A TRUSTED LEADER in diverse, high-yield and risk-managed investments
A TRUSTED LEADER in diverse, high-yield and risk-managed investments
Discover the Miller Bates Advantage
We leverage decades of experience and industry relationships
We empower investors with innovative tools to make informed decisions from anywhere in the world.
We offer high-yield investments and portfolio diversification secured by real estate.

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The Miller Bates Story

Shortly after graduating from the University of Utah, Dick Miller began his career in real estate with Chrysler Realty. He spent several years managing properties in Southern California and Arizona, as well as ten years as a real estate agent. These professional experiences gave him knowledge and insight into the many aspects of real estate. Many years later, as a successful financial advisor, he was presented with the opportunity to lend money to a developer wanting to acquire and improve a piece of property. Dick believed in the venture and offered to personally fund the project.

From that point, similar opportunities arose at a pace that necessitated the involvement of business partners as co-investors. Eventually, the rate of opportunities increased to the point that in 2003 Dick made the decision to sell his financial planning business and transition his focus back to his real estate roots. He founded a company to provide short term secured real estate loans.

In 2015, David Bates joined with Dick Miller to form Miller Bates, LLC. David spent 25 years building a successful tax software company which was eventually acquired by H&R Block in 2007. In addition to his software background, David has a strong interest in real estate and has developed several successful commercial office projects. Together with the original team, Dick and David leveraged their experiences to grow the business, while continuing to seek the highest quality loan opportunities.

Meet The Team
Rick Miller
Rick Miller
Underwriting
Rick grew up in the Salt Lake valley and loves the area for the many recreational activities available. He challenges himself through biking, hiking, skiing and many other activities. He grew to appreciate the value of hard work from an early age. It was as a student at the University of Utah that Rick became interested in the field of Economics. Since earning his degree, he has developed that interest into an expertise in the financial planning and real estate industries. Rick is a Certified Private Lender Associate through the American Association of Private Lenders.
Melissa Miller
Melissa Miller
Borrower, Broker, Investor Relations
Melissa Miller has been with Miller Bates, LLC since its formation. Prior to that, she worked for 15 years as part of the original Miller Funding Group team. Melissa has enjoyed working with clients in finance and real estate since earning her bachelor’s degree from the University of Utah. When not at work, Melissa enjoys hiking, reading, and traveling with her husband and two children.
Taylor Berbert
Taylor Berbert
Investor Relations
Taylor grew up in Southern California, where he lived until moving to Utah in 2009. He earned a bachelor’s degree in accounting from Utah Valley University. After graduation, Taylor worked for a large accounting firm before joining Miller Bates, LLC in May 2015. He loves being part of the team and enjoys the rewards and challenges of growing a business. In addition to work, Taylor keeps himself busy playing golf, camping, watching sports and spending time with his wife and four children.
Dick Miller
Dick Miller
Co-Founder
Dick Miller is the co-founder of Miller Bates, LLC. He has over 40 years of experience in real estate and financial planning. In addition to his work with Miller Bates, Dick serves on the Board of Trustees at Community Nursing Services, a non-profit home health agency. He earned a business degree from the University of Utah. In his spare time, Dick and his wife enjoy supporting the University of Utah football and basketball programs through their season tickets, as well as traveling and attending the theater with friends.
Scott Heagy
Scott Heagy
Underwriting - Emeritus
Scott Heagy joined Miller Bates, LLC after a distinguished 30-year career in corporate management, where he led diverse teams and departments through significant change and process improvements. His strong work ethic, shaped by his upbringing as a farm boy in northern Montana, drove his professional success. Despite his workaholic tendencies, Scott values a balanced life and enjoys spending time with his family and engaging in outdoor activities such as camping, hiking, cycling, and motorcycle riding. After retiring from Miller Bates at the end of 2024, he now serves as a consultant, offering his expertise as needed.
David Bates
David Bates
Co-Founder - Emeritus
David retired from Miller Bates in 2018 and currently serves by invitation as a member of the Miller Bates Investor Advisory Committee. He joined with Dick Miller in 2015 to form Miller Bates, LLC. David began his professional career in 1986 with a small family owned software company. He was instrumental in the design and coding of first generation commercial tax software products. David also worked closely with the IRS as they implemented the electronic filing program we are familiar with today. He has served on various NACTP committees and as a CERCA board member.
The Process

