Done some research and can't find my answer. Putting together my first private money mortgage and the attorney calls me out of the blue and says it's a felony to lend private money out of a LLC so we have settled on lending it from a personal name. Does anyone understand the legalities of the attorneys concerns?
hmm just thinking out loud here. I would so get a second opinion. That sounds real odd. First off, who's attorney? the borrowers? and how come you can not just lend your private money to the LLC and let the LLC lend money to others.. ? I had an LLC that was an actual licensed lender few years back but in Texas.
I highly doubt you have to lend as an individual. Sounds like somebody is twisting things around to where they can entangle and expose your personal assets. Watch out or may be run your life move on to better pastures.