Real Estate Law
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If a lending agreement is determined to be a purchase of an equity interest in a venture, then usury laws do not apply and there are no caps on the “return” the purchaser can charge.
In this case the actual investment amount would not be for equity per se, but only for the uncertain return. Warrants could be offered if that would affect the status.
Here is the Fl usury statute. It is relatively straight forward. You would need to structure the transaction to avoid the appearance of an interest rate that exceeds 18% if under $500k is involved. Your idea about issuing warrants may be a good way to get around this.