INDUSTRY NEWS
Here you will find the most current and relevant industry news for Private Lending Professionals and Service Providers.
Charging Interest Rates Over the Moon!
The Ninth Circuit Bankruptcy Appellate Panel (“the BAP”) recently affirmed the holding of the bankruptcy court in the case of In re Moon that a private money lender’s settlement agreement with its defaulting borrowers violated California’s usury laws by including a provision for interest at a higher rate than that allowed by California law.
New Jersey Assembly Bill 793 – Conditional Veto by Governor Murphy
Despite wide support from community groups and legislators, Governor Murphy and his team reviewed the information submitted on behalf of the NPLA and decided to conditionally veto the bill on Thursday, September 15th.
Ending the Use of the Term “Hard Money”
Authored by John Beacham, CEO of Toorak Capital Partners.
The resolution encourages all those associated with Private Lending to cease using the term “Hard Money” and use alternative terms, such as Private Lending, Bridge Lending, and Transactional Funding.
The Collapse of Zillow Offers is Not Indicative of Significant Housing Market Trends
Authored by Ruben Izgelov, Co-Founder and Managing Partner of Nationwide Private Lender, We Lend.
For institutional investors, the strategy of acquiring rental properties has proved profitable, and we’re witnessing extensive interest and growth across the nation.
What New York Senate Bill S5257C Could Mean for NYC Real Estate
Authored by Ruben Izgelov, Co-Founder and Managing Partner of Nationwide Private Lender, We Lend.
Local real estate developers looking to convert vacant CRE units are going through a period of uncertainty. It is crucial to understand the difference between the two proposals and the impact this legislation will have on the market.
New York Senate Bill 1061A: Regulation of Commercial Finance Licensing
Authored by Jonathan Hornik, Esq. and Peter Kelegian, Esq. of LaRocca Hornik Rosen & Greenberg, LLP
It is vital to commercial mortgage lenders that the proposed NY Commercial Financing Licensing Law not apply to them. For the following reasons, an exemption for “commercial financing transactions secured by real property” should be added to Section 363-b of the bill.
The Do’s and Don’ts in Drafting and Enforcing Personal Guaranties on Real Estate Loans
Authored by Todd E. Chvat, Esq. and T. Robert Finlay, Esq. of Wright, Finlay & Zak, LLP.
Requiring a non-party to assume the debt of another is not to be taken lightly and should never be done without a solid written agreement to ensure the creditor maximum flexibility in its enforcement.
New York Private Lender/Investor Alert: Senate Bill 5376
Authored by Jon Hornik, General Counsel, NPLA
If passed, the bill will adversely impact fix-n-flip transactions in New York City. Private Lender Law and the NPLA are engaged in defeating this bill.
New York Senate Bill 1061 Would Require Licensing for Private, Hard Money Commercial Mortgage Lenders
Authored by Jon Hornik, General Counsel, NPLA
Private Lender Law and the National Private Lenders Association are preparing arguments to dissuade the passage of the Bill.
New York Covid-19 Emergency Eviction And Foreclosure Prevention Act Of 2020 Signed Into Law
Authored by Jon Hornik, General Counsel, NPLA
The Act’s stated intent is to avoid evictions and foreclosure proceedings for persons experiencing financial hardship during the COVID-19 pandemic and…
New York Commercial Finance Disclosure Bill 5470 Signed Into Law
New York Senate Bill 5470 (NY TILA), known as the Commercial Lending Disclosure Legislation, was signed into law on December 23, 2020 by Governor Cuomo. The law will go into effect in 180 days.
New York Commercial Financing Disclosure Bill
Authored by Jon Hornik, General Counsel, NPLA
This bill will affect Private Lenders doing business in New York, making bridge loans and term loans secured by 1-to-4 and multi-family housing.
New Philadelphia Bill Set to Impose Licensing and Disclosure Requirements on Wholesalers
Authored by Jon Hornik, General Counsel, NPLA
The city of Philadelphia Bill No. 200544 (the “Ordinance”) will regulate Residential Property Wholesalers…
Federal & State COVID-19 Eviction and Foreclosure Guide
Authored by Amy Kame, Managing Director, NPLA
View both federal and state mandates and interpretations of legislation relating to evictions, foreclosures, and utility shutoffs.
How Elections Affect Real Estate Investors – And What You Can Do About It
Authored by Jasen Miller, Founder and Managing Partner, Corridor Funding
Whether the presidential election results have left you elated or disappointed, it is a good reminder that you have important opportunities ahead as a real estate investor.
Construction Material Price Spikes, Impacting Real Estate Investors
Authored by Jasen Miller, Founder and Managing Partner, Corridor Funding
We have all heard the word “unprecedented” way too often this year. However, it is a fitting description for the surging price of lumber across the country.
California Senate Bill 1079: Residential Property: Foreclosure – Signed Into Law
Summary provided by Robert Finlay – Wright, Finlay, and Zak LLP
Industry groups posed strong opposition to defeat California Senate Bill 1079. Governor Newsome made it official Monday, September 28, by signing it into law. While the goal of SB 1079 is to steer foreclosed…
Private Lending Transactions Trending In The Right Direction
Authored by J. Andrew Damico, CEO ProDeal
Over the past few months, ProDeal has been in a unique position to witness and track the real estate market’s reaction to COVID-19. Here is what we’ve seen…
California Legislature Enacts Assembly Bill 3088 – Tenant, Homeowner, and Small Landlord Relief and Stabilization Act of 2020
Summary provided by Robert Finlay – Wright, Finlay, and Zak LLP
On August 31, 2020, the California Legislature enacted, and Governor Newsom signed Assembly Bill 3088, a compromise between…
A Time To Give
As the NPLA works to support one another professionally, we also understand the need to look beyond ourselves. That is why we are proud to announce our fundraising initiative in partnership with Mercy Housing.
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