Posted by Brian Mac on April 07, 2000 at 17:36:54:
Thanks for responding. I’m trying to find out if private investors would be willing to do the same thing as you describe with your note funding except these notes would be secured by a beneficial interest, or a portion of it, in a land trust instead of a note I purchase. There would also be a UCC-1 and chattel mortgage filed where in the event of a default by the debtor(which would be me), they would not have to go through any foreclosure and would easily attain my beneficiary interest, or the portion of it, as agreed.
I know that business note buyers look for the UCC-1 and chattel mortgage so I’m wondering how abundant the funding sources might be if the real underlying assets were SFR without the judicial processing risk associated with mortgage notes.
Any further insights or ideas you might suggest would be appreciated.
Thanks again. Have a good one.