Posted by Bob on April 07, 2004 at 05:35:28:
In Reply to: Re: financing paper posted by John Behle on January 29, 2004 at 20:05:16:
Does the SEC figure in this? In NV, and I imagine in other states, making a loan with real estate as collateral is exempt from securities registration. A note secured by another note is, technically, not secured by real estate even if the latter note is, and doesn't appear to meet the exemption. Multiple loans from multiple people might be considered a single integrated offering, raising concerns about total dollar caps in the offering and max # of "unaccredited" intrastate investors (25 in NV, less than the 35 federal limit).