Finding Buyers For Discounted Notes (investors Only)
Hello.
I am just starting out as a notes broker and looking to expand my buyers list. If you are a serious investor looking to purchase dicounted notes, please reply to this post.
Thanks!
This is more of a forum for: "how do I do this type of transaction", or "I am looking to get into real estate, is this property a real deal". More of an informational forum, not a place like Craigs List, where you can get people to buy or sell or get on their list. Just thought you might want to know.
Thanks!
I represent a hedge fund who is looking for non-performing notes. Please contact me @ **Please See My Profile**
all the banks/brokers required us to have 5-10% cash in the deal.
Things have REALLY tightened down.
Well.... I guess we will have to wait until the programs change again.
There were a ton of those programs 3 years ago and even more 10 years ago.
I think that with the current lending situation that banks may come back around to allowing owner carry financing (I hope).
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Things are tightening up even more so.
http://frwebgate1.access.gpo.gov/cgi-bin/waisgate.cgi?WAISdocID=871860372298+0+0+0&WAISaction=retrieve
John (LV)
Since i am a mortgage broker i can tell you that there are many lenders now that have what is called the "my community loan." This is a full doc loan which allows the buyer to go up to a 65% debt ratio on a $417K loan amount or less. It typically is not credit score driven and i hve done loans down to a 560 FICO for 100% LTV with MI (mortgage Insurance).
Thanks! I will look into those and see if we can make it work for us.
We have wondered about using a small local bank and "guaranteeing" the small 2nd taken out by the buyer.. to the bank..
Ray,
Glad to meet you.
Your question: "Does anyone can tell me where I can find these lenders?"
My answer: "Out of business!"
John $Cash$ Locke
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So, it is imposible to find this type of lenders, right?
What could be a good option to this?
thank you for you help guys!
Ray
Miami, Florida[ Edited by reychirino1 on Date 08/23/2006 ]
Rehab funding has a loan program with no payments for 6 months. A very expensive loan but if it works.
Hard money lenders can set up deals where the payments are rolled into the loan. One was previously mentioned but along with their higher terms, there are also some hard qualifying factors. Most other hard moneylenders loan up to 70% arv, dont care about credit, and do not have income/asset verifications. Their loans are usually for 6 months so your goal of holding and leasing would probably not work. Unless you refinanced the hard money loan and took cash out for holding cost.
If you go that route, you may not even need the hard money loan for the initial purchase. A conventional loan could work.
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