Business Purpose Loans

Business Purpose Loans

Business Purpose Lenders – Get Ready for HMDA

by Dennis H.  Doss Starting on January 1, 2018 most business purpose residential private money brokers will be subject to fines by the Consumer Financial Protection Bureau unless they file reports under the Home Mortgage Disclosure Act, known as “HMDA.” Congress thinks the information in the reports is important because it: Helps show whether lender […]

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Is Your Personal Guaranty Up to Snuff?

  By Dennis H. Doss A personal guaranty is a powerful tool in the hands of a sharp hard money lender. Frequently borrowers seek to minimize their risk by putting their properties into entities. They can bankrupt the entities to forestall foreclosure without taking personal hits. Once the private money lender has foreclosed, they can […]

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Can I Charge Default Interest on My Hard Money Loan?

Can I Charge Default Interest On My Hard Money Loan?

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Can I Charge Default Interest on My Hard Money Loan?

What is the legality of charging default interest on hard money loans? Over the years many clients have asked me about the legality of default interest on hard money loans. We are talking about an increase in the interest rate on a private money mortgage due to monetary and non-monetary defaults by a borrower. The […]

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Thinking of Extending Your Reach Beyond California?

by Dennis Doss There are two sides of the private or hard money mortgage business, lending and investment. A mortgage company lends money. Unless it has unlimited capital or is a mortgage pool, it needs buyers for its mortgages. Some companies sell loans to institutional buyers. The majority of the industry sell their loans to […]

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Mortgage Loans to Foreign Nationals

Dennis Doss As the economies of other countries stagnate, foreign investors are increasingly buying United States real estate. Some banks will lend to foreign investors but not at the speed and ease that foreign investors find acceptable. Sometimes the foreign investor needs to close an acquisition quickly, with the plan to obtain a conventional loan […]

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Alternatives to the Multi-Lender Rule

If a private investor relies on you for any aspect of a trust deed investment, you are engaged in the sale of securities. The only scenario I can imagine that would be otherwise would be when an investor brings the potential loan to you, does his or her own due diligence and collects the loan […]

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What are Advance Fees and Who Can Charge Them?

By Dennis Doss An “advance fee” is money collected by a loan originator from a loan applicant before a loan has been closed. Due to unscrupulous originators that took advance fees and then failed to procure promised loans, the mortgage law generally disfavors advance compensation. We have three types of mortgage origination licenses in California. […]

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CFL vs DRE–Which is Right for You?

In its newest Doss Guides, Doss Law compares the California Finance Lender and Department of Real Estate licenses. CFL vs DRE–Which is Right for You?

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Don’t Leave Money on the Table–Hire a Subservicer

In this article Doss Law discusses ways to retaining a servicing spread without the burdens of actually servicing mortgage loans. Don’t Leave Money on the Table–Hire a Subservicer

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Irvine, CA 92618