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It’s a very grey area. All the high end real estate professional are doing this now. They are also placing debt.
Good point thanks
I had a client who asked us to paper something similar after we’d already launched their fund. We said, no the broker needs to be a B/D. Client said same thing as A,S 1…very common. Client went ahead and did it anyway without counsel. We told them that we wouldn’t be able to provide an opinion letter in the future. Client didn’t care.