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Lender Requirements:
The Lender is an investor with a pre-existing business or personal relationship, or can be demonstrated to be a sophisticated or accredited investor, AND a loan amount of $150,000 or more.
Accredited Investors meet one of the following conditions:
1. The Lender's net worth over $1 million, excluding primary residence (individually or with spouse or partner)
2. The Lender's income is over $200,000 (individually) or $300,000 (with spouse or partner) in each of the prior two years, and reasonably expects the same for the current year
3. The Lender is an investment professionals in good standing holding the general securities representative license (Series 7), the investment adviser representative license (Series 65), or the private securities offerings representative license (Series 82)
4. The Lender is a “family client” of a “family office” that qualifies as an accredited investor
5. The Lender is an entity with assets in excess of $5 million: corporations, partnerships, LLCs, trusts, 501(c)(3) organizations, employee benefit plans, “family office” and any “family client” of that office
6. The Lender is an investment advisers (SEC- or state-registered or exempt reporting advisers) and SEC-registered broker-dealers
7. The Lender is a bank, savings and loan association, insurance company, registered investment company, business development company, or small business investment company or rural business investment company
8. The Lender is an entity of a type not otherwise qualifying as accredited that own investments in excess of $5 million
NOTICE OF TRANSACTION PURSUANT TO CORPORATIONS CODE SECTION 25102(f)
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