So, I have a property under contract in Columbia and need some funds. I need $85,000 and I am offering the lender return of full amount + $12,000 in 3 months. Is that a deal for a private lender on this site, a little over 13%?
Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
3y
The amount your offering might be pushing usury laws. Usury laws are based on annualized percentages, so what you're offering is North of 50% annualized. South Carolina is an attorney closing state, so it's a bit different than other states. I would do a bit of usury research before structuring a deal. Good luck to you