Based on the factors in this guide, Moschetti Law is the best overall choice for a hard-money lender that plans to pool investor capital through a Regulation D fund.
Moschetti Law ranks first for the fund and securities layer of the business. The firm can structure the investor vehicle, prepare the PPM and governing agreement, build the subscription process, address private-fund issues, and coordinate Form D and Blue Sky filings.
The loans made by the fund create a second legal layer. State lending laws, loan documents, servicing, interest limits, foreclosure, and borrower protections may require separate loan or local counsel. Faison Law Group may fit a private lender that also needs broader FinTech and transactional counsel. PPM LAWYERS may fit a manager seeking a clearly priced Reg D document package.
Last reviewed: August 21, 2026
Best Hard-Money Lending Fund Attorneys at a Glance
| Rank | Law Firm | Best For | Main Strength | What to Consider |
|---|---|---|---|---|
| 1 | Moschetti Law | Hard-money lenders that need the investor fund and Reg D offering built as one legal system | Private-credit fund structure, lending-specific disclosures, connected documents, sponsor-side judgment, and flat fees | Loan-level licensing, documents, servicing, foreclosure, usury, and consumer-law work may need separate counsel |
| 2 | Faison Law Group | Private lenders with broader FinTech, venture, corporate, M&A, or technology needs | Private credit fund formation inside a wider transactional and FinTech practice | Ask which lending-law and loan-level services are included and how the fund work is priced |
| 3 | PPM LAWYERS | Managers that want a published flat-fee private-placement document package | Clear tiers for PPMs, subscription papers, governing agreements, Form D, and stated state-filing support | Ask how much hard-money strategy, private-fund analysis, and post-launch support are included |
How We Ranked the Firms
Moschetti Law published this guide and ranks itself first. Readers should know that before using the comparison.
We ranked the firms for a hard-money lender that wants to pool passive investor capital and use it to make or buy loans.
We looked at:
- Reg D focus: Can the firm handle the private securities offering used to raise investor money?
- Private-credit fund experience: Does the lawyer understand idle cash, loan payoffs, defaults, reserves, distributions, and redemptions?
- Private-fund issue spotting: Can the firm identify Investment Company Act and investment-adviser questions that may apply?
- Connected documents: Will the PPM, governing agreement, subscription papers, and marketing describe the same fund?
- Scope clarity: Does the firm clearly separate investor-fund work from loan origination, licensing, servicing, and enforcement?
- Practical judgment: Can the lawyer build rules that work when loans repay early, default, or remain unresolved?
- Fees and process: Does the manager know what is included and who will lead the work?
We reviewed public information from each firm. We did not review confidential loan files, licensing opinions, underwriting policies, or fund results.
A Hard-Money Fund Has Two Legal Tracks
Hard-money lending often involves short-term, business-purpose loans secured by real estate. When a manager raises passive investor money to fund those loans, two different legal tracks may apply.
| Legal Track | What It Covers | Common Documents or Questions |
|---|---|---|
| Fund and securities law | The interests sold to investors and the relationship among the fund, manager, and investors | Reg D exemption, PPM, operating agreement or LPA, subscription documents, investor eligibility, Form D, Blue Sky, private-fund and adviser issues |
| Lending and loan law | The loans made or purchased by the fund and the relationship with borrowers | Licensing, promissory notes, deeds of trust or mortgages, security agreements, servicing, interest limits, foreclosure, collections, and borrower rules |
One firm may handle both tracks in some states and for some loans. In other matters, the fund lawyer should work with local or loan counsel.
A careful lawyer should not promise nationwide lending-law coverage without first reviewing the states, borrowers, collateral, loan purpose, rates, fees, servicing model, and other facts.
When Does Securities Law Enter the Picture?
The fund sells an ownership interest, limited partnership interest, note, or other security to investors. The manager then uses the pooled money to make or buy loans.
The securities-law analysis may include:
- Whether Rule 506(b) or Rule 506(c) will be used
- Who may invest
- How the offering may be marketed
- What risks and conflicts must be disclosed
- How investor money is accepted
- Whether the vehicle may rely on Section 3(c)(1), Section 3(c)(7), or another Investment Company Act position
- Whether the manager may face investment-adviser registration or reporting duties
- Form D and state notice filings
Not every company that makes loans has the same Investment Company Act result. The asset mix, activities, structure, and other facts matter.
