NPN specs, need some real help.

[Robert Crossley]

Okay BP, I'm calling on you guys for some real help here. I'm a serious novice when it comes to notes almost all of my investing is in multi families. Was contacted about buying the non performing note and I have little to no experience in the area. I happen to have an office in this exact same complex so I k ow the area well. There is nothing in this complex for less then 2million at this size. So what am I missing here? My limited understanding tells me there's about a million things on the note, they're already in default so I buy the note go through a for cluster process and have a 2 million dollar asset to sell. What am I missing here's the details > >> We have available the NOTE on a non performing commercial property in the *location removed*. The property is currently > >> > >> in default as the loan matured in February and has some back tax issues. SUMMARY > >> > >> 6400 SF Office Building > >> > >> 6400 SF Lot > >> > >> Built 1974 > >> > >> Features, 5 private offices and meeting rooms, > >> > >> 4 restrooms, 2 with showers, > >> > >> commercial quality kitchen..perfect for > >> > >> architects or engineer or others > >> > >> Loan Matured February 2016 > >> > >> Current Default Rate 18% > >> > >> Monthly Payment $5,501 > >> > >> NOD's Filed in 2014 and 2017 > >> > >> Comps at $1.8MM > >> > >> CURRENT UNPAID BALANCE > >> > >> $1,039,000 +3% fees to be paid by buyer

[Chris Seveney]

Robert Crossley
If it's worth $2M and the UPB is one million and it's full why is the owner not paying or why not sell the property since he has plenty of equity

Also if it goes to foreclosure you do not necessarily get the property - only if no one bids above the balance. If someone bids $1.5M they own it and you get the Payoff amount