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Updated almost 7 years ago on . Most recent reply

Josh Lyons's profile image
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Josh Lyons
  • from Charlotte, NC
  • Member since Sep 19, 2016
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Josh Lyons's profile image
Josh Lyons's profile image
Josh Lyons
  • from Charlotte, NC
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Josh Lyons
  • Charlotte, NC
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Hard money to individual or entity?

Josh Lyons
  • Charlotte, NC
Posted
I talked to my first hard money lender yesterday and they said they don’t lend to individuals, only legal entities. Is that common for hard money lenders? Is it a good idea to set up and entity for that or to find a HML that does lend to individuals?
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Mike Burkett's profile image
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Mike Burkett
  • Lender
  • from Colorado Springs, CO
  • Member since Jan 17, 2018
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Mike Burkett
  • Lender
  • from Colorado Springs, CO
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Mike Burkett
  • Lender
  • Colorado Springs, CO
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Mike Burkett
  • Lender
  • Colorado Springs, CO
Replied

I've been lending to investors for some time now and I always require an LLC or other entity. It creates a layer of protection for the lender. Smaller private money guys may not have the same requirement, but anyone making a bunch of loans will probably require it.

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