Posted by phil fernandez on January 29, 2001 at 17:43:45:
Craig,
2nd’s are tough to sell and when they do sell you are talking big discounts. Also if the LTV of the combined 1st and 2nd exceeds 80% forget it. It’s not really salable.
Why not just keep it and enjoy the cashflow from the 2nd rather than taking a big haircut if you can sell it at all.
buying privately held mortgages - Posted by Craig Blenman
Posted by Craig Blenman on January 29, 2001 at 17:25:32:
I am closing on a deal soon and I would like to sell my newly formed private, second mortgage. Are there any companies that will buy a non-seasoned, second mortgage?
Please let me know.
Re: buying privately held mortgages - Posted by Steve-Atl
Posted by Steve-Atl on January 30, 2001 at 09:29:53:
Phil is right. I’d hold it for the cashflow, but keep your eyes open. You may be able to use it as down payment on another purchase, or trade it, especially if you can season it a little first.
The discount will be very steep if you sell it to a notebuyer.
Re: buying privately held mortgages - Posted by Jack
Posted by Jack on January 29, 2001 at 18:18:06:
They will probably have to be considerably discounted. E-mail us and we will see if we can help.