Private Mortgage/Hard Money Lenders are under attack in Florida!!
Pending legislation may hurt hundreds of Private Lenders in Florida and across the country. SB1730 is currently seeking to redefine what a “mortgage loan” is. Currently, Private Money and Hard Money lenders that make “Business Purpose” loans to real estate investors and flippers do not need to be licensed in 40 states across the country, this includes FL. This will change if Senate Bill 1730 makes its way through the Senate and gets signed into law by the State Governor.
This law will be devastating to both lenders and borrowers in that it will significantly increase the compliance expenses for lenders (audited financials, licensing fees & other compliance costs) and is also expected to increase rates and fees for borrowers.
Let your voice be heard – Ask the bill’s sponsor, Senator Tom Lee to remove section (7) “Mortgage Lending” of SB1730 and allow free competition for lenders.
Call Senator Lee’s office at (850) four eight seven- five zero two zero and ask to speak with Senator Lee or one of his Legislative Assistants, Natalie Brown or Robbie Heere – don’t just leave a message with the receptionist – ask to speak with one of his Legislative Assistants -let them know you OPPOSE SB1730 IF section 7 is not removed. We need to keep capital flowing to businesses and real estate investors that rely on Hard Money and Private Loans in Florida.
Additional Information can be found on the American Association of Private Lenders website at https://aaplonline.com/aaplopposesfloridasb1730?inf_contact_key=5292e45c8253ae637529237f67d500f4680f8914173f9191b1c0223e68310bb1