.Laws on private lending in Tennessee

[Joy Garcia]

we were ready to go with a signed purchase agreement, rehab estimates, a lender on board at 65% loan to value at 6% interest rate. We walk into our title company and was told our lender to get a 1st position lienholder position he had to be a licensed mortage broker. Has anyone ever heard of this. I had put 2 years into researching and being mentored by a flipper who doesn't know because he uses his own money no private funds, I have been researching this no luck with that. My 30 day purchase agreement is almost up and my lender will not do an unsecured promissory note. HELP

[Curt Davis]

That is not correct.  We have private lenders who fund every loan we do.  

Is this a home you are personally living in or one you are using to flip or for buy and hold?

I used a private lender to purchase one of my primary residences and as long as that lender does not make more then 6 private loans within 12 month they were fine, now this is what I was told.  

We have never run into this issue ever!!!