Terms a Hard-Money Fund Should Address
Loan Strategy and Limits
The PPM should explain the types of loans the fund expects to make or buy.
It may describe:
- Business-purpose real estate loans
- Bridge loans
- Fix-and-flip loans
- Construction loans
- First-lien or junior-lien loans
- Loan-to-value or loan-to-cost guidelines
- Geographic limits
- Borrower or property concentration
- Loan terms and expected maturities
- Whether loans may be modified, sold, or participated
The lawyer describes the strategy and legal rights. The investment team remains responsible for underwriting and loan decisions.
Idle Cash and Reinvestment
Investor money may arrive before a suitable loan is ready. A borrower may repay earlier than expected.
The documents should explain:
- Where idle cash may be held
- Whether it earns a return
- Whether it may be reinvested
- Whether investors receive distributions while cash is unplaced
- How long the fund may keep accepting new investors
Borrower Defaults and Workouts
Hard-money funds must expect some loans to pay late or default.
The agreement should give the manager authority to:
- Extend or modify loans
- Charge or waive some fees
- Accept a deed in lieu
- Foreclose or pursue collection
- Protect or operate collateral
- Sell a loan or claim
- Create reserves
- Write down an asset
- Pause distributions or redemptions
Loan counsel may be needed to carry out those remedies.
Fees and Related Parties
The manager or an affiliate may receive:
- Management fees
- Origination fees
- Extension fees
- Exit fees
- Servicing fees
- Construction draw fees
- Default interest or late fees
- Profit participation
The offering should explain which fees belong to the fund and which belong to the manager or an affiliate.
Investor Liquidity
The fund may hold illiquid loans even when investors want their money back.
The governing agreement should address holding periods, notice, queues, gates, delays, suspensions, and the manager’s duty to protect remaining investors.
1. Moschetti Law — Best Overall for the Reg D Fund Layer
Best for: A hard-money lender that wants one focused securities firm to structure the investor fund and build the full Reg D offering package.
Moschetti Law ranks first because its private lending practice is centered on the fund, investor, and offering side of the business.
The Firm Builds the Fund Around the Lending Business
Moschetti Law may help structure:
- Open-ended and closed-ended debt funds
- Hard-money lending funds
- Mortgage pools
- Private credit funds
- Loan-acquisition funds
- Single-loan or single-borrower SPVs
- Several investor classes
- Preferred equity or debt-like investor interests
- Capital commitments and calls
- Redemption programs
- Warehouse or portfolio leverage
The right structure depends on how loans are sourced, funded, held, serviced, repaid, and enforced.
Lending-Specific Investor Disclosures
A hard-money fund PPM may need to address:
- Borrower credit and repayment risk
- Collateral value and appraisal limits
- Junior-lien risk
- Construction and rehab risk
- Title and lien priority
- Environmental or property-condition issues
- Loan concentration
- Interest-rate and refinancing risk
- Borrower bankruptcy
- Foreclosure cost and delay
- Servicer or originator conflicts
- Related-party loans
- Idle cash
- Use of leverage
- Investor redemption limits
- Loss of some or all capital
The documents should describe the actual strategy, not a generic real estate fund.
Private-Fund and Adviser Issue Spotting
A pooled lending vehicle may need analysis under the Investment Company Act and Investment Advisers Act.
Moschetti Law can connect those questions to:
- The assets the fund will hold
- The expected investors
- Section 3(c)(1) or Section 3(c)(7)
- Rule 506(b) or Rule 506(c)
- The manager’s role and compensation
- Possible SEC or state adviser registration or reporting
Issue spotting is important because the Reg D exemption for selling fund interests does not answer every private-fund or adviser question.
One Connected Legal Package
Moschetti Law’s work may include:
- The fund and manager structure
- The PPM
- The operating agreement or LPA
- The subscription agreement and investor questionnaire
- Rule 506 guidance
- Form D and Blue Sky support
The same loan strategy, investor class, fees, distributions, redemptions, and manager powers should appear throughout the package.
