Atlanta, GA looking for loan originator for owner finance sale

[Curt Smith]

Any Atlanta / South of Atlanta folks do owner financing? I'd like to chat with you. I have 2+ deals coming up. Do you have loan originator to refer me to?

I'll close at my RE attorney's office but would like to be 100% safe act compliant with origination of the loan even though the property is held in my personal name and not an entity. Which gives me (I believe) a pass to bypass the loan originator since this is a personal sale and my first for the year. Anyway, I'm wanting to find a loan originator anyway.

I've found a loan processor, trustfci.com. Any referals for processors?

Thanks, Curt Smith
sweetgumproperties.com

[Dion DePaoli]

Word of caution. Georgia is a very tough state in regards to license requirements. There is a bit of controversy over the the SAFE ACT language. Georgia requires the investor making the loan who will hold the note to have a license. The state of Georgia has contacted several different servicers, including FCI and fined unlicensed investors. This is on top of having serious issues with security instrument enforcement, in other words, you may not be able to enforce a foreclosure action.

This creates a second concept to be concerned about, one having proper licensed origination and the second having a license to hold the note and security instrument. I am not commenting on your particular situation in either manner but I do recommend making sure that your attorney fully briefs you on the situation and potential risks. As I understand there is conversation around the language of the law being pretty poorly written as to clear understanding and as such there are a couple points one can argue.

Because of this situation (investor needs lender license to hold), we no longer purchase whole loans in this state as is the case of several of the folks we know in the same our same note investing arena. Good luck.