Need Rules and Guidelines on Being a Hardmoney Lender

Need Rules and Guidelines on Being a Hardmoney Lender

Real Estate Investor · Houston/Dallas, TX · Member since 2008 · 1 post · 0 votes

I just need to know where to find out the legal aspects of what you can and can't do in lending private money. Such as, do you have to be licensed if you do X amount of deals per year? Can you charge pts? Application fees? Interest limits, etc. Software to track your notes? or other real estate investments? Any advice on how to organize yourself?

Any help is appreciated!

Thanks

Tammy

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  • Member since 2008 · 32 posts · 1 vote
    20y

    I am wondering the same thing. Let me know if you have figured it out by now. If not....someone HELP!!!

    mike
    [email protected]

  • Member since 2008 · 664 posts · 18 votes
    20y

    Each state has its own laws about being a loan broker.

    In Texas where I live, you need a license for retail but not
    for commercial.

    In Montana you need no license for either.

    In California.... whoaaaa Nelly!!!

    Most Hard Money lenders don't care what you charge your
    customers. But the law might!

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