Are You Familiar with the New FinCEN Laws?

Last week, the federal government rolled out its tracking of secretive cash deals involving high-end Miami real estate. Understandably, many in the Miami real estate market are wondering how they may be affected by this new development.

An agency called FinCEN launched its new regulations aimed at requiring title insurance companies to reveal the names of buyers behind antonymous companies paying cash for properties costing at least $1 million or more for the next six months. The goal behind these new rules is so the federal government can do a more effective job at combating money laundering in high-end real estate. Transactions that FinCEN will be taking a closer look at include residential properties made using a legal entity, with either paper checks or cash for any portion, and entirely without any financing involving a bank.

For those that are concerned, it’s important to note that commercial purchases—even residential buildings with over five units—won’t be scrutinized by FinCEN, along with individual deals that are less than $1 million. In Florida, these regulations are also being implemented solely in Miami-Dade County and not in Palm Beach or Broward County.

This update is brought to you by Michael Internoscia, Principal Broker and CEO of hard money lenders Florida company M&M Private Lending Group, LLC. We have over three decades of experience specializing in private money real estate loans and we pride ourselves on providing our esteemed clients a service that’s personalized while delivering low rates and closing costs. We also offer mortgage note investments and have worked extensively with brokers and affiliates. Call 305-363-7169 or 954-445-4434 to speak with a lending representative about our Florida private loans or visit our website at https://mmprivatelending.com to fill out an application form.

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