Buying APT Notes And REO In CA
I have a relationship with a bank in so. cal.
They have some REO Apts, performing loan properties and defaulted loan properties.
Is anyone interested in Apts in CA? If you are, then we can make a bid to the bank.
They have given me and exclusive for the 2 properties I have (Hermosa Beach and Glendale).
This is a summary of the Hermosa property:
Bedrooms : Year Built : 1923 Square Feet : 13,476 SF
Bathrooms : Garage : Lot Size : 6,556 SF / 0.150 AC
Total Rooms : Fireplace : Number of Units : 18
Zoning : HBR3YY Pool : Use Code : Apartment house (5+ units)
The note is ~4.2M
600K 2nd
FMV of 6.5-7M
For the Glendale property:
~27K sq. ft. hard corner previously entitled for 72 luxury condos and 4000 ft of ground level retail.
Will you be acting as one of the principal buyers and you are looking for someone to partner with you, or will you be acting as an intermediary or licensed agent?
I personally am not buying, but may have some people that may be willing to look at the deal as a principal.
I would be looking to assign the deal.
Is there any one interested in thisnote play?
Any questions?
At this time they are all in CA.
I have a verbal exclusive from the bank on this note and it is performing. The 2nd has defaulted 2 times, and the 1st note/TD has a very nice clause, that a default on the Jr encumbrances, is a default on the 1st. I would like to buy this note and crush the 2nd when the owner defaults. I have not looked into default on ticky-tac issues like tax, city license, etc. But that would likely cause a lawsuit
It is ~4.2M, and I am assuming a 10% discount could be had.
Interesting do you intend on buying the note outright, or assigning the note instead?
After the note is purchased becoming the new lien holder, you can amend the note if you so wish, with the terms you desire.
Do you know of any non-performing notes that the bank are willing to sell?
Quote:
On 2008-08-23 20:31, cjmazur wrote:
At this time they are all in CA.
I have a verbal exclusive from the bank on this note and it is performing. The 2nd has defaulted 2 times, and the 1st note/TD has a very nice clause, that a default on the Jr encumbrances, is a default on the 1st. I would like to buy this note and crush the 2nd when the owner defaults. I have not looked into default on ticky-tac issues like tax, city license, etc. But that would likely cause a lawsuit
It is ~4.2M, and I am assuming a 10% discount could be had.
I am likely assign the note to a coupon clipper. The other thought I had on the development site, was to but it and lease it to the developer.
There are non-performing notes out there.