getting into transactional lending

[Brian Schilling]

Hello all!!

First of all, new member here.....so bear with me if my question has been answered elsewhere. I have yet to fully digest the wealth of information here! :)

I am interested in providing transactional funding to flippers and investors, following these terms (this is NOT a solicitation by any means - just putting this out there to help get the right answer):

- 72 hours max

- 1.75% - 3% points against purchase price

- $299 processing fee

- 18% interest charged if not paid back on time

- Copies of A-B and B-C contracts

- Approval letter from C's bank

In California, would I need NMLS or Finance license to set up this kind of business? I already have my LLC set up under Zero BS Group, LLC. I have not done anything more than personal loans and seller carries in the past. What would you all recommend? I have city and county business licenses already.

Thanks in advance! :)