Every so often somebody calls with a lead, either borrower or lender and wants to generate a couple bucks for it.
Let’s look at the positive side first. If the property to be secured by the loan is either a 5+ residential building or a commercial property there may be a chance. The department of real estate mandates you have a license to arrange, SOLICIT or negotiate a loan. You’re sitting around the pool drinking beer with your brother in law when he asks if you know anybody he can talk to about a loan. You immediately say, yeah! I know just the guy, lemme have him call you. You then turn us loose on the unsuspecting soul & we do that old black magic we do so well. If you tell me going in you want a referrel fee of X & your brother in law agrees to pay it, you are welcome to it. The issue is significantly skewed if you bring us another borrower 3 weeks later. Now it’s starting to look like you are soliciting for loans & for that you need a license.
OK, now let’s consider the 1-4 residential market. Good luck. Not only do you need a license from the California DRE, you need a federal “NMLS” license to go along with it. Trust me, you do NOT wanna go anywhere near these guys.
As my saintly father used to tell me; you’ll get your reward in heaven.