Updated about 1 month ago on . Most recent reply
Finding private lenders
I am a private money broker in Utah. I have done about 85 loans in 4 years. I have loaned out a total of $23M and have $9M out currently. But I keep running out of money. If you are currently lending, please reply and let me know your top 3 ways you have found deep-pocketed individuals willing to listen to your own story and let you lend out their funds. I am paying 12% to the lender. The average loan is $300k and 6 months long. I am a licensed real estate broker and licensed lender and the safety of funds and returns are great. So this is not a hard sell, but I just need to find the right people willing to lend.
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I thought I hit a gold mine with one of my 8 lenders. He is a former CEO with lots of rich friends. I said," Please introduce me to your friends!" Next thing I know, he has formed his own fund with his 10 friends, and they went off to invest in 14%+ high-return deals. Yes, they still have about $3M out with me for diversification, but I got a little broad-sided by that one, LOL. (I guess this little dance he performed is why he was CEO material! See a good deal and capitalize on it...)