My question involves real estate located in the State of: Florida.
I am a Californian planning to lend money as a bridge loan to a real estate company in Florida. The loan duration is 8 months, with a simple interest rate of 40%. Principal and interest are due after the 8 month period. The money from me and a few other loaners will be used to purchase a property in Florida. Once the property purchase transaction closes,me and the other loaners will have the option to place a lien for in the amount of the investment on the property.
Firstly, is this legal given the high interest rate?(I read that Florida considers loan rates over 18% rate as usury)
Secondly, if legal, what all documents do I need to review and what type of loan agreement contract should I sign with the borrower?
Can someone refer me a lawyer who can handle something like this without charging an arm and a leg?
I am a Californian planning to lend money as a bridge loan to a real estate company in Florida. The loan duration is 8 months, with a simple interest rate of 40%. Principal and interest are due after the 8 month period. The money from me and a few other loaners will be used to purchase a property in Florida. Once the property purchase transaction closes,me and the other loaners will have the option to place a lien for in the amount of the investment on the property.
Firstly, is this legal given the high interest rate?(I read that Florida considers loan rates over 18% rate as usury)
Secondly, if legal, what all documents do I need to review and what type of loan agreement contract should I sign with the borrower?
Can someone refer me a lawyer who can handle something like this without charging an arm and a leg?
Mortgages: Usury Laws for Private Bridge Loans for Real Estate Purchases
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