Private notes or simultaneous closings for new homes

[Dwayne Jones]

I am a builder in Memphis, Tennessee seeking a lead to a reputable note buyer. Homes are two bedroom and one bath with 648 sq ft and 832 sq. ft. (2 different models). Prices are $48k and $67k. Any leads would be helpful.

[Bill Gulley]

Why does it always have to be me? Why? There are at least 1,000 posts on this site about Dodd-Frank, I guess Dion isn't around, so am I the only guy left that read that portion of the Act pertaining to residential financing? Really?

I'm sory to have to do this again, really I am;

Contractors who have done any construction on a property must go through additional origination requirements providing seller financing, to the point it's not practical, just sell conventionally to owner occupants. You can finance all day long to investors as commercial transactions.

Next, the note buyer issue, note investors, if you buy a newly created note, commercial or consumer, you are considered to be "funding at the table" this is federal, you are not an investor you are a lender! This is a note brokerage arrangement as well for that originator who, without seasoning, sells the mortgage, the seller becomes an originator and the note buyer is a lender.

No problem, many will just go their merry way and do what they want, regardless, ignoring what you don't want to hear, but you've been informed, good luck :)