Updated over 7 years ago on . Most recent reply
#5 Wholesaling Contributor
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New Private Lending Bill Being Pushed In Florida
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
http://m.flsenate.gov/session/bill/2018/935/billte...
Looks like the special interests are at it again. The governor shot down the last bill stating it was the most restrictive in the county. This one appears to be so as well.
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#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
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#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
Many private and HML lenders do business purposes loans for investors. This bill would require privates to go through a LMO to do the loans. More money in licensees pockets..less for the actual lenders. This bill is very similar to the one the governor shot down last year that would have required individuals, even parents lending their children money, to go through a LMO. VERY restrictive and I don't see any legitimate purpose in the bill. I believe it was instituted by a LMO down in the Miami area that wants to force privates to go through LMO.