Posted by Rik Teaner on August 23, 2005 at 17:18:48:
He is primarily a broker. He also lends a bit of his own capital.
When I said he gets a percent a month, I meant that he gets that for his investors.
My main worry was that I had always thought such a high rate of interest must come together with a high rate of risk, such as second liens etc., but from your replies it seems that it is not necessarily so.
Thanks again for the help.