Buying Notes
I want to buy new notes from mortgage lenders - is this possible? Essentially up to 70% LTV with 10% interest income.
Are there major lenders who just sell these off, or brokers who lend direct?
I have plenty of capital to invest - $1M + - I am just looking for a sensible return and am not looking for discounted notes or possibilities to forclose to make a killing - I just want the cashflow
Please give me some pointers
Thanks
There are plenty of organizations out there that would work with your to purchase note. Just do a google search on purchasing notes and you will get more than enough websites to check out.
If you are looking for returns I would suggest putting some of your money into you being the hard money banker. Do a couple of smaller deals with some of your local real estate investors and tell them what your criteria is. Once you gain a comfort level with them and they know where you want to invest they should be able to keep all your money "busy" while supplying you with a great return.
You may want to consider buying apartment buildings also and paying a management company to run them for you.
If you truly have that much cash you have several options, including calling mortgage brokers. Make sure you have your criteria clearly laid out though on the type of loans, LTV's, returns, credit ratings.
70% LTV at a 10% return you are looking at sub-prime through most traditional lenders, but hard money is a different story.
Just let me know I can put some of your money to use for you!!