How do you start a small lending firm?
I have a lot of capital, and I am a financial analyst, but I'm interested in starting a small lending firm in Louisiana.
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There are a lot of consulting companies out there that handle the set of and formation of these types of entities. I used to work for a company they helped set up. They gave SBA loans which were guaranteed by the government to small businesses in the range of 5k to 25k without collateral.
First and foremost you need to incorporate and attain the proper banking licenses. Each state is different, and you may not even need one. The consulting company provided term sheets and contracts etc, as well as the system through which you collect the monthly payments on the loan. Interest rates you get are about 8%. You can also in some cases make money re-selling the loan to a portfolio lender.
You can also do payday loans, I could also explain these. I have a lead on a established small business needing a loan that would accept interest as high as 13.75%, if you are interested my email is below.
Contact me if you want to know more about anything – b.clsix@yahoo.com