Posted by Michael Morrongiello American Note on June 22, 1999 at 12:20:37:
Good for you- i admire you “gumption”. It would be wise to see how your banker perceives the notion of accepting “Good performing” notes for “non performing - BAD” paper. I suspect that they will not embrace the concept. However you can use this as a setup to fine tune what they might accept for there REO properties IF you could pay CASH for them. Then either pleged the notes for a loan OR sell the notes for CASH so that you can continue to acquire additonal below market properties.