Business Law

Ask a Business Lawyer. Get Business Law Questions Answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

Business Law

Cash LLC wishes to lend Developer LLC cash purchase of land

Customer Question
Cash LLC wishes to lend...
Cash LLC wishes to lend Developer LLC cash for the purchase of land and its development by Developer LLC.
Does Cash LLC need a mortgage broker license? Does it need a mortgage origination license? Please provide reference to your answer (e.g., relevant Colorado statute or regulations).
Submitted: 1 year ago.Category: Business Law
Show More
Show Less
Ask Your Own Business Law Question
Answered in 5 minutes by:
7/25/2016
Business Lawyer: Legalease, Attorney replied 1 year ago
Legalease
Legalease, Attorney
Category: Business Law
Satisfied Customers: 16,386
Experience: 14 years experience corps, LLC's and partnerships; preparation, negotiation of complex contracts and business agreements
Verified

Hello there --

-

THe only reason you would need these licenses is if you are in the constant purchase and sale business of existing houses. For one transaction like this, the Cash LLC should enter into an agreement with the developer for a construction mortgage and this can all be written up and prepared by a local lawyer who has experience in construction law and contracts. I cannot give you a statute or code section because one does not exist -- which means that in order to do this, it is perfectly legal. My suggestion here is that you speak to a local attorney in your area who handles nothing but real estate and construction documents and you will be good to go in getting to work on the development that you all want to build. After that, the people with the brokers licenses must come in to sell the units when they are completed.

=

Please let me know if you have further questions. If not, can you please press a positive rating above so I will be paid for my time. I am paid nothing unless you press a positive rating above. Pressing a positive rating above will not cost you any additional money -- it simply acts as the trigger to Just Answer to pay me for my time assisting you today. THANK YOU VERY MUCH

-

MARY

Ask Your Own Business Law Question
Customer reply replied 1 year ago
Dear Legalease
You write: "I cannot give you a statute or code section because one does not exist -- which means that in order to do this, it is perfectly legal."You write that some classes of brokers/loan originators DO require a license. Please provide the code section (CO statute) which states that these categories do require license. From that authority, I will be able to INFER that other types of mortgage originators DO NOT require a license.Thank you in advance.
Business Lawyer: Legalease, Attorney replied 1 year ago

Hello again --

-

If this is a standalone transaction and you have no intention of becoming a mortgage lender, then you do not need a mortgage originator licence to invest the money into a real estate project. However, here is a link to their website and to the website of the real estate licensing department in CO so you can review these requirements yourself/ If you want to eventually get into mortgage origination for several or many properties then you will have to worry about such state license https://www.colorado.gov/pacific/dora/mortgage-loan-originator-licensings,

-https://www.colorado.gov/pacific/dora/division-real-estate

Please let me know if you have further questions. If not, can you please press a positive rating above so I will be paid for my time. I am paid nothing unless you press a positive rating above. Pressing a positive rating above will not cost you any additional money -- it simply acts as the trigger to Just Answer to pay me for my time assisting you today. THANK YOU VERY MUCH

-

MARY

Ask Your Own Business Law Question
Customer reply replied 1 year ago
Dear Legalease
You sent me links explaining how to get a license. These links do NOT explain WHO must get a license.
Please provide a reference explaining WHO must get a license. If you cannot do this, then please release the question to a different lawyer.
Business Lawyer: Irwin Law, Attorney replied 1 year ago
Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 7,430
Experience: 30+ yrs. representing small business, real estate, probate
Verified

Does Cash LLC need a mortgage broker license? Does it need a mortgage origination license?

Hello. Another expert here and I will try to assist with your question. You have asked a question to which the answer is NO! First, you have mischaracterized what you are planning to do. You are not becoming either a mortgage broker or a mortgage originator. An originator is one creates mortgages and then sells them in packages to larger investors. A broker is one who obtains loans for others. Your LLC is a real estate investor/lender. The loan that you have described is a commercial loan between individual commercial entities (LLCs). That transaction is not regulated by the state of Colorado. The question that you should have asked is: Does Cash LLC
need a lawyer? Answer: YES!

Please be so kind as to promptly rate this answer favorably so that I may be compensated and the question may be closed in the system. There is no additional cost to you. Thanks again for using JUST ANSWER.