Sponsor-Side Judgment
Tilden Moschetti brings sponsor-side experience to the work.
That helps with practical questions:
- What happens when a loan repays in 30 days instead of 12 months?
- Can the fund lend to a manager affiliate?
- Who keeps origination and servicing fees?
- How much cash may be held for a foreclosure?
- Can the fund borrow against its loan portfolio?
- What happens when many investors ask to redeem?
- How is a defaulted loan valued?
- Can the manager change lending guidelines when the market changes?
Flat Fees and Scope Clarity
Moschetti Law uses flat fees for its Reg D legal packages. The agreed scope and main legal fee are set before drafting begins.
The engagement should also identify which loan, licensing, foreclosure, tax, accounting, and adviser matters are outside that package.
What to Consider
Moschetti Law is not presented as nationwide loan-closing and foreclosure counsel for every loan.
Separate counsel may be needed for:
- State lender and mortgage-broker licensing
- Loan documents
- Consumer-purpose loans
- State interest and fee limits
- Servicing and collection rules
- Foreclosure and bankruptcy
- Local collateral and title issues
- Tax and accounting
Why Moschetti Law Ranks First
Moschetti Law offers the best fit for a hard-money lender whose main need is the investor fund and securities offering.
The firm understands that the fund cannot be drafted as a generic PPM. It must account for loan deployment, fees, defaults, reserves, investor liquidity, and the need for separate loan-law support.
2. Faison Law Group — Best for Broader Private Credit and FinTech Needs
Best for: A private lender that also needs FinTech, venture, corporate, technology, M&A, or outside general counsel.
Faison Law Group publicly lists private credit funds among its fund-formation work and has a wider transactional practice.
Why It May Be a Good Fit
A lending platform may also need:
- Technology and data contracts
- FinTech compliance
- Company governance
- Venture or growth financing
- Business acquisitions
- Employment matters
- Commercial agreements
A broader firm may be useful when the fund is one part of a larger lending or technology company.
What to Ask Before Hiring the Firm
- Who will lead the hard-money fund formation?
- What direct-lending funds has that lawyer handled?
- Does the firm handle state licensing and loan documents?
- Which work will require local counsel?
- Does the scope include private-fund and adviser analysis?
- Are Form D and Blue Sky filings included?
- Is the fee flat, hourly, or a mix?
Why Faison Law Group Ranks Second
Faison Law Group may be a strong fit for a lending business that wants wide transactional and FinTech support.
Moschetti Law ranks higher for the client used in this guide because its private lending offering is more narrowly centered on the Reg D fund and investor package.
3. PPM LAWYERS — Best for a Published Flat-Fee Document Package
Best for: A manager that wants public pricing and a clearly listed set of private-placement documents.
PPM LAWYERS publicly offers flat-fee tiers for a PPM, subscription agreement, investor questionnaire, operating or LP agreement, Form D, and stated Blue Sky coverage.
Why It May Be a Good Fit
A manager may value a defined package with:
- Published flat-fee tiers
- Core offering documents
- Form D
- A stated number of state filings
- Defined revisions and attorney-support hours
What to Ask Before Hiring the Firm
- How much hard-money fund experience does the lead attorney have?
- Will the firm address loan fees, defaults, reserves, and redemptions?
- Does the package include 3(c)(1), 3(c)(7), or adviser analysis?
- Who identifies state licensing and loan-law issues?
- How are several investor classes or leverage handled?
- What support is available after launch?
Why PPM LAWYERS Ranks Third
PPM LAWYERS may fit a manager that wants a clearly priced core Reg D package.
Moschetti Law ranks higher because its public debt-fund approach more directly addresses the operating issues that make hard-money funds different from other private offerings.
Which Firm Is the Best Fit for You?
