Private Placement Memorandum

8 Replies

Hi folks,

For those who are doing syndicated deals and working with accredited investors, what is the average price you pay for a PPM (Private Placement Memorandum) in your area/state?

Any recommendations for an attorney in Philadelphia who works with private placements?, 

Key words: private money, PPM, accredited investor, private lender, syndication, apartment, commercial real estate, Philly. 

Hi Andresa,

I would reach out to member Bryan Hancock on here. He works in that space a lot and has great insight.

I was on the phone with him the other day about syndicates, PPM's, and a host of other topics related to it.

There is different layers to it based on if your investors are in state where you are buying the properties, out of state, or out of the country even. 

@Andresa Lobrace   @Bryan Hancock would be an excellent resource and I have sent you an email as well.

Good Luck!


Hi Andresa, I was quoted $4500 to $5500 for a California 25102(f) PPM to be reviewed by a lawyer here in the San Francisco area.  This is an interstate offering that was fairly straight forward with an outright ownership of a property. A fund for flipping would have been more complex and expensive. A Federal 506 offering would have been more expensive but I did not ask for a quote. What are you looking to do?

This post has been removed.

Hey @Johnson H.  

Thanks for the feedback. We are looking to conduct the offering under Rule 506(c), so the PPM for the accredited investors will be more complex for sure. 

Regarding the non-accredited investors, I also am looking for an independent auditor to audit the opening balance sheet of the new entity. 

@Nick Keesee 

Thanks a lot. I will check them out and keep you posted.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.