I notice a lot of posts from people who need small loans(under $50k) for rehab projects that will usually be paid off in less than a year. Other then a second mortgage as security what can you use to be able to make 20-25% return without running foul of usury laws .In Nevada there are no usury laws per say ,but California seems to cap many loans at 10% .I know you can do a JV deal without problems but how would you secure your loan to the property in question without any illegal tactics ?
each state has their own rules.. IN Oregon any loan under 50k is subject to maximum interest rates.. Ergo you can't get a loan from any HML for under 50k.
@Jay Hinrichs failed to mention that he is on title when he is HML ... that would be a security interest of sorts ;)
can you JV a deal and be added to title and then sign a quit claim I am talking about the rehab phase not the acquisition
May I suggest you please seek the advice of a RE Attorney? Nevada is a very regulation heavy state to lend in and its a slippery slope best navigated with competent legal counsel familiar with the MLD division rules and regulations, among others. I can refer you to a great RE Attorney if you need one.
thanks if you want to pm me. You can make unlimited interest on autos but to do a small business to business loan on real estate it's a quagmire