegal deal I’d have my lawyer look at and do the loan docs.