When the intended security property for a mortgage is a one to-four residential unit, the facts will determine whether the loan is a “consumer loan” or a “business purpose loan.” This distinction is critical in hard money lending. The Secured and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) is applicable requiring registration […]
TRID Regs Bring Changes to Hard Money Deals
Raz writes that “the new integrated-disclosure rule known as TRID is excellent for consumers but also laborious for lenders. It will consequently have some short-term negative impact on lenders, including some hard money lenders — although in the longer term, it promises to offer benefits as well. The determination of whether a hard money loan […]