How To Purchase Notes To Keep ?
Ive been brokering mortgages for quite some time but Ive always interested in purchasing mortgages to keep. Coud someone tell me what would be the best strategy to achieve this.
Im currently looking for a line of credit for this purpose only, does anyone know where I may find this?
All comments or suggestions would be greatly appreciated.
a bank.
Years ago when I was developing a note portfolio, I had a secured line of credit at a bank secured by stocks. My return on the notes was much higher than the credit line interest rates. If you own property, you could use a HELOC. This assumes that you can structure your notes with high return.
What is HELOC?
HOME EQUITY LINE OF CREDIT (see the link for example)
http://www.mtgprofessor.com/A%20-%20Second%20Mortgages/what_is_a_heloc.htm
What is a Note? I have been reading
up on this in the past few weeks and
I am somewhat confused.
Is this the Deed to the property?
I think what I need is a glossary of terms.
Do we have one on the site some where?
Thank you in advance,
Casey,
A Note is writtten evidence of an Obligation, ie, an IOU.
In Real Estate, a Note is usually secured by a Property. Most States use a Deed of Trust to secure a Note.