Re: Could be - depends on state - Posted by Paul Macdonald
Posted by Paul Macdonald on November 17, 1998 at 15:41:28:
Do you know a central location to find out about notes & usury laws? Actually do your books cover that information?
Relating to the creation of notes - I have approached a contractor who likes the idea of his writing the financing for his jobs and my buying them. By his being the initial owner of the note I’d have avoided usury concerns?
My principle line of work is mortgages - standard institutional - the creation of notes vs. the sale of notes is an idea at right angles to what I’m used to. You speak of improving the notes after you get them. Would it be better in the long run for me to buy the created note, fund it, wait whatever seasoning period is necessary/if necessary, and do a rate and term with the borrower OR hold the note for the duration?
Thanks for your time and advice,