Expanding Scope to Hard Money Lending

[Brandon Ingegneri]

I have been investing locally in Rhode Island for over a decade now.  On occasion, in addition to my own real estate investments, I have provided some private financing to investors that I had an established relationship with.  This was never something that I pushed.  If someone that I knew and trusted approached me from time to time for a bridge loan, I would sometimes accommodate.  I am now looking to expand the lending aspect that until now has been on the periphery of my business.  I am curious what some of the terms are that people are currently experiencing in the market.  I have heard people recently discussing 12 and 2, even 10%.  I typically always loaned at 14% and 3 pts.  

Additionally, there are several attorneys that refer me to clients in need of financing.  Is there another avenue that I should be looking at to explore lending leads?  I have focused primarily on real estate deals for so long, that lending warrants a thorough evaluation of the new model.  Very curious to hear some thoughts from local lenders and borrowers alike who are actively involved with hard money in RI. 

Lastly, posting in this particular forum required that I select a sub forum that designated an area.  I would not be limited to the Providence area.  Ideally, I would be lending in Providence, Kent, and South County investors as a first position lien holder.