Posted by Russ Sims on May 03, 2000 at 23:48:09:
Yes! I received one of their mailings that gave several examples of how investors could use their services: one of their examples mirrored a deal I was working on almost to the exact numbers, and it involved a simultaneous close. So I called them and was told that due to several “inner city” scams involving simultaneous closes, their policy is to avoid these scenarios…I think I’ll shop elsewhere for note buyers…
American Note - Posted by Tobe (ID)
Posted by Tobe (ID) on May 03, 2000 at 13:11:06:
Has anyone used American Note? Any successes, failures, comments, etc. will be appreciated.
Tobe
Re: American Note - Posted by Tobe (ID)
Posted by Tobe (ID) on May 04, 2000 at 14:53:22:
Thanks everybody. That’s why I love this site.
Tobe
Re: American Note - Posted by Sott SC
Posted by Sott SC on May 04, 2000 at 09:40:45:
I too have been mis-lead by American Note. There web site makes it seem as though they buy any type of note. I just called them this week to sell an unseasoned note to them and I got the rudest woman I’ve ever spoken too.
I started explaining my deal and she interrupted me and said she couldn’t help me. She was down right rude and ignorant (Sara Lee was her name). I asked if I could speak to some one else, preferrably someone a little nicer and she said no.
Needless to say I wrote them a nasty letter and someone called me back who at least had the manners of a human being, and told me they no longer do simultaneous closings because of past troubles. Apparently American Note went on a rampage and bought up everything without doing proper appraisals and credit checks and ended up with a lot of shady houses.
I will not deal with, there are plenty of other note buyers out ther. I too am dealing with Michael Morrongiello right now. He is very cool!
Re: American Note - Posted by phil fernandez
Posted by phil fernandez on May 03, 2000 at 16:51:15:
I sold a note last year to American Note. After some initial miscommunication the deal went smoothly. I dealt with Mike Morrongiello who no longer works for American Note. I liked working with him.
Mike is now on his own at mikem@sunvestinc.com
Mike’s a nice guy and is very knowledgeable about structuring these deals.
Re: American Note - Posted by Monique
Posted by Monique on May 03, 2000 at 16:23:43:
My only experience with them is from earlier this week. I was told that they do not buy notes on unseasoned notes requiring a simultaneous close. We have a straight option to buy and sell at the same time. We’ll be working with another note buyer.
Monique
Re: American Note - Posted by Craig
Posted by Craig on May 03, 2000 at 18:04:06:
That must be a brand spankin new policy, because they have been doing simultaneous closings for a long time now. Are you sure it was American Note you spoke with?
Yup, a new policy - Posted by Monique
Posted by Monique on May 03, 2000 at 22:13:01:
Craig,
The woman that I spoke to at American Note on Monday said that it is a new policy of theirs not to do these anymore.
Monique