Valuing a note

[Andy M]

Hello,

I'm trying to value a note. Here's the basics:

Balance of 125k note due on 10/09. No payments before that date.
It's second behind a 60k first mortgage.
Property is assessed at 800k.

That's all I know for now. Obviously, most of the time
the mortgagee's credit, etc. comes into play, but in this case the LTV is so low it hardly seems to matter.

Assuming the paperwork is in order, what would you say is the market value for this note?