How to start a lending fintech company in the US?

Question

I have been trying to find an answer for this question, but for some reason a straight forward answer seems elusive.Can anyone here provide a blueprint of the main things you need to get figured out.I'm not talking about the tech. I think nowadays there's a lot of fintech infra services that make this easier. I'm mainly talking about the incorporation, regulatory and legal process to move from an idea to launch a service that can capture and lend money.Where do people start? Do they go to a lawyer and how do you find the right one?I would really appreciate any information that can shed some light on this topic.

neximo64 · Accepted Answer

You get a special account from a bank called a warehouse that you pull your loans from. It's not an easy account to get. But you basically find a bank that can offer one (e.g https://www.usmetrobank.com/warehouse-lending/ - specifically for lenders offering mortgages). You agree to the terms you will lend the loans out, have collateral, etc.Then you lend it out from there to customers based on the terms you agreed with the bank.

PaulHoule · Answer

I think you want to partner with a bank.