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Updated 3 months ago on . Most recent reply
Hard money lender ,borrower moved his LLC to Delaware without notification.
My Borrower moved his company to Delaware making it an LLC there which makes me a bit worried that he might try something and try to get out of the loan by splitting the llc . Would it be advisable to move my LLC from Florida to Delaware also in the event I need to go to court to recover the loan would an llc in Delaware be better? . I have to get a lawyer there anyways and talk about the implication of him doing this without notifying me and redo the loan paperwork . Does anyone know a lawyer there that is familiar with hard money loans and could update the paperwork ? thx u
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Quote from @Glenn N.:
My Borrower moved his company to Delaware making it an LLC there which makes me a bit worried that he might try something and try to get out of the loan by splitting the llc . Would it be advisable to move my LLC from Florida to Delaware also in the event I need to go to court to recover the loan would an llc in Delaware be better? . I have to get a lawyer there anyways and talk about the implication of him doing this without notifying me and redo the loan paperwork . Does anyone know a lawyer there that is familiar with hard money loans and could update the paperwork ? thx u
Does the loan docs have a provision requiring permission from the lender to change ownership entities? This is pretty standard and should be in there, unless you went with non-standard docs