Quote from @Greg Scott:
Based on my experience with Hard Money Lenders, this post does not make any sense to me.
Did you not file the loan documents with the county as a lien on the property? The loan attaches to the property, not the LLC. If the loan is not getting paid, you foreclose and sell the property to get your money back.
The only other way you could get yourself in trouble is by giving the borrower cash before the work is done. My Hard Money Lenders held the money in escrow and would not release the funds until the work was done, inspected, and they knew it was properly done. That way, they knew if they foreclosed, all the cash was already in the house. All they had to do was finish the work, sell the property, and they would get all of their money back plus profit.
Yes it was , I have had this loan for 7 years now, they are growing the company from one into a RIET of 4 different businesses and the goal is going public once the company is in the right position. I think that a new partner a very large real estate development co. that the company now has a relationship wanted it there where his company is also .
