Hardmoney Lending Questions that I couldn't find on older posts

[Daniel Saunders]

Hi All,

I am trying to get into hard money lending. I unfortunately don't have the money to do it on my own but thankfully I have a partner that is ready to jump in. My main question is I know in order to be really successful at this you need to sell the loan back to the bank. If we can't, we will only be able to make a few loans a year. I don't really know how to go about doing this. We would like it to look like it is all being managed through us. I.E. when they get the payments automatically drafted from their account it will still say our name even though "so and so bank" is actually pulling the funds. 

The hardmoney guy I use now for my flips does this but I am not really comfortable asking him all the details of his business since I would be a minor competitor of his.

I have everything else pretty much in order. I have the lawyer lining things up and I know how to evaluate deals and assess risk.

Thanks all!