note purchase commitment letter

[Gregory Childs]

I noticed a phrase in another posting "A quote and note purchase commitment letter can be issued prior to closing so that you will know how much cash you can expect to receive at closing"

If I hold a 9% note for $75k on a property that is appraised within the last 30 days at $100k. The borrower has a DTI of 45% or less and a FICO of 675 or greater. What can I expect (approximation) as a commitment letter if I want to sell that note without seasoning it first?

Also, what companies (or to whom) should I go to get such a letter. Assuming they can follow through!

I am new at the note writing business - but if there is a formal aftermarket for this type of paper it would make my business more transactional and allow me to turn our capital significantly more often.

Thanks for your advice,

Greg