I have a loan from a friend that is for 13,500 at 5% (monthly) so 60% APR. So been paying 675 a month and still haven't paid any principal down. I asked if we can renegotiate to a apr with a term so I could eventually pay off he said no. I cant afford much more than 675 a month, and dont want to keep paying that amount for rest of my life.
@PrivateLenderLink
4 ай бұрын
Is the loan secured by real estate you own? Our video is only about usury for mortgage loans, not personal unsecured loans.
@rdaveigajr
4 ай бұрын
@@PrivateLenderLinkit is unsecured
@narcisoreyes1247
2 жыл бұрын
Thank you Rocky.. Can you explain how we can get Table Funding and how Peerstreet really works?.. I'm small hard lender, but I need to escalate my business. Thanks in advance!
@PrivateLenderLink
2 жыл бұрын
It's not too difficult if you're a mortgage originator or broker. I can't mention anything specific to Peerstreet publicly, but check out our video about table funding: kzitem.info/news/bejne/wJqKraRnm6J3q6Q
@rdc2321
Жыл бұрын
Hi Rocky, that was excellent content, you asked the right questions for sure. i’ve been a full-time real estate investors for 25 years and I’m now looking to slow down a little bit and become a hard money lender, can you please get me in touch with some good lenders in the inland empire to do business with? Thanks much! Richard
@Lisalovemystic
Жыл бұрын
This video really helped me. I had a question you mentioned in the video that the cap in California is 10% on hard money lending if the loanstarted at 14% and then. It went up to 30% because of a default meaning it. Is that part of the user law in california thank you
@PrivateLenderLink
Жыл бұрын
Glad to hear it was helpful. The cap is 10% only if the loan was NOT brokered/arranged or funded by a licensed lender. Otherwise there is no cap. Charging default interest is very common in private lending.
@jkurtzable
Жыл бұрын
HI Rocky! I live in California and starting to lend private money. I have my DFPI license and work as a mortgage loan officer already for the last 8 years. Does this make me exempt form Usury laws? Do i have to pay myself origination in a transaction to be exempt? I DO NOT have my DRE brokers license but would consider getting it so I can keep clear of Usury laws. Thank you so much!
@PrivateLenderLink
Жыл бұрын
Hi Jeremy, funding a loan under your CFL (California Finance Lender) license would make you exempt from usury. The exemption applies to both DRE (California Department of Real Estate) and DFPI (Department of Financial Protection and Innovation) licensees.
@RolanN-ry7uo
Жыл бұрын
Rocky - if the lender is from California - but property is in NJ - should the Usury laws be applicable to NJ Where the property is located, not where the lender is located? i Have a client whose loan has matured, is in the process of being paid off - but is getting hit with an annual 45% default rate - i just read the note and mortgage from the original purchase closing - and all the Docs say laws of California - though its a NJ Property that is financed and it closed with a NJ Settlement office - Thanks
@PrivateLenderLink
Жыл бұрын
Usury law is applicable to where the property is located.
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