Every potential loan opportunity is initially screened by us for viability. If those requirements are met, a due diligence process follows which involves both in-house and out-sourced teams. This process substantiates real estate value and potential title claims. It is important to note that every loan is secured by a first position Trust Deed on real property and the borrower’s personal guaranty. This process has been honed for almost 20 years and has a proven track record for identifying high quality loans with high quality collateral.

If a potential loan meets all of our criteria, a summary of the terms is then presented to investors for consideration. Clients evaluate each loan to consider whether it meets their objectives. If an investor elects to become a participant in the loan, he/she buys a percentage of that specific loan. Unlike many of our competitors, investor funds are not pooled with other funds and invested at our discretion.

Each transaction is unique, but typically a loan has a 10% - 13% annual percentage rate (APR) and a loan to value ratio (LTV) of up to 65%, this is the ratio of the amount loaned to the value of the collateral. The original term of a loan is generally 3 - 12 months.  However, most loans include optional extensions of 1 – 12 months, which can be exercised if the loan is in good standing.  This gives borrowers additional time to complete their work, if necessary, and gives Miller Bates scheduled check in points to assess the borrowers' performance.  In our experience, most borrowers do exercise their extensions.  Keep this in mind when considering whether the specified timeline is appropriate for your portfolio.

The Product

Typical Loans

  Our loans typically serve one of the following purposes...

  • Provide rescue funds for a borrower’s business
  • Allow a borrower to pursue an opportunity
  • Help a borrower acquire a property
  • Provide the funds a borrower needs to entitle or improve a property

General Terms

No matter the purpose, our loans are always secured by a first position Trust Deed on real property. The interest rate paid to investors is based on the current lending market and typically falls in the range of 11 – 13% APR. However, there may be instances where the loan to value is lower than usual and the property location is particularly ideal, in which case the interest rate may be as low as 10% APR. This is due to the reduction of risk. The total duration of our loans generally falls in the 6 – 24 month range.
Case Studies

Loan: $1,441,531    Rate: 12% APR

This loan was funded in June 2023 for a term of 360 days and was secured by a 0.25-acre multi-family residential commercial parcel in Seattle, WA. The borrower asked to exercise the optional extensions but struggled to make the required interest payments. In October 2024, we initiated the foreclosure process. In June 2025, a few weeks prior to the scheduled foreclosure sale, the borrower paid the loan off with penalties and default interest. The total return to investors was 18.6% APR.

Loan: $3,689,136    Rate: 12% APR

This loan, secured by 80 acres of light industrial land in Fort Worth, TX, was funded in May 2023 for a term of 360 days. In May 2024, the borrower requested a refinance of the loan. We performed a fresh evaluation of the property’s value, title, and the borrower’s exit strategy. After determining it was appropriate to refinance the loan, we offered the original investors the choice to be paid out in full or roll their principal balance into the new loan. The majority chose to participate in the new loan. The total return to investors was 12% APR.

Loan: $1,193,981    Rate: 12% APR

This loan was funded in May 2024 for a term of 360 days and was secured by an improved 2.027-acre commercial parcel in Layton, UT. All interest payments were on time and the loan paid off early in January 2025. The total return to investors was 12% APR.
Our Mission
We strive to be a leader in diverse, high yield, risk managed real estate investments.
We know our reputation is critical to our success and is guided by living our core values.
We empower people with the tools and intelligence to make informed decisions from anywhere in the world.
Core Values
INTEGRITY

We earn our investors trust by providing reliable data and exceeding our fiduciary responsibility to them.

We earn our borrowers trust by looking out for their best interest before closing a loan and honoring negotiated terms.

We work hard each day.

