Finding Capital For The Purchase Of Nonperforming Notes
Can someone tell me how we can get some more funds for the purchase of non-performing notes. We are turning them over quickly (1-6 months) for cash. We just need more money to buy more of them.
1st and Juniors.
It's been said...find the deal's and the money will come. The money to buy the deals has been coming, just not fast enough.
We'd like to find private investors who would like to make 20-25 % straight interest on their money....or possibly a line of credit, etc...we could probably eat up 500K in investor funds in the next 2-3 months...if not sooner.
Any ideas ?
I'm going in all directions at once on this.
Need capital quick.
Let me know.
**Please See My Profile**
Sharp Equities, LLC is a small, specialized real estate and mortgage investor. It has purchased or joint ventured dozens of delinquent mortgages over the past four years. We have purchased paper in over 20 states. We have bought mainly from institutions, but are open to buy privately held paper. We buy chronically deninquent or nonperforming first morgages with <80% LTV. (If at a higher LTV, we will look at on a case by case.) Our pricing is a little below what an traditional note investor would pay for a performing note; due to the added risk. Minimum loan value: $25,000. Minimum property value: $60,000. No second mortgages. No mobile homes, land or lots, row homes or rural properties. Bankruptcy 7 or 13 OK. In consumer credit counseling, OK. Deceased debtor(s), OK.
We offer very fair pricing and are happy to pay ONE broker a reasonable fee-if applicable. Please, no pools listed on the big websites. We get them already. Call me for an Indicative Bid sheet and to discuss complete buying parameters. 505 577 2647 Contact: Alan Callioni
Thanks AC !
In some cases, that will work for us. I'll get in touch with you.
Brandon
What is the process to buying a non-preforming note? Turning over in 1-6 months, what does that mean?
[addsig]
Lets see if I can figure this out. You are buying at discount notes secured by Trust Deeds or Mortgages.. I assume for the good of your soul most of lthis paper is generated on sale and is somewhere below 100% of True Market Value.
The Property owner for some strange reason is not paying on the paper and the Lender sells it to you for a discount. Now the usual way for a lender to sell this type of paper is to creat a portfolio of non performing goodies and that is sold at a pretty good discount. The Buyer of this portfolio has some special skill in dealing with delinquent paper. That skill usualy consists of having somebody on staff that can massage that paper either bringing it current or refinancing which is a large feat as the guy is not making payments and who would want the paper. Well a "Bottom Feeder" might want the paper. This is a person who throws you into foreclosure on a one payment miss or failure to pay taxes as due. He substitutes his own attorney or whatever to handle the foreclosure. Loads it with costs and goes for an ownership of the property and maybe a fixup or a layoff at profit or just a straight sale with subsequent refinance and theres the profit.
To just buy this paper and flip/flop it to another investor is a mugs game. There is not enough profit. All you make is a small commission cause the Buyer is the one who has to do a performance.
Perhaps you should stop the buy and sell and just take it all the way. Which means go for the property and subsequent biggy profit after you gain ownership.
Just trying to make you richer. I could not get a line on you as you only indicate in past postings an interest in Pennsylvania. I have no idea your experience level, amount of capital or what are your goals.
Expectantly Lucius
Perhaps I've led folks down the wrong road with my response to AC.
His services could be an asset to me, if we were going to sell some notes. Which we can do and many folks in my group do.
The intention of my post: I am primarily looking for folks who have capital, and want to make 20-25% APR on their money invested.
My experience level: MEDIUM. My partner - HIGH. The experience level of our group: OFF THE CHARTS. We are doing deals nationally.
If you have the cash, and want to talk about options and a flavor of how we get into and out of deals, let me know.
This post was not about finding folks to buy our notes, but that is fine, if someone does. We can talk.
This post is about getting money to buy more of them.