I attended a holiday party in the late 1990’s where I was introduced to the host’s brother and his friend. I told them that my business was making construction loans on new homes from starter homes to Hallbrook. They wanted to buy, fix-up and resell an existing house and I told them I didn’t do that.
Later in the evening, after a few beers, I told them I would try one. It was just a lot with a house already on it.
So, I did one with them, which was successful, which lead to more. Later, they split their partnership and now I had two clients… then a friend did one… then others.
The rehab loan business grew, and I stopped making construction loans because the rehab business had become full-time.
A few years later someone told me I was a “hard money lender”.
- Bernard P. Richter November 2021