Investor · Kapolei, HI · Member since 2016 · 16 posts · 5 votes
Hi all,
I browsed through a few pages of threads looking for an answer but did not see anything applicable.
For the private lenders out there, what is the best/easiest program/application/platform to use to begin private money lending to others?
I am interested in this for myself and for others. I have coworkers that may be interested in lending money. I'd like to figure out and understand the easiest way they could do that (and learn for myself for the future when I am in the position to lend to others). It would be great for me to choose one, understand it fully, then be able to pitch it to them to potentially fund my deals. Kind of like recruiting your own crowd funding team that don't really have a piece of your deal.
Not looking for anything fancy or expensive. Just a simple online way to keep track of the loan, that tracks & receives payments, and increases the loan amount each month based on the agreed interest rate etc.
I'm going to keep searching online but I'm sure there's a wealth of knowledge here and I'm willing to bet some of you have used multiple platforms.
I'm not aware of any platform that allows you to do this on you own (as @Karen Margrave pointed out above, lending is highly regulated so most crowdfunding platforms that deal in debt are themselves lender of recorded (and they get licenses up the wazoo for that)).
Lending is a highly regulated, complicated endeavor, and it's important to know all the requirements for licensing, etc. Try contacting APPL Association of Private Party Lenders to see if they can help you. Good luck.
@Bryce Peterson I just use a simple spreadsheet. Unless you have over 20 or so loans out there a spreadsheet works fine. For a larger number of loans I would look for some accounting software (and some assistance). The difficult part of tracking loans comes when you have to foreclose. Tracking that process can be tedious.
I'm not aware of any platform that allows you to do this on you own (as @Karen Margrave pointed out above, lending is highly regulated so most crowdfunding platforms that deal in debt are themselves lender of recorded (and they get licenses up the wazoo for that)).
who have thoroughly vetted every platform and/or who have put together groups of investors to do what you're looking for, @Bryce Peterson
And, as @Account Closed pointed out, many still use good 'ol Excel. There is a whole thread started by an investor who publicly shares his crowdfunding deals using a Gsheet, here: https://www.biggerpockets.com/forums/520/topics/294382-i-put-2-million-into-20-crowd-fund-deals-posting-performance?page=6#p2753176