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Old 10-29-2009, 11:44 AM
 
2 posts, read 3,632 times
Reputation: 11

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I'm looking into becoming a Transactional Lender, starting in Arizona. I'd like some discussion, ideas, guidance, please. I'll be setting up an LLC do do this.

What kind of attorney do I need? Corporate? Contract law? Banking? Other?
What questions do I need to ask
my CPA?
my attorney?

After that, for each transaction,
What kind of fees will I have as lender?
A few are wire transfer fees, both from my bank to the title co and back, fees that my bank may have for wiring money at a specific time period, phone calls to title company in the buyer's area, to the buyer, other office fees. What might that include, and amount to?

Do I set a single fee amount, or different for levels?
$X for loans up to $49,999K, $XX for loans 50 to 99,999, $XXX for 100K to 149K, etc?

What kind of information do I need from the borrower?

What kind of documents/paperwork do I need?
promissory note
proof of funds, from me to borrower

uicycle
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Old 07-25-2014, 05:07 AM
 
1 posts, read 685 times
Reputation: 10
The fastest way to learn how to become a transaction lender is actually to apply for the funds your self on transaction lenders sites. You must learn both sides of the deal both as a lender and as a real estate investor. You can also contact attorneys in your area the deal with the real estate closings a lot of times people need money in the last hours of the deal. Since the attorneys have your number they can call you if one of the client's needs help and they will also draw up the paperwork. You can go on to some of the transactional landing sites and see how their setup you'll be able to read their terms and you'll know how to setup your terms and fees. I hope this was helpful I had the same aspirations.
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