Baltimore City Bank Note for sale

[Rich Baer]

I was recently asked if I or any of my colleagues would be interested in purchasing a note from a local Bank that is in default. The note is from 2010 in the amount of $220,000 covering 7 investment properties. The properties are in D areas. They are: 616 N. Robinson St (21205), 2813 Ashland Ave (21205), 2043 Annapolis Road (21230), 1330 Aisquith St (21202), 522 N. Ellwood Ave (21205), 2516 W. Baltimore St (21223), 2032 E. North Ave (21213).

The current debt I was told is over $300,000. The Bank had no idea if they are vacant or rented.

They will have to be foreclosed on at the Courthouse steps. The Bank believes it can get $20,000 to $30,000 at auction for them. I have no interest due to the areas.

If anyone is interested in making an offer I will attempt to broker the deal.

That is really all the info I have. The actual current value doesn't matter. What does matter is the Bank doesn't want to foreclose on them due to time, risk and expense. I have no idea what the Bank would accept but they did sound desperate.

I would be happy to chat with anyone who has a serious interest.