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    4. i want to be a private money lender in fl. do i need a license
    i want to be a private money lender in fl. do i need a license

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    0  Views: 608 Answers: 3 Posted: 12 years ago
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      3 Answers

      Yes you do unless you want to be a loan shark.

      12 years ago. Rating: 0
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        It seems to me that it  all depends on who's money it is. If this is your own private money I don't see any reason why you wouldn't  be able to lend it to whomever you chose without a license and as long as you disclose the terms of the loan up-front. If this is investment money that you lend to others, i.e. other people's money, the license requirement would make sense.

        12 years ago. Rating: 0
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          murphy40

          Thank You for you comment.I agree I all of it is my money there would be no problem however this is not the case.
          Example
          I want to raise private money and loan it out through a third party lender such as a Hard Money Lender(HML). This lender would loan it to say a rehabber. My lawyer, the closing agent, would order the money from the private person and funnel it to the HML.



          As an example I would agree to pay my private person with the money say 7% and charge the HML 12% and I would get spread of 5% each month + points up front.



          I have been told that so long as the money is not used for the rehabbers personal residence it’s considered a Commercial Loan therefore you do not need a license in any state to do this.
          To consider this a Commerical Loan the money would be loaned to a company such as a LLC or Corporation



          Your thoughts and comments would be most appreciated.

          commented 12 years ago

          I hope so unless you are loaning $ to a friend or family member-  If so, don't expect to get it back!

          12 years ago. Rating: 0
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