Becoming a Hard Money Lender

[Michael Crider]

My business partner and I have recently started hard money lending (for SFH flips) in our local Birmingham, AL market. We've currently successfully completed one loan and had a local closing attorney we work with draw up all of the loan documents. While we feel good about the basics: creating terms for the loan, evaluating comps, agreeing on a draw schedule and itemized scope of work, etc. I'm wondering if anyone in the community knows:

1. Any books or resources that dive into the details for best lending practices.

2. Any experienced lenders in other areas that would like to share information, experiences, etc. on best practices, lessons learned, etc.

We're moving slowly for now but would ultimately like to have a larger portion of our personal portfolios in hard money loans. 

Any insight would be helpful!

Thanks, Michael 

[Derek Dombeck]

Go To assets101.com. my friend, Dyches Boddiford has a Hard Money Lending training coming up. Its usually in person, but this year he is offering it virtually. It gives you all the technical information you need, but it does not go into the marketing for borrowers or raising capital aspects of the business. Feel free to reach out to me directly if you'd like. I can talk you through some of that.