Ask Your Own Business Law Question
Ask Irwin Law Your Own Question
Irwin Law
Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 7,430
7,430 Satisfied Customers
Experience: 30+ yrs. representing small business, real estate, probate

Irwin Law is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,793 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

742 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

640 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

564 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
What's the "Best" way to set up my LLC business with this
What's the "Best" way to set up my LLC business with this scenario and pay myself along with one other employee/partner? -- Currently a sole proprietor with two businesses in very closely related fiel… read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,685 satisfied customers
I'd like to look into opening an business account for an LLC
Second opinion] I'd like to look into opening an business account for an LLC with a member that's currently incarcerated... and a personal account for the person that's incarcerated. My guess is a tru… read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,685 satisfied customers
I need a simple contract to define a business relationship
I need a simple contract to define a business relationship between a consultant and our company. Essentialy the consultant is willing to work for a % of ownership in lieu of payment. I need a contract… read more
NYLAWLADY
NYLAWLADY
attorney solo practice nyc
Doctoral Degree
685 satisfied customers
This spring we set up a family business. We want to get LLC
This spring we set up a family business. We want to get LLC status but have many details to work through as far as owners, structure, etc. We need to collect sales tax for products and need a tax numb… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Business Law Question: We have an LLC set-up (Delaware) and
Business Law Question: We have an LLC set-up (Delaware) and are finally ready to pitch for investor funding... One of our main partners got into some financial troubles last year, and to put it bluntl… read more
LegalPro
LegalPro
Doctoral Degree
563 satisfied customers
I have an existing TX LLC, doing business in CA. This LLC
Hello. I have an existing TX LLC, doing business in CA. This LLC will generate income from all over the world. I am going to register the TX LLC as a foreign LLC doing business in CA. At the same time… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
891 satisfied customers
Regarding terminating a business contract with a billing
Regarding terminating a business contract with a billing company that processes our billing. Both I and my partner signed contract as required by our Operating Agreement for the business . The billing… read more
LegalGems
LegalGems
Juris Doctorate
10,176 satisfied customers
Converting my llc business to a c corporation and looking
Converting my llc business to a c corporation and looking for a lawyer to sign the paperwork … read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,685 satisfied customers
My wife and I own a business (LLC) through which she rents a
My wife and I own a business (LLC) through which she rents a chair/booth from a place that specializes in renting out chairs to cosmetologists so that she can perform hair styling services. She is not… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,946 satisfied customers
Federal Goverment Contracting Trying to structure a business
Federal Goverment Contracting Trying to structure a business by dove tailing two existing businesses whereas one owner is a Service Disable Veteran Small Business and the other is considered a large b… read more
Jim Reilly
Jim Reilly
Private Practice Attorney
Juris Doctor
1,759 satisfied customers
I'm starting a general contracting business in Chicago. I'm
Hello. I'm starting a general contracting business in Chicago. I'm considering forming an LLC as a holding company for future DBAs for each part of the business, including construction, cleaning/maint… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
891 satisfied customers
I am selling my business and need to have the LLC changed to
I am selling my business and need to have the LLC changed to the buyers name and have my SSS # removed for the EIN … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Question about business/contract law breach of contract and
question about business/contract law breach of contract and file a complaint I like to consult with an attorney preferably from ILLINOIS… read more
Damien Bosco
Damien Bosco
2,998 satisfied customers
I have a business partner for an LLC in Florida. He is
Hello, I have a business partner for an LLC in Florida. He is withdrawing and says I have to buy him out. Is that correct, do I have to buy him out? … read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
891 satisfied customers
In 2006 we formed an LLC with 2 business partners, and
In 2006 we formed an LLC with 2 business partners, and bought a warehouse in Las Vegas I own 40%, partner 2 owns 50%, and partner 3 owns 10%. I live in FL, partner 2 is in TX, and partner 3 is in NC.T… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,793 satisfied customers
I'm running my business as an llc registered in California.
I'm running my business as an llc registered in California. Looking to become incorporated in Delaware and dont want to change business names. I also want to have a fresh start on my accounting. Is th… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
891 satisfied customers
Is a contract from a business that can not be found in the
Is a contract from a business that can not be found in the database of the Secretary of Texas (we think it's a fake company) valid and enforceable? … read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
742 satisfied customers
Forming a LLC in Alabama for a minor child's business,
Forming a LLC in Alabama for a minor child's business, should this be as a sole proprietor or best as an Partnership ? How Can parents be listed as authorized signers ( as members or managers) what is… read more
KJL LAW
KJL LAW
Juris Doctorate
1,621 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x