Looking For A Note Buyer
I have a pretty fair number of notes that all have the same structure. They are 6 months balloon notes with no payments. All are about 50% LTV and are secured by houses being refinanced by Senior Citizens using a reverse mortgage. By the time the note balloons the reverse will be available to refinance.
I think I can generate $300-400K of these per week.
Any ideas on who might be willing to buy these?
What state are they located? Are they performing? How is the credit of the borrowers? Thanks!
i am very intrested how can i get in contact with you so we can talk more?
My e-mail address at hotmail is also Commercialking.
Hello,
About your 6 month balloon notes... June
Quote:
On 2009-11-03 15:39, commercialking wrote:
I have a pretty fair number of notes that all have the same structure. They are 6 months balloon notes with no payments. All are about 50% LTV and are secured by houses being refinanced by Senior Citizens using a reverse mortgage. By the time the note balloons the reverse will be available to refinance.
I think I can generate $300-400K of these per week.
Any ideas on who might be willing to buy these?
[ Edited by jfmlv1950 on Date 05/27/2010 ]
Here is a slide show on how this works.
http://www.slideshare.net/FoundationAN/bridge-loan-presentation
What controls has the foundation made to make sure that the rehabs get processed quickly?
What controls has the foundation made to make sure that the reverse mortgages get into the system?
Is there any laws prohibiting the use of this idea, since HEMA has new rules in 2010?
What states is the model set for to start the program?
Is there any laws prohibiting the use of this idea, since HEMA has new rules in 2010?
What states is the model set for to start the program?
Quote:What controls has the foundation made to make sure that the rehabs get processed quickly?
Rehab money is escrowed at the time of the initial closing but the contractor gets paid only on completion. So along with normal contractor screening processes this seems to motivate them to move quickly.
Quote: What controls has the foundation made to make sure that the reverse mortgages get into the system?
The reverse mortgage lender/broker gets this package the day after the initial close so they can start processing immediately. We have a check point meeting at 60 days (make sure processing is started) and another at 120 days (essentially approval pending seasoning). After that we check in every week or two until the closing happens.
Quote: Is there any laws prohibiting the use of this idea, since HEMA has new rules in 2010?
Not that we have found yet. We have 4 different Reverse Mortgage lenders/brokers we are dealing with and none has been able to find a flaw so far.
Quote:
What states is the model set for to start the program?
Illinois, New Jersey, Florida, Ohio