Private Lending Restrictions in Maryland
I have a private lender lined up for a flip in Hagerstown, MD. Was going to do a Promissory Note secured by a mortgage. Since all of my investing has been outside the state of MD, I wanted to have a local attorney review the Note. He is telling me MD has some restrictions on private lenders, i.e. once a mortgage is introduced the lender has to be licensed. Is this true? Not that I doubt the attorney, I just can't believe MD is so restrictive.