Posted by John Merchant on October 24, 2009 at 16:43:21:
In Reply to: Private Money Lending posted by Rose on October 23, 2009 at 11:09:50:
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.
- Re: Comm'l lending not usually regulated Rose 19:52:45 10/25/09 (0)