Quote:

Originally Posted by L-Pink Yea, unless someone is waiting for a closing date or judgement that will give them a large chunk of cash by a certain date you aren't getting paid back.

We used to make swing loans -- that is an conscionable rate of interest 50% most investors would be tickled pink with 15% in a year these days. We had all the interest reduced by court order (to the court judgement rate -- lo ball rates) on a risky 3rd Trust Deed (mortgage) loan we made once -- learned the hard way. In the end the borrower defaulted, sued us over the rate of interest to stop the foreclosure sale, then the property was condemned, discovered next to a toxic-waste dump in a LA suburb in the San Gabriel Valley. $60K face value -- we lost, got scammed, the owner booked with our money. Our security interest was in the property (worthless now).

We had a CFL (Consumer Finance Lender) license in California and the loan was made under a Real Estate broker's license c. 1981 (no statutory interest limit). We got fucked over good on that one.