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.
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