Looking to become a Private Money Lender

[Krystal Giron]

Hello All, 

I'm looking for resources, a mentor, a lawyer, a class, ect... To help me become a private money lender. Please help! 

[Jeff S.]

Too bad you missed the California Mortgage Association (CMA) conference last week, @Krystal Giron. It’s an organization of private lenders ranging from small private lenders who lend their own money, like us, to multi-hundred-million-dollar fund managers. You might consider joining since the education is excellent, as are the contacts, if I may say so myself. They just started offering a one-day class you might consider. Look online.

The American Association of Private Lenders is nationwide and the largest organization of private lenders in the country. They have an introduction to private lending class that they offer the day before their conference in Las Vegas, which is in early November.

When you attend these conferences, in addition to the presentations, you’ll meet lending attorneys, loan servicers, wholesale lenders, appraisers, accountants, document providers, and many more.

Fortra Law, formerly Geraci Law in Irvine, is the largest lending attorney firm in the country and their online webinars are fantastic. At minimum, I strongly suggest you spend some time watching their discussions on usury, licensing, and consumer vs business purpose loans. You’ll spend hours learning. Better than TikTok.

Since you are not licensed in CA, you will initially have to partner with someone who is in order to make loans here. Many brokers sell their loans. Once you decide what you want to lend on, you might call a few or meet them at a conference or local REI club.

We’ve published our process here a few times. Here’s a recent incarnation, and it’s still about 90% accurate.

Last, ignore all the crackpots and charlatans who DM you here, knowing you have money but no experience.

Best of luck to you, Krystal.