Can I consolidate two loans without a broker? Usury?

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Posted by Robert Elbinger on August 10, 2002 at 21:21:51:

I hold a 3rd TD on a non-owner-occupied condo in California. The borrower wants me to pay off the 2nd TD to combine the two loans. This transaction would benefit the borrower because I would extend the due date on the consolidated loan by 2 years and also because I would lower his overall interest rate by 1.5%. It would benefit me because it would put my money to work. Can this be done without the involvement of a broker? I'm concerned about California's usury laws because the interest rates involved are greater than 10%. I would appreciate if you could direct me to someone who can answer this question. Thank you,

Robert Elbinger
relbin@yahoo.com

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