Results 1 to 12 of 12
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05-16-2024, 11:54 AM #1
- Join Date
- Jun 2023
- Location
- New Jersey
- Posts
- 10
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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05-16-2024, 12:16 PM #2
- Join Date
- Feb 2017
- Posts
- 3,450
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.)
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05-16-2024, 12:47 PM #3
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
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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05-16-2024, 02:47 PM #4
- Join Date
- Dec 2023
- Location
- NJ
- Posts
- 41
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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05-16-2024, 03:29 PM #5
- Join Date
- Jun 2023
- Location
- New Jersey
- Posts
- 10
thanks for info Micah greatly appreciated!
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05-16-2024, 03:31 PM #6
- Join Date
- Jun 2023
- Location
- New Jersey
- Posts
- 10
good to know i appreciate it Steve.
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05-16-2024, 03:32 PM #7
- Join Date
- Jun 2023
- Location
- New Jersey
- Posts
- 10
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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05-16-2024, 03:52 PM #8
- Join Date
- May 2014
- Location
- California
- Posts
- 348
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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05-16-2024, 05:08 PM #9
- Join Date
- Dec 2023
- Location
- NJ
- Posts
- 41
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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05-16-2024, 05:09 PM #10
- Join Date
- Aug 2017
- Posts
- 249
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05-16-2024, 07:14 PM #11
- Join Date
- Jul 2015
- Location
- Tampa Florida
- Posts
- 502
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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05-16-2024, 07:29 PM #12
- Join Date
- Jun 2023
- Location
- New Jersey
- Posts
- 10
you hit the nail on the head bro!!! lol
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