Book Reading
Description
Vocal Characteristics
Language
EnglishVoice Age
Middle Aged (35-54)Accents
North American (General)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
In 2011, we started a $15 million dollar fund that was designed to buy out smaller defunct hard money funds that were going under. They were either facing regulatory issues at best or illegal fraud. At worst. Everything we learned on what not to do is the reason why I wrote this book. Think of it as $15 million dollars worth of research and development into this. How to manual. So you don't make these same mistakes. Here's the deal. The hard money lending industry is really fragmented. People who have no idea of markets would make loans willy nilly using their family and friends money without understanding what could go wrong. The conclusion, they would lend to the wrong people in the wrong areas. I've seen people spend $60,000 just to get a lawyer to paper a private placement memorandum for them. However, what all these people learned was an expensive lesson just because a lawyer blessed it didn't mean that investors would magically appear or even read all of that text. Your PPM is not a marketing document. It's not meant to speak for you or market your funds thesis. I've also seen what can go wrong when the documents are sloppy. The values are inflated like a hot air balloon and the borrowers become a protected class. In the end, all that's left standing is investors who lost their entire life savings