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The answer to the above question is yes. But the qualifying question is: when? Indeed, there is a nascent hard money market out there run by mom and pop firms that are making loans at 8% to 12% using money given to them by wealthy investors. Yes, these are the "doctors and dentist" types of yesteryear who cannot bear to live with a 1% return by parking their money in (gulp) a commercial bank. I know of one small hard money lender that is talking to investors about something on a grander scale – and there is no doubt in my mind (or his) that correspondents and mortgage brokers would line up to feed him customers. The problem isn't venture capital money – it's obtaining warehouse financing. Stay tuned.