[wannabe broker]

Does anybody know what type of licensing I need to legally operate a company in California that both brokers equipment leasing deals, and acts as an ISO for MCA and Working Capital lenders?

I have a book of business ready to get started today, but I am not 100% certain of what steps I need to take before I get my business going legally.

I know I will start by setting up my website, email, and connecting with the lenders I want to go through, but from a legal perspective, I am relatively clueless.

Do I need a California Finance Lender's License to broker equipment deals?

Thank you in advance for any advice or assistance.

I know I will be using this forum as a resource to fund deals as soon as I am all set up and ready to go.

[BW Capital Solutions]

For the most part...no. You don't need a lender's license to broker equipment deals. But what you do need is some basic knowledge of the space. Some equipment finance companies will allow you to sign up with them directly without much experience. Try Pawnee to get you started and maybe a C-D type paper lender like 360 Equipment Finance. Some equipment lenders are tougher to sign up with and require you to have a pretty sick book of business or know someone to get in with them. PM me and i'll shoot you over some names and numbers of who to call to get signed up with as far as equipment goes. Hope this helps...even if only a little bit.

[Jplummer]

In California you have the option to apply for both the lenders license and brokers license simultaneously. Most advise that you apply for both. Because it can't hurt anything. I have discussed licensing with several brokers that do business in California. Most have went through the painstaking process. Word to the wise make sure your application is perfect prior to sending it. Otherwise I have heard horror stories as to the amount of time it takes once an application has been rejected for pretty insignificant oversights. Now having said that we are a direct funder in the equipment financing arena. We do have a approval process for all brokers we do business with. We will consider brokers with little experience as long as we can make sure they are competent.