Hard Money Lending

Can anyone give me a source, to learn the correct way to
set up a hard money lending business?

All you need is a good attorney, separate entity, and a mortgage broker’s license and your done. You can generate leads for customers by putting ads in the paper, direct mail, and maybe even some signs. You can raise private money by just telling people what you do and ask them to wire the money to your attorney to do all the paperwork. It’s really that simple.

If you are using your own capital you do not need a mortgage brokers license,the opposite is true if you are borrowing capital to lend out…You will need the license if you intend to sell the mortgages after you create them…As for generating leads all you have to do is connect with a handful of hard money brokers and tell them what your parameters are for creating a loan and what % you will pay them for deals and they will handle the advertising…But I do agree to get a great attorney who is well versed in real estate law and mortgage contracts…Also consider making sure that you find an attorney that understands about deed in lieu of foreclosure…This means that you will keep a signed deed at your attorneys office just in case of a default…This shortens the process dramatically incase of a default…The foreclosure courts are backed up in some places years…In case of a default all your attorney will have to do is record the deed in your name and you can sell the property…I currently have 14 mortgages outstanding and use my own capital…But Im very picky as are most lenders nowadays…I wont lend to people who dont have money or equity in the deal…I also dont lend over %60 LTV and I dont ever do a deal if the borrower doesnt agree to deed in lieu…Its a great business and I have been on average making %18.5 on my money with a highly secured asset…