California License
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  1. 05-16-2024, 11:54 AM #1
    ThePlan4You
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    California License

    Hello everyone... I am a one man ISO and partnered with multiple lenders, do i need to be licensed in Cali? If so, what is the process? Thanks.
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  2. 05-16-2024, 12:16 PM #2
    abfunders
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    Yes. You need to register with NMLS, and it will require a foreign qualification in CA which costs $800/year. It's an online process, they need a lot of stips to prove you're in business, who you are, etc etc etc. They also require net worth of $25,000 and a surety bond that you have to pay someone to create. I don't remember if there are any other yearly fees or not. I once posted on here if someone wanted to split it with me, feel free to reach out.

    However, because I'm also a one-man-show, so it's not so common to get a CA deal that I need to submit to the A-paper places that require a license. (Credibly and IOU would be the exception though.)
    Micah Markowitz | mmarkowitz@abfunders.com | 314-396-2828 | abfunders.com
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  3. 05-16-2024, 12:47 PM #3
    Olderguy
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    Private money for real estate doesn't need you to have a license, they operate under their license. They just put in the fees and pay you as a commission after closing. You are NOT listed on the HUD, final closing statement - only the lender is. You might find super brokers can do that same thing. Reach out to a couple super brokers and ask them.
    Last edited by Olderguy; 05-16-2024 at 12:50 PM.
    Steve Benjamin
    Professional Business Loans
    522 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
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  4. 05-16-2024, 02:47 PM #4
    FundingCaptain
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    im a direct funder licensed in CA... if you are a broker submitting to us, you do not need to be licensed since its our contract and our money
    TMRNOW | A Total Merchant Resources Company
    Ariel Avalos – Iso Relations Manager
    377 Hoes Lane, Suite 240, Piscataway, NJ 08854
    Phone: 347-814-6152 | Email: Ariel@tmrnow.com | Web: www.tmrnow.com
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  5. 05-16-2024, 03:29 PM #5
    ThePlan4You
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    thanks for info Micah greatly appreciated!
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  6. 05-16-2024, 03:31 PM #6
    ThePlan4You
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    good to know i appreciate it Steve.
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  7. 05-16-2024, 03:32 PM #7
    ThePlan4You
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    I may consider signing up with you Ariel, can you send me iso guidelines to
    Last edited by ThePlan4You; 05-16-2024 at 07:15 PM.
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  8. 05-16-2024, 03:52 PM #8
    Shorebird
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    As far as I know, you do not need to be licensed if the funder is licensed, although some funders want their CALI brokers licensed as well. According to Debanked, Cali may close the loophole in a couple of years. There was a lawyer interviewed on Debanked that confirmed this in a video interview.
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  9. 05-16-2024, 05:08 PM #9
    FundingCaptain
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    sent
    TMRNOW | A Total Merchant Resources Company
    Ariel Avalos – Iso Relations Manager
    377 Hoes Lane, Suite 240, Piscataway, NJ 08854
    Phone: 347-814-6152 | Email: Ariel@tmrnow.com | Web: www.tmrnow.com
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  10. 05-16-2024, 05:09 PM #10
    Big Mack
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    Quote Originally Posted by ThePlan4You View Post
    I may consider signing up with you Ariel, can you send me iso guidelines to michael@theplan4you.com
    Your spam folder is going to be overflowing within a couple hours.
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  11. 05-16-2024, 07:14 PM #11
    Jason Sterling
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    We fund California, Virginia, and Nevada. Credit card processing sales based MCA exclusively.
    Jason H l Sales & Business Development
    Quikstone Capital Solutions l Tampa FL
    Direct Line & Mobile 813-371-8233 l Fax 813-371-8233 l Text 727-492-8812
    Jason.Hausle@quikstonecapital.com
    www.quikstonecapital.com


    Direct Lender Since 2005
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  12. 05-16-2024, 07:29 PM #12
    ThePlan4You
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    you hit the nail on the head bro!!! lol
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