You may have heard that hard money lenders California do not need a license. But is there any truth to this? It’s true that private money lenders California don’t need one in the commercial sector. But do hard money lenders California need a license to lend for residential properties? Hard money can fall in the gray. The answer will vary depending on the state where the property is located.
If private money lenders California lend to a business who fixes up a residential property then it is many times completely valid to consider the loan a commercial loan. That means the commercial loan rules could apply. If hard money lenders California lend to an owner occupant for their primary residence they are definitely in the residential space and need to be licensed and also follow all the regulations. Most private money lenders California will not lend on residential property that will be owner occupied. That should give you a clue as to what most hard money lenders California think about the residential loan market and the regulations.
Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027111 Congress Ave |Austin | Texas | 78701
About the author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true.
Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.