My question involves business law in the state of: California
I've been reading these forums for a while and, over the course of a long time here, I know there are serious professionals on this forum. This question goes out to the few who know the answer to such a complex circumstance as I know that some of you are high level professionals and might be able to answer this question.
My firm is currently in the business of residential mortgage lending (brokering). Many of our clients are business owners who own commercial real estate, and some need loans to grow their businesses. Recently, we have had success in lending our own funds for our clients' business purposes. These loans are backed by their commercial real estate. We would like to reproduce this on a bigger level and one way to do this is to find investors. Being a mortgage broker for a long time I have the front end figured out (ie knowing what licensure is needed to operate a lending business). My question is: what is the smartest way to pool money together into a fund that will be used to write mortgages--the way that requires the least legal work--and what government agencies regulate such activity? And what kind of contracts/disclosures do we need to provide such investors?
Fund size will be $5-10MM, investors will be only from California, and lending will be done only on commercial real estate.
Much thanks!
I've been reading these forums for a while and, over the course of a long time here, I know there are serious professionals on this forum. This question goes out to the few who know the answer to such a complex circumstance as I know that some of you are high level professionals and might be able to answer this question.
My firm is currently in the business of residential mortgage lending (brokering). Many of our clients are business owners who own commercial real estate, and some need loans to grow their businesses. Recently, we have had success in lending our own funds for our clients' business purposes. These loans are backed by their commercial real estate. We would like to reproduce this on a bigger level and one way to do this is to find investors. Being a mortgage broker for a long time I have the front end figured out (ie knowing what licensure is needed to operate a lending business). My question is: what is the smartest way to pool money together into a fund that will be used to write mortgages--the way that requires the least legal work--and what government agencies regulate such activity? And what kind of contracts/disclosures do we need to provide such investors?
Fund size will be $5-10MM, investors will be only from California, and lending will be done only on commercial real estate.
Much thanks!
Business Regulation: Pooling Investor Money for Mortgage Lending
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