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Am I violating SEC rules if I get a loan from a friend for a deal
Hi - I invest in small (2-4) multi-families through a LLC. For an in contract deal (~500k), I want to sign a promissory note with a friend for around $100K to pay part of the initial investment. (Payback details still TBD). He will be fully passive.
Am I selling a security in this case if it's a loan from a friend? or asked differently, can this put me in trouble with the law?