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    8 Replies Latest reply on Jan 4, 2009 11:54 AM by NoBullFunding

    Idea for a new type of loan

    mthompson77 Newbie
      I have been in the mortgage industry for 5 years now. I have an idea for a new type of loan that has never been implemented. I have discussed my idea with several of my peers, as well as many people from the industry, all agreeing that it is a great idea. My dilemma is that I don't know where to take it, or the best way to profit from it. It would be most efficient in the current economy and is quite relevant to the problem with foreclosures, defaults, etc...

      Please let me know of any advice
        • Re: Idea for a new type of loan
          LUCKIEST Guide
          Idea for a new type of loan, Welcome

          If I had a new idea and discussed it with my peers. I would do the following TWO items.

          One, I would contact (in your case) a Real Estate Lawyer

          and Two, Contact a SCORE Counselor online who also has a real estate background.
          SCORE is FREE and Confidential and you can pick the SCORE Counselor.

          Happy new year and good luck, LUCKIEST
          • Re: Idea for a new type of loan
            mthompson77 Newbie
            I have written a decent business plan/proposal but it would need to be modified. Is there anyone that has experience with pitching a loan to a direct lender?
              • Re: Idea for a new type of loan
                NoBullFunding Scout
                I'm intrigued by your idea. I have worked for a number of lenders, including the bigest bank in the world (that would be Bank of America as of this week!). If you want to email me your business plan, I'd be happy to take a look and give you a lenders opinion. NoBullFunding@gmail.com
                • Re: Idea for a new type of loan
                  jemmapelle Newbie
                  I like the idea of contacting SCORE. I've had an awesome mentor from SCORE. I didn't seek a loan at the time, but the advice was priceless. I would also contact an attorney and I wouldn't just freely give my "idea" away without doing that. My attorney helped me immensely when it came to funding, and I know that came from getting the right one. Most people on your "team" should be well networked, well that's my belief.

                  I guess my only question is are you pitching your idea to say a bank etc to be bought or you want to start your own loan/funding business? You don't have to answer, but depending on what you're goal is that should help point you in the right direction. Also do you belong to any networking groups? Sometimes the help we need is well within our reach, just need to brainstorm a little. My doctor has been a great source of leads, believe it or not and so has my dentist. People who are already in business that you know and have met can be a great resource. Just throwing out a few ideas.
                • Re: Idea for a new type of loan
                  mthompson77 Newbie
                  Thank you for the advice. I think that it would serve me best to find a bank to sell the idea to. It would be nearly impossible to provide the appropriate infrastructure for this idea and be able to compete with the "big banks" once they catch on. Jemappelle, if you have any insight for me to sell the idea, or where, it would be much appreciated!

                  Any chance you're french?
                  • Re: Idea for a new type of loan
                    NoBullFunding Scout
                    Hi Mike - I got your email. I honestly don't know if its realistic to sell an idea for a loan product to a bank, sorry if I gave the impression that I could help you do that. I was just offering to look over your idea and give you my opinion as to whether a bank would even have an interest in offering their customers such a product. I completely understand you desire to keep it close to the vest, but I'd find a banker you feel like you can trust before you go spending money on lawyers. A banker may poke holes in it that you may not have thought of.

                    Best of luck!