Private Placement Memorandums
I was seeking to raise funds for a development deal; an associate suggested a private placement memorandum...can't afford an attorney, new to development business, how would i go about raising money, or finding a way to write it myself?
Ok, I'll bite.
Am I the only one here that is absolutely clueless on what you are trying to ask?? I've been around a lot of legal stuff regarding real estate but I have no idea what you are asking here....????
One comment I will make here though is that if you cannot afford an attorney right now then I can just about guarentee that you are not prepared to enter into development work. My budget for legal fees on the mixed use community I am currently developing is about $100,000 but that includes creating 4 community and condo associations and a whole bunch of other stuff!
A PPM is the mecanism for raising funds from a small group (no more than 35 unqualified investors) of private investors (no solicitation of the general public allowed). I did write one probably 15 years ago just so I would know all the parts but unless you've got more knowledge of securities law than it sounds like you do its a very good way to end up in the federal pen.
What kind of development deal are you working on? What is your background?