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Updated over 8 years ago on . Most recent reply

User Stats

8
Posts
1
Votes
Kenny Pyatt
  • Investor
  • Franklin, TN
1
Votes |
8
Posts

Do I need a license to Originate a PM Loan in TN

Kenny Pyatt
  • Investor
  • Franklin, TN
Posted

I searched for this on the forums and saw a ton of older discussions but didn't see anything specific to Tennessee.  I have a very close friend that has been flipping houses.  I recently sold some property and have some cash.  He's asked if I'd be interested in giving him a short term private money loan on one of his flips.  I'd love to help my friend and make a little money but I'm lost in Google search results that are close-to-but-not-exactly my situation.  I don't want to break the law but it's pretty complicated so I'm coming to the experts of BP.

Can an unaccredited investor originate a loan with their own money on a residential property (under 5 units) that is vacant and will remain "non-owner" occupied during the entire loan term while the house is rehabed/flipped in the state of Tennessee?

I'd hire an attorney to draft everything up contract wise but I'm looking to see if it's even worth my time to do so.  Thanks in advance.

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