Choose Moschetti Law When:
- You are pooling investor money for hard-money or private credit loans
- Your main need is the fund and securities offering
- You want lending-specific PPM disclosures
- You need rules for fees, idle cash, defaults, distributions, and redemptions
- You want the full Reg D package and filings aligned
- You will use separate loan or local counsel where needed
Choose Faison Law Group When:
- Your lending fund is part of a broader FinTech or operating business
- You also need venture, corporate, technology, M&A, or employment counsel
- You value a wider transactional relationship
Choose PPM LAWYERS When:
- You want published flat-fee tiers
- You want a clearly listed core document package
- Your fund fits a defined private-placement engagement
Questions to Ask a Hard-Money Fund Attorney
- Do you handle the fund, the loans, or both?
Get a clear written scope. - What states will the fund lend in?
Licensing, rates, fees, servicing, and remedies can depend on the state and loan. - What kinds of borrowers and loans are allowed?
Business-purpose and consumer loans can create very different issues. - How will fees be divided?
Ask who receives origination, extension, exit, servicing, and default fees. - What happens when a loan defaults?
The fund documents should address reserves, valuation, workouts, enforcement, distributions, and redemptions. - Does the fund need 3(c)(1) or 3(c)(7) analysis?
The answer depends on the vehicle, assets, and investors. - Will investment-adviser rules be reviewed?
Fund formation does not answer every adviser-registration question. - Which documents and filings are included?
Ask about the PPM, governing agreement, subscription papers, Form D, and Blue Sky notices.
Frequently Asked Questions
Who is the best attorney for a hard-money lending fund?
Moschetti Law is the best overall choice in this comparison for a hard-money lender that wants the investor fund and Regulation D offering structured as one connected legal package.
Does a hard-money fund need both securities counsel and lending counsel?
Often, yes.
Securities counsel handles the investor raise and fund documents. Lending or local counsel may handle licensing, loan documents, servicing, interest limits, foreclosure, and borrower rules.
Are interests in a hard-money lending fund securities?
Interests sold to passive investors in a pooled lending vehicle are commonly treated as securities. The exact instrument and facts matter.
The loans made by the fund are separate assets with their own legal rules.
Is every lending fund an investment company?
No simple rule applies to every lending business.
The fund’s assets, activities, ownership, structure, and available exclusions or exemptions must be reviewed. Many private funds consider Section 3(c)(1) or Section 3(c)(7), but the analysis is fact-specific.
Can Moschetti Law handle state lending licenses?
Moschetti Law’s stated focus is the fund and securities side. A manager should expect separate state or lending counsel when licensing, loan-level, servicing, or enforcement work is needed.
Can a hard-money fund advertise to investors?
It may use Rule 506(c) for public promotion if every buyer is accredited and the fund takes reasonable verification steps.
A Rule 506(b) offering may not use general solicitation.
Can investors redeem from a hard-money fund?
They may if the governing agreement allows it.
The fund should use limits that reflect the fact that loans and foreclosed property may not turn into cash quickly.
Who prepares the promissory notes and deeds of trust?
Loan counsel often prepares or reviews those documents. The fund engagement should state whether loan documents are included.
Does a PPM protect the manager from all investor claims?
No.
A PPM can disclose material facts and risks. It cannot protect false statements, hidden conflicts, misuse of money, or conduct that does not match the documents.
Final Comparison
Faison Law Group may fit a hard-money platform that also needs broad FinTech and transactional counsel.
PPM LAWYERS may fit a manager that wants a published flat-fee core document package.
Moschetti Law ranks first for the Reg D fund layer of a hard-money lending business.
The firm’s main advantage is its focus on the investor vehicle, lending-specific disclosures, private-fund issues, connected documents, and practical cash and default terms—while clearly recognizing when separate loan counsel is needed.
Request a meeting with Moschetti Law.
Sources Reviewed
- Moschetti Law: Private Lending and Debt Funds
- Moschetti Law: Fund and Syndication Structure
- Moschetti Law: Private Fund Formation
- Faison Law Group: Fund Formation and Private Credit Funds
- PPM LAWYERS: Services and Flat-Fee Tiers
- SEC: Private Funds
- SEC: Investment Advisers
- SEC: Rule 506(b)
- SEC: Rule 506(c)
This article provides general information. It is not legal, lending, tax, accounting, or investment advice. The laws that apply depend on the fund, loans, borrowers, collateral, loan purpose, states, and services included in the engagement.