Fix and Flippers, LLC has closed a bulk Performing Notes purchase transaction with two private companies for an undisclosed amount.
For many years I’ve attempted to locate a perfect match: a buyer and a seller for non-performing or performing notes. Like many colleagues, I’ve encountered the most frustrating situations: after being hand-walked into a servicing company 5 years ago, I was delivered notes on a platter, but I hadn’t identified a true buyer, and consequently, I burned my relationship because my “buyers” did not or could not close anything.
Then over the years I’ve met many true and serious note buyers who could not prove their capabilities to me because I had no notes to sell them. This was soon to change.
Recently I was introduced to a note seller through a referral partner, they proved to hold some product of interest but like most deals – ultimately fell apart.
Rewind to December 2016, originating from a Craigslist ad – I get a response to an ad I post regularly about private trust deed lenders who make loans to flippers, especially in 2nd position, as gap lenders, he explained that although in his companies’ 25 year history they’ve purchased performing and non-performing notes as well as REO from banks, credit unions, savings and loans, builders, mortgage companies, private equity firms, and that they’d buy a single loan and has closed $100M loan portfolio and now they’ve had success buying from individual investors and offering them an outlet.
He wanted me to refer my private lenders to them, but of course, I needed a way to vet their company.
All year I’ve been sending them note packages and they make bids and proceed with due diligence, which lead to notes with no discount, heavily shopped, fake packages, notes with no title policy and/or missing or incomplete paperwork, until finally one of the many leads I’ve introduced to them: brings a fresh portfolio of 20+ performing, agency quality performing notes, of course many things went wrong with the deal, with the usual transaction drama that ultimately resulted in a large portion of the notes to be dropped from the purchase, but finally it closed!
Now we can officially add this to our resume of different transactions we’ve facilitated or been a part of including single family, bulk single family, an operating business, various kinds of loans/funding and now bulk notes.
This is the time of year when lenders may have loans on their books that they want to get off before the end of the year. Also during the year institutions will lose investors and investors decide to discontinue programs. They can sell to my buyer.
Experts would agree with me when I state that: A portfolio or seasoned, long-term, low coupon fixed rate loans can become an asset risk liability…
Sub-Prime loans that remain in company pipelines and portfolio can become a risk liability.
Note Purchaser Looking for:
Anything Nationwide Performing or Non-Performing, REO, Deed in Lieu, SFR, Condo, Duplex, Multi-Family, Strip Centers, Offices, Warehouses, Churches, Mobile Home Loans, Residential, Commercial, Rural, Land and unusual properties.
- They look at everything.
- They’ve closed over $3B in assets.
- Target Areas: FL, TX, Houston, Dallas, NY, L.A., CA
- They offer a complimentary portfolio market analysis with no obligation to sell.
PAR and Premium prices are still available for loans that warrant PAR and Premium
(Both Fixed Rates or ARMs such as performing Residential loans SBA 7a loans, FSA’s, HCEM’s and USDA’s)
They accept seasoned loans.
Fixed Rate, Adjustable Rate, Agency and Non-Agency quality loans either servicing released or servicing retained.
Keep eyes open for REO Class A/B industrial warehouses in key markets in the US and Mexico.
Excellent and Poor Credit Assets
If you have an asset to sell, please contact me if you need liquidity and for pricing. Please send data via spreadsheet for easy review, email me if you need a copy of the bid indication format.
Contact Me Today! Let’s Close Some Deals Together!