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Updated about 8 years ago on . Most recent reply

Account Closed
  • Chesapeake, VA
0
Votes |
6
Posts

License needed to buy NPNs?

Account Closed
  • Chesapeake, VA
Posted

This is admittedly a newbie question. I understand how non-performing note investing works and the different exit strategies.

A few questions:

- Do you need a license to buy, rework and then either sell or hold these reperforming notes?

- Who are the key members of the team you need to make this happen and run smoothly?

- An attorney - is this one who is local to you or the jurisdiction the note is in?

-A servicer

- Someone to help with due diligence

Are you able to do all due diligence before making a bid or do you have an opportunity to do that afterwards? Most of the information I see in a tape is useful but doesn't give me everything I need to know.

Thanks!

Ken

Most Popular Reply

User Stats

324
Posts
191
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Patrick Connell
  • REALTOR®
  • Bastrop, TX
191
Votes |
324
Posts
Patrick Connell
  • REALTOR®
  • Bastrop, TX
Replied

Generally a license is needed to generate loans (i.e. qualify people, match them up with products, etc).

Once you buy the paper, you are the bank, you could forgive the whole loan or change the terms as you see fit; with agreement. The loan has already been generated so no license.

Now if you tried to refinance it instead of modifying it, that could be an issue.

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