Convention was incredible! Question on lender pooling?? - Posted by JoeB(Atlanta)
Posted by JoeB(Atlanta) on February 29, 2000 at 14:23:31:
Hi everyone, WOW the convention speakers and their ideas were incredible. The energy and knowledge of the particpants was just as incredible! Don’t miss any future conventions!
My question was about a concept that I believe is referred to as ‘lender pooling’. I’ve seen it discussed here in past, but the archive posts I found didn’t have anything ‘concrete’ in them.
We have lots of private lenders that loan us money for our rehabs, and we’ve gotten several new ones who only have $5,000 to $10,000 each. We’d like to combine several of them into one mortgage (they don’t want to be in 2,3,4,5,6th positions with separate mortgages).
I believe some of you mentioned this may be illegal or regulated by SEC…is this true? If so, could you point me to a webpage that might discuss the details?
I’ve also heard of investors that put some of their personal money into the ‘mortgage pool’, making themselves a partner in the mortgage. Does this make it OK/legal? Or is this only applicable when we’re brokering the loan and not actually the borrower ourselves??
Thank you very much for any details,