Private Lending Industry Achieves Victory in Opposition to Florida Senate Bill
AUSTIN, Texas--(BUSINESS WIRE)--May 7, 2019--Private lending companies, industry groups and advocates successfully challenged a Florida Senate Bill that would have limited the ability of private lenders to provide capital to residential real estate developers in the state.
SB 1730, legislation aimed at community development and housing affordability, contained language that would have inadvertently made it more difficult for real estate developers to obtain funding for residential housing development. The bill was designed to sunset an exemption allowing private lenders to easily provide project funding to residential home builders and community developers. Had the legislation passed, private lenders would have been required to obtain a mortgage lender license to transact any loan secured by a dwelling.
Following a lobbying campaign by members of the American Association of Private Lenders (AAPL) Government Relations Committee, one of the industry organizations working to advocate for private lenders in the residential real estate industry, the companion House bill, HB 7103, which did not contain the controversial language on mortgage licensing for private lenders, was substituted for the original Senate version and passed last week.
“We support initiatives that would help ensure affordable housing across the country,” said Chris Ragland, Chair of AAPL’s Government Relations Committee and Chief Operating Officer of Noble Capital, a private lending firm. “Unfortunately, SB 1730 could also have affected housing in Florida by slowing the flow of capital and creating additional obstacles for developers trying to obtain project financing.”
“Any time one part of the capital equation has to absorb greater costs,” said Romney Navarro, Chief Lending Officer of private lending company, Streamline Funding, “that cost is likely to impact everyone involved, including the home buyer.”
About Noble Capital
Noble Capital is a Texas-based alternative investment firm specializing in private lending, retirement strategy and real estate. It has developed unique approaches to wealth building and management, tailored to the modern financial landscape. Its Funds are known for generating substantial returns with a track record of consistently protecting client principal. Noble Capital has built an extensive network of private lenders and real estate professionals in Texas and is rapidly growing its portfolio backed by the most stable real estate market in the country. For more information, visit: www.noblecapital.com.
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CONTACT: Sean Harris
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA TEXAS
INDUSTRY KEYWORD: PUBLIC POLICY/GOVERNMENT OTHER POLICY ISSUES STATE/LOCAL PROFESSIONAL SERVICES FINANCE CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Noble Capital
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PUB: 05/07/2019 08:01 AM/DISC: 05/07/2019 08:01 AM