INNOVATION

We recognize challenges as opportunities to learn and create solutions.

We leverage technology for efficiencies and customer experience.

We are committed to WOW our community.

COMMUNITY

We depend on the collective energy and intelligence of our team.

We foster team well-being through fairness, loyalty and a dynamic work environment.

We give back.

ACCOUNTABILITY

We set, evaluate and achieve ambitious goals.

We are dedicated to clear communication and transparency.

We hold the team accountable.

EXCELLENCE

We are committed to expand community expertise, industry knowledge and competency.

We monitor real estate market trends.

We listen and watch to improve.

What Our Clients Say
Frequently Asked Questions

Yes, we require a minimum investment of $50,000 per project.

It refers to the amount of loan to be obtained in ratio to the current value of the property. For example, if a borrower requests a loan of $1,000,000 and provides collateral valued at $2,000,000, the loan to value (LTV) is 50%.

Since Miller Bates was formed in 2015, we have foreclosed on 9% of the loans originated (as of July 2024). Each time, we evaluate why the borrower lost the property and what we can learn from the situation to improve future loan opportunities.

They often fund more quickly, with fewer requirements. They are sometimes called “asset-based loans” because they focus primarily on the collateral whereas bank loans require strong collateral, excellent credit and positive cash flow to be thoroughly documented by the borrower. Additionally, traditional banks look to the capability of the borrower to pay back the loan from the borrower’s income, whereas private investors are comfortable looking primarily to a sale or refinance of the property as the method of repayment. Traditional banks often don’t provide the same combination of speed and transparency in their decision-making process. Finally, the borrower’s opportunity may fall outside the lending parameters of a traditional bank.

The advantages may include:

  • High rates of return on investment, typically between 9-13% APR.
  • Cash flow in the form of monthly interest distributions during the loan term.
  • Some risk mitigation, since loans are secured by real property, typically at a lower loan to value ratio.

The disadvantages may include:

  • A lack of liquidity.
  • In the event of foreclosure, the cessation of interest distributions and the need for active management and liquidation of the property.
  • In the event of foreclosure, future cash requirements to cover expenses such as property taxes.

Situations where private money loans make the most sense include those where the borrower:

  • Requires a quick closing and banks cannot meet the deadline.
  • Has more good opportunities than cash.
  • Wants to avoid raising money or debt from many different smaller investors.
  • Lacks the patience or time to deal with the bureaucracy of securing a loan from a bank.
  • Has an excellent investment opportunity, but does not have sufficient financial strength to get a bank loan.
  • Has a bank line of credit but needs a larger loan than is allowed under the existing bank line.
  • The borrower has an opportunity and the cost of interest and origination fee is small relative to the anticipated profit.

Private real estate investors are not regulated but are overseen by both state and federal government agencies.

Private real estate investors differ in several ways, including:

  • Their lending criteria such as loan to value (LTV) guidelines.
  • The type of real estate on which they lend.
  • The minimum and maximum loan size.
  • The geographic region they serve.
  • Their industry reputation.
  • The level of service they provide.
  • The interest rates they offer and the servicing fees they charge.
  • Timing of interest distribution.

To qualify for a loan, borrowers typically need to provide the following:

  • Verified collateral
  • Personal guarantees
  • Acceptable repayment strategy
  • Ability to service the debt
  • Description of intended use of the funds
  • Supporting documentation


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Contact Us

MILLER BATES LLC
801.990.2222
1245 East Brickyard Road, Suite 230
Salt Lake City, UT 84106
info@millerbates.com


© 2025 - Miller Bates LLC
Nothing on this website constitutes an offer or solicitation to sell securities nor an offer to buy securities in any jurisdiction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly, this website does not constitute investment advice or counsel or solicitation for investment in any security. Each individual should consult his or her own attorney, business or tax advisor as to legal, business, tax and related matters concerning the company. Miller Bates, LLC makes no implications, warranties, promises, and suggestions or guarantees whatsoever, in whole or in part pertaining to investment returns.