Legal Question in Civil Litigation in Florida

Repay of loan

I loaned $85,000 hard money to someone with the promise of being repaid $125,000 within one year. However, it's been 16 months now and I want to pursue legal action. Is this possible? If so, what are the limitations of how much I can seek? (ie. triple damages, interest, legal fees, etc.) Thank you very much!

Asked on 6/27/08, 12:44 pm

2 Answers from Attorneys

David Slater David P. Slater, Esq.
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Re: Repay of loan

The answer depends on your agreement. Call me to discuss further.

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Answered on 6/27/08, 12:59 pm
Alan Wagner Wagner, Vaughan & McLaughlin, P.A.
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Re: Repay of loan

Your "loan" chaerges interest at nearly 50% and is likely to be usurious. You cannot loan monet at 50% interest. Under some circumstances, you can be forced to forfiet the interest AND the principle (the original $85,000). It may even be criminal usuary.

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Answered on 6/27/08, 3:26 pm

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