Do you need a license to lend your own money, or money you control in a limited partnership, to a third party secured by real estate, in the state of texas??
The short answer is no, but there are some other issues you might want to think about.
As long as the money in the partnership belongs to the partnership you won’t have a problem. If you start using the partnership to raise capital from private investors and start co-mingling that money with the partnership money and lending from one account you could be violating securities laws.
There are some laws about advertising, but those have to do with raising capital from other people. If you’re just dealing with your money no need to worry about it.
I’m not an attorney and I’d advise you check with one before you do anything more than loaning out your own personal money.
Hope that helps.
Thanks, the lp, would be free standing, and acting as the lender, either to my co or directly to other investor rehabbers.
What criteria do you have and what are your rates. I would like to use private funds insread of hard mony lenders.
Happy Holidays and Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
I’m still in the process of looking for private lenders myself, have done deals so far with a partner that had his private lenders all lined up, and I am not looking forward to having to use HML, but I defintely will to get the deal done.
By the end of this next year, my goal is to have at least 3 private lenders and a Revolving line of credit established… we are working on this slowly now, but when the New Year hits, this will be one of my main concerns to get going more quickly.
I do have one private lender that I have used, but they only have about 20K at a time, so I use that for the rehabbing funds instead of the purchase funds. I would definately be interested in talking with you when you get ready to do this.
could I get more info. on how to apply
and/or what kind of funds are available?