b'How to Legally Raise Private Moneyboth at: 1) the date of impounds, and 2) the date of acceptance, for any investors accepted after impounds are broken. The issuer must cause applicable federal and/or state securities notices to be filed, generally within 15 days of the date investor funds become irretrievably com-mitted.IssuerA legal entity such as a corporation, limited liability company or a limited partnership that sells securities to finance its business objec-tives. Investment SummaryA document developed to give investors pertinent information re-garding a securities offering and the issuers business and objectives.LeverageThe use of debt to finance the acquisition of assets.MortgageA loan evidenced by a written legal agreement used to finance the purchase of real estate, in which the borrower (the mortgagor) gives the lender (the mortgagee) a lien on the property as collateral for the loan.Participation Loan or Shared Appreciation LoanA private loan in which the issuer (the borrower) gives the investor (the lender) a portion of the appreciation in the value of the property when it is sold.PointsFees charge by hard money lenders when a loan is originated. Usu-ally one point is equal to one percent of the loan amount.Ponzi SchemeAn investment scam that involves using funds acquired from new investors to generate income for older investors, instead of operating a legitimate business. Ponzi schemes are similar to pyramid schemes.Private Placement OfferingThe sale of securities to a relatively small numbers of investors who must meet certain criteria. These types of securities offerings are ex-160'