I'm looking into doing tansactional lending, starting in Arizona. I'll be setting up an LLC do this.
What kind of attorney do I need? Corporate? Contract law? Banking? Other?
What questions do I need to ask
After that, for each transaction,
What kind of standard fees will I have as lender?
A few are wire transfer fees, both from my bank to the title co and back, fees that my bank may have for wiring money at a specific time period, phone calls to title company in the buyer's area, to the buyer, other office fees. What might that include, and amount to?
Do I set a single fee amount, or different for levels?
$X for loans up to $49,999K, $XX for loans 50 to 99,999, $XXX for 100K to 149K, etc?
What kind of information do I need from the borrower?
What kind of documents/paperwork do I need?
proof of funds, from me to borrower