Is there possibility of getting an Equity JV Partner?

[Account Closed]

I have the opportunity to purchase up to nine notes similar to this one immediately and would like to know the possibility of getting an equity JV money partner? Note Overview LOAN # MI007028 LOCATION LANSING, MI SALES ORICE $30,995 PAYMENTS FOR SALE FULL TYPE CFD INVESTMENT TO VALUE 40% VALUE $55,000 LOAN TO VALUE 60% CURRENT BALANCE $32,985 INTEREST RATE 10% ORIG BALANCE $34,225 EFFECTIVE YIELD 11.2% P & I: $330.35 SEASONING 57 MOS ORIG TERM 360 DODD-FRANK N/A 1.1.13 REMAINING TERM 303 PROJECTED RENT $813

[James C.]

Daryl,

You will probably have a hard time finding JV/equity money partner.

The price is too high, for the risk profile. These need to be priced much lower, say in the 10 to 12K range or lower. They are most likely re-performers or modifications with a high risk of default. Even if they are clean originations form 5 years ago, your worst case scenario is that you have to foreclose and take the property back. The cost of doing that (in addition to the acquisition price) will likely exceed the property value. 

This is not even counting funding, holding costs, or due diligence.

Just my 0.02.

Good Luck,

Jim