[loan]

We've been getting several real estate/mortgage leads lately. What products don't require licenses?

For example: hard money, commercial real estate, etc.

What's the general time to close and points for these types of transactions?

[pmoney]

Becoming a residential mortgage broker will require licensing for both the company and individual so I'd steer clear of that; some states require lease agreements, business plans, bank statements, minimum net worth requirements, surety bonds, and industry experience. Easiest route would be sticking with commercial real estate transactions since MOST (not all) states don't require specific licensing. Don't quote me on this but I believe there are somewhere between 8 - 12 states which do require licensing even for commercial transactions, you should definitely look into that at the very least. Time to close can be anywhere from 2 weeks to 60 days depending on the lender, complexity of the transaction, and assuming you have a complete/accurate package at the time of submission. Points typically range from 1% - 4% but I've seen some really hammer the borrower as much as 6% which I don't encourage.