SALE OF NON-PERFORMING LOANS
We have developed relationships with a number of investors that buy non-performing loans as core to their business model. We have the ability to assist you in selling these non-performing assets freeing up your ability to invest in new performing assets.
Eligible Loans
Minimum Loan Package-Can submit one loan or loan packages up to $25 million. Will consider packages in excess of $25 million on a case by case basis.
Loan Types– Must be secured loans but can be first or second liens.
Properties Securing Loans-Can be 1-4 family residential loans or commercial loans
Location of Properties– Must be located in the United States or in Puerto Rico
Delinquency Status– Loans can be current or delinquent and can be in the process of foreclosure
Non-Recourse Sale-All loans are sold on a non-recourse basis.
Data Requirements
We can accept loan packages by email in either an Excel format or in an electronic tape. We request the following information on the loans submitted for review and purchase:
| Loan Identifier (Loan Number) | Original Note Date | Current Payment Status (Current Unmodified, Current Modified, Delinquent Unmodified, Delinquent Modified) |
| Borrower Last Name | Original Loan Amount | Foreclosure Status( Not Eligible, Eligible Not Filed, Eligible Filed ) |
| Property Street Address | Unpaid Principle Balance | Date Due For |
| Property City | Collateral Type ( Single family Residential, 2-4 Family Residential, Commercial Real Estate | Maturity Date |
| Property State | Lien Position (1st Lien, 2nd Lien) | Interest Rate |
| Property Zip Code | Appraised Value | Next Interest Adjustment Date |
| Occupancy Type (Residential Owner Occupied, Residential Non-Owner Occupied, Commercial Owner Occupied, Commercial Tenant Occupied) | BPO Value | Monthly Payment (P&I) |
| Structure (Loan or Lease) | BPO Date | Total Monthly Payment |
| Payment Type (Interest Only, Fully Amortizing, Line of Credit) | Current LTV (Based on BPO) |
Our Process
Submission of Loans for Review-You may submit your loan(s) either in an Excel spreadsheet on in an electronic tape including all of the data listed above. ( Excel submission file available from the link below)
Data Requirements Review– We will review your data set and let you know if we need anything additional for submission for a bid
Bid Indication– We will send you a bid to review. The bid will provide an overall % of the unpaid principle balance and will also provide the % of unpaid principle balance for each individual loan. The bid will include any requirements for closing
Bid Acceptance– Once you are comfortable with the bid, our lenders will require a signed acceptance of the bid. The bid will be good for a specified number of days.
Clearing of Conditions/Delivery of loan files– Most lenders require the seller to deliver the loan files and upon satisfactory receipt, they will wire the funds for the purchase of the loans