Howdy All:
I am having a hell of a time finding small investment loans under $50,000. One of our members has exhausted her contacts and came up short as well and she is good at her job with many national contacts. I want to get others input regarding this problem.
I have a contact as well that may want to form a company with me and originate and service these small loans on a national level eventually but starting in Texas first. I just learned about section 32
http://www.ftc.gov/bcp/conline/pubs/homes/32mortgs.htm and wanted input from experienced loan offers etc about the pitfalls in starting this company. I know there has to be great demand. I am curious about the secondary market for selling these loans once we can get a group of them funded as well as sources for funding them short term until they can be sold.
Maybe I am asking too much here but I need all the input I can get. I have found a need and want to fill it. Any input about startup costs, marketing, loan officers, even target market questions come up as well. How to split the points, what kind of fees to charge, what rates to charge and a scale for better FICO scores and what LTV as well. WOW too much to think about this early. I had to get it down while I was focused on it.
Thanks in advance
Ted Jr
Author
