Attention Real Estate Investors: Do You Understand Your State’s Usury Laws? Well, Whether You Think You Do or Not … Don’t You Dare Use Private Lenders to Finance Your Next Real Estate Deal … WITHOUTReading This Letter First! In Fact, Reading This Short Letter Could Easily Save You Thousands of Dollars … Find Out Why Below!
Dear fellow real estate investor: While using private lenders to finance real estate deals holds numerous benefits – including speed and flexibility of funding for you and high interest rate returns for private lenders – it’s important that any deal you do doesn’t violate your state’s usury laws. For example, in a recent case in Arkansas violating the state’s usury laws ended up costing the seller over $430,000! It’s true. And you could end up losing that much or even more if you don’t take care to stay in compliance with your state’s usury laws.
So What Exactly Are Usury Laws &
Well, usury is generally defined as the charging of illegal interest rates. You see, each state has laws regulating interest rates and those laws are commonly referred to as usury laws. Many states impose both civil and criminal penalties for violations of applicable usury laws. So how do you find out what your state’s usury laws are so you can stay in compliance? In the past it would have involved you wasting hours of your valuable time doing research on your own. But not anymore … thanks to my new ebook “Usury Regulations – A State by State Guide to Understanding How Usury Laws Affect Private Lending.” This easy-to-use ebook contains not only a brief synopsis of your state’s usury laws but all the other states as well. Now you don’t have to spend hours and hours tracking down information that may or may not be reliable. Now you can get a synopsis of any state’s usury laws through one convenient, inexpensive resource. Here is Just Some of What You’ll Learn
Private Lending is Becoming More & More Popular
With the current state of the real estate and mortgage markets, it has become very difficult to secure financing to purchase property. So, many investors are looking for alternative ways of financing a real estate purchase. One popular alternative that has emerged is private lending. The beauty of private lending is that it enables the parties to negotiate and agree upon the interest rate and loan terms. This allows for a lot more flexibility than a traditional loan from a bank or other lending institution where rates are set according to the type of loan and dictated by current market conditions. But even with the flexibility offered through private lending, it’s vital to your ultimate success that you understand that all deals must still operate within the bounds of the usury laws of your state or those of the state in which the property securing the loan is located. That’s what makes my ebook “Usury Regulations – A State by State Guide to Understanding How Usury Laws Affect Private Lending” such an essential resource for both investors and private lenders. Now you can have easy access to the information you need to stay in compliance with your state’s usury laws Here is an example of the state usury law synopses contained in this ebook: Kansas The usury laws of Kansas can be found in Chapter 16, Article 2 of the Kansas code. In Kansas, the maximum interest rate, when no other interest rate has been agreed upon, is 10%. Loans evidenced by a written agreement between the parties may legally bear interest at the rate of 15% per annum. The 15% interest rate cap applies to all first mortgage loans and contracts for deed to real estate unless the parties agree in writing to make the loan subject to the Kansas Uniform Consumer Credit Code. The 15% interest rate cap does not apply to second mortgage loans which fall within the gambit of the Kansas Uniform Consumer Credit Code unless the lender and borrower agree that the loan will fall within the provisions set forth in Kansas Statutes Annotated §16-2-207. A lender which violates the usury laws of the State of Kansas will forfeit all interest so contracted for in excess of the amount authorized by law and shall forfeit a sum of money, to be deducted from the amount due for principal and lawful interest, equal to the amount of interest contracted for in excess of the amount authorized by law. The amounts so forfeited can be used by the borrower to offset the amount of principal due on the debt. The provisions of the Kansas Consumer Credit Code apply to all consumer loans and all consumer credit sales. The Kansas Consumer Credit Code prohibits a lender from taking a security interest in land if the loan amount is less than $3000 and the interest rate is greater than 12%. The Kansas Consumer Code separates consumer loans and consumer credit sales in to two categories: open-end and closed-end. The parties to a closed end consumer loan may agree in writing to any interest rate, but the lender is limited in the amount of pre-paid finance charges it can collect on certain closed end transactions. In an open end transaction, the parties can agree to any interest rate. The provisions of the Kansas statute pertaining to open end transactions do not apply to loans for the purchase of an interest in land. For any consumer loan secured by a second mortgage or a consumer loan secured by an interest in a manufactured home as defined by 42 U.S.C. 5402(6), a lender may charge interest not to exceed 18% per annum, subject, however to the limitations on prepaid finance charges set forth under Kansas law. If the parties to a consumer loan secured by a first mortgage or a consumer loan secured by an interest in a manufactured home as defined by 42 U.S.C. 5402(6) agree in writing to make the transaction subject to the Kansas Uniform Consumer Credit Code, then the interest rate may not exceed 18% per annum, subject, however to the limitations on prepaid finance charges set forth in under Kansas law. If a lender violates the usury laws of the State of Kansas and the borrower has paid the loan, he has the right to a refund of up to twice the amount of interest paid in excess of that allowed by law; the refund may be made by reducing the principal balance of the loan. If a creditor is found to have knowingly violated Kansas’ usury laws, the borrower is entitled to recover attorney’s fees and court costs. A borrower must bring a lawsuit for violations of the usury laws arising from an open-end loan within two years of the date the violations occurred. Suits arising from all other consumer loan transactions must be brought within one year of the due date of the last scheduled payment. A lender which violates Kansas’ usury laws is subject to both civil and criminal penalties.
So What Are You Waiting For?
Right now, for a limited time, I’m offering this amazing guide for the special low introductory price of just $29.97 – that’s a savings of $20 off the regular price of $49.97! But you must act now! Remember, the usury law information and tips contained in this guide could easily save you a hundred times the small price you will be paying! And since this ebook is available as an instant download, you can be benefiting from the information it contains in just seconds from now!
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I am so sure that you will love “Usury Regulations” that I am offering an unconditional 100% money-back guarantee. If you are not completely satisfied with your purchase, simply notify me within 7 days and I will refund your money, in full, with absolutely no questions asked! That’s ONE FULL MONTH to put this ebook to the test! I don’t think I can be any fairer than that. Either get the information you need to do private lending deals safely, legally and worry-free or get your purchase price back! Plus, don’t forget, if you order my “Usury Regulations” ebook, you can take advantage of my immediate download feature to begin reading and benefiting from the book’s comprehensive information in just minutes!
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Sincerely, Alan Cowgill P.S. Get the usury law information you need to do profitable real estate deals financed through private lending. Order this trustworthy, reliable resource now! Click here. Disclaimer: This ebook is not meant to be an exhaustive examination of the various usury laws of each state, but rather an overview to help you get a feel for how usury laws operate and how they come into play in a transaction where private lending is involved. Moreover, this ebook is not legal advice and should not be construed as such. Furthermore, the laws of each state are subject to change after the publication of this book. Therefore, before becoming involved in a private lending transaction, you should seek the advice of an experienced attorney so that you understand your rights and obligations and to ensure than you don’t run afoul of the law. |
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