Posted by JeffB (MI) on May 16, 2006 at 16:01:21:
I assure you, if the banks are offering 95% of face value on your notes, that they are not “hoping” to foreclose.
Something smells fishy about this whole deal. I say, if you can get 87-95%, you had better take that money and RUN.
Portfolio 7 mobile notes No-Land - Posted by Rikitty
Posted by Rikitty on May 16, 2006 at 15:59:01:
I have been working for about 5 months on this business. I have a relationship and signed agreement with a dealer. Currently I have seven notes worth 113k 11.5% I have been successful in finding buyers but they are banks. We would much rather sell partials to an investor that is interested in the income stream. We have, in an attempt to make the notes more valuable and less risky, offer full recourse. Meaning if a payment does not come in, the dealer will replace that note in-full arrears, with a good note. This has gotten us bids of 87-95% FROM BANKS. We had also offered to service the payments at no cost and forward payment to the buyer. We would like the payor to still be able to come in and make their payment. As this results in 30% of sales from referrals. And banks won’t do this because they hope to foreclose. If you know any private investors please contact me.
Re: Portfolio 7 mobile notes No-Land - Posted by Adam (IN)
Posted by Adam (IN) on May 16, 2006 at 21:05:29:
having never seen you around here before, i can’t decide if your fibbing to get someone to pay rediculous numbers for your portfolio or what but having experience selling MH notes ( i sold my first 2 to get cash to do more deals) i have serious doubts about your 95% claim
i only got 55% on my notes and had a rough go to get that and the more i think about it, there isn’t a note in the world any investor with half a brain would pay 95% for especially a MH note which many note brokers consider to be the bottom of the barrel…if you do in fact have banks offering you 95%, do share, click on the blue name and email some contact info because as much as i enjoy the MH business, id sell my notes in a heartbeat at that price…
as far as finding a buyer HERE to pay that much? not a chance! if banks are offering you big money, do as Jeff(and Steve Miller) say…go on take the money and RUN…