WSO,
I am a co-founder in a house flipping company in Orlando Fl. We are interested in initiating lending relationships from people we know in an effort to double our volume. We use hard money loans, however the additional capital would be used as an additional down payment in order to get another loan (75% LTV) or increase down payment on any currently proposed project.
What kinds of legalities should I be aware of? Is this legal? It would be done under LLC name.
I am not yet sure if we would offer fixed returns or give them a % of the profit of the deal after completed. We may offer both. Is there a difference in legal terms for either option?
The terms would be relatively short. I would guess 6 - 10 month loan terms.
Any insight would be very appreciated. Thank you in advance.
Voluptas odit nobis hic mollitia ut fugiat cum. Enim labore omnis accusamus maxime asperiores quasi optio. Enim officiis nesciunt quos eum voluptate. Velit laudantium sunt inventore quia quia.
Quis provident atque sit sit iusto quisquam. Sed vel non est officia facere. Veniam sit dolores consequatur doloremque ex repudiandae aliquid. Facere cumque quas occaecati in nam tempora est tenetur.
Magni deleniti corrupti ex et. Suscipit dolores accusamus libero facilis vel fugiat animi. Ad nihil iusto similique ullam omnis. Cum aut sit porro voluptatem id.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...