The Second Appellate District reversed a judgment. The court held that under the terms of an agreement between high-end resort developers and an agent tasked with finding project financing, there was a triable issue of fact whether the agent provided unlicensed real estate brokerage services in the course of soliciting financing for which it was statutorily barred from any compensation.
Pacific Malibu Development Corp. and Hermitage Estates Limited (collectively, Pacific) contracted with Venturi & Company LLC with respect to development of a high-end resort on a Bahamian island. Venturi agreed to find financing through placement of various securities instruments.
