| Frequently Asked Questions | |
How do I get a quote on a note I'm holding?
We make getting a note quote quick and easy. We encourage you to fill out an online quote form by following the link above or better yet give us a call at 1-866-780-2274 Monday-Friday 9-5 PST.
To give me a quote, do you need me to send or fax in additional documentation?
The simple answer is no, initially all we need to provide a quote are the basic terms of the transaction. However, with that said, the more information that you can provide up-front the better. If you have a copy of the note, credit score for the buyer or a picture of the property please send it. You know what they say, " a picture is worth a thousand words" and in this case often much more.
How long does it take to get a quote on my note?
Certainly the fastest way to get a quote is to call us at 1-866-780-2274. We will take the pertinent information and price your note typically within a few minutes.
What are the major factors that effect what you pay for a note?
There are 4 major factors that effect the price we pay for a note. Those being the 1) value of the property in comparison to the remaining balance on the note, 2) the interest rate on the note, 3) the credit of the buyer, and 4) the payment seasoning on the note.
In what states do you buy notes?
We will purchase notes secured by property in every state.
Do you have a minimum or maximum balance amount you will buy?
Our purchase amounts are flexible and are not set in stone, we will consider any performing loan. However, with that said we typically buy notes that have a remaining balance of between $35,000.00 and $6,000,000.00.
Do you buy wrap notes or 2nd lien notes?
We do buy wrap notes, we will typically require the pay-off of the first mortgage at closing, with you collecting cash on the spread. Second liens will be considered as long as they meet the following criteria: CLTV not to exceed 80%, 6 months payment seasoning, balance from $50.000.00 to $250,000.00 and 620+ credit.
What types of notes do you buy?
Our primary mission statement is to buy 1st lien performing mortgage notes, land contracts, trust deeds and contract for deeds secured by commercial real estate. However, we also offer exceptional pricing on notes secured by single family homes, duplexes, multi-unit properties and land.
Do you handle all of the due diligence?
Yes, our professional transaction managers will order appraisals, title endorsements, property tax statements, environmental reports, credit reports as well as draft and review the required closing documents and supervise the funding. We do however need you to provide some up front document gathering and of course, get the documents to us via fax, email or express mail..
I want to accept your offer, what do I do next?
Once you notify us that you would like to accept our offer, we will prepare a "Purchase Package" for you. The purchase package will contain our Purchase and Sale Agreement as well as a document checklist. Once you sign and return the agreement, you will need to gather the items on the checklist and forward them to us for review, so we may then order title, appraisals, etc.. and complete the due diligence.
|
|
EXCEPTIONAL PRICING NO CLOSING COSTS FAST FUNDING
CALL US TODAY 1-866-780-2274
|
|
