Need Help Talking to Banks

[Allen Gregory]

Hi Everybody,

I hope this doesn't go over too many people's heads but I'm sure there's an experienced person that can help me. Here goes:

I have a gentleman who sent me a list of banks that are selling NPNs (non-performing notes) backed by commercial assets. It's a little intimidating calling a bank and talking about this stuff.

I think I figured out a pretty good opening line when I call the bank:

"I'm looking to make a full-boat purchase of NPNs backed by commercial assets with UPBs (unpaid balance) of at least $100M"

I think that sounds pretty good. It would be great if someone could help me with that.

Also, when I call the bank who are the correct people to speak with regarding this?

Any help you can give is greatly appreciated.

Thanks,
Allen

[Gregory Childs]

OK - I have never bought a NPN so I'm not an authority; however, my big question is.. can you perform if he wants to talk to you? If you can't you'll never get a second bite of the apple.

My approach, personally, would be to introduce myself - John, my name is Greg and I represent a group of investors that specifically invest in NPN's in the sub $100M range, is that something you could help me with?

Asking for help shows a humbleness and position of interest - rather than a confrontational/direct approach. If he can't help he'll tell you where to call. Keep it simple - have a conversation with the person on the other end and ask to be guided through the process.

To show respect for their time you should really be versed in the language of the transaction and understand the process before making the call - it provides credibility and aids clarity.

TTFN,
Greg