Adam Horowitz Ideates Law Amendment, Positively Impacting Commercial Real Estate Lending in Nevada Starting in 2020
Chapter 645B of NRS Relating to Commercial Mortgage Lending is Amended, Allowing for More Growth and Opportunities in Nevada
LAS VEGAS, NV. Dec. 12, 2019 /PRNewswire/ — In a change positively impacting lending in Nevada, lenders who are unlicensed in the state of Nevada may conduct transactions through a licensed mortgage broker in the state, effective Jan. 1, 2020. Chapter 645B of NRS relates to commercial mortgage lending in the state of Nevada. The bill exempts wholesale lenders who only fund or purchase commercial mortgage loans from obtaining a license. The recent assembly Bill No. 398 amends Chapter 645B by adding the line, “The provisions of this chapter do not apply to a wholesale lender who only funds or purchases commercial mortgage loans.”
Prior to the amendment, the law required persons and entities engaged in mortgage lending in Nevada to be licensed by the Commissioner of Mortgage Lending in Nevada. Lever Capital Partners’ Principal, Adam Horowitz, said, “It was difficult for the state to track the transfer of funds, as the state lacks the staff to properly track the companies lending with or without a proper license. Often the state focused primarily on unlicensed residential loans, therefore groups either lent illegally, filed for an exemption, or forewent lending in the state altogether.”
Adam Horowitz, was aware of the complications this was causing within the industry and wanted to enact change. Horowitz spearheaded the amendment to the bill as he knew this would be beneficial to the state and open doors to out-of-state capital providers wanting to lend in Nevada. The bill will allow projects to be completed more easily, promote competition and increase dollars flowing into the state. The state will also be able to monitor deal traffic more easily as the transactions will be better regulated.
Lever Capital Partners maintains a commercial lending license within the state of Nevada and is on the board of the Nevada Advisory Council on Mortgage Investments and Mortgage Lending. The firm is an experienced commercial real estate finance brokerage company, providing capital on transactions over $5MM across the United States. It offers its clients the resources of a national platform with the personal commitment of a boutique company. The team’s track record demonstrates a commitment to serving financing requirements in nearly all types of real estate income-producing and developmental projects. LCP is a proud member of RECA, the Real Estate Capital Alliance, a consortium of 20 companies covering every major metropolitan market across the United States financing over $5.2 billion in 2018.
For more information about lending in Nevada, please contact Adam Horowitz at (212) 493-5400 or ahorowitz@levercp.com.
SOURCE Lever Capital Partners
