A buddy and I are in the process of researching this venture. We will be sitting down with a lawyer pretty soon to address our questions, options and see about getting contracts done.
Are you or anyone you know in this business? Is it legal to own both the CAB and the lending company? If not, can one of us form the CAB and the other form the lending company? Will it be easy to offer more favorable terms than current lenders are offering? Will $100K get us through the first month of loans, until we start recouping some of our investment? Any regulations changes coming down the pipeline? Anything else to add?
Thanks!
Are you or anyone you know in this business? Is it legal to own both the CAB and the lending company? If not, can one of us form the CAB and the other form the lending company? Will it be easy to offer more favorable terms than current lenders are offering? Will $100K get us through the first month of loans, until we start recouping some of our investment? Any regulations changes coming down the pipeline? Anything else to add?
Thanks!