Increased divide between entry level note players and mid-level?

[Martin Saenz]

Yesterday, I started my day by speaking with a very successful mid-level note player. Our topic of discussion focused on current deals in the marketplace. Later in my day I spoke to a few borrowers regarding loan modifications and finally, I ended my day speaking to a newer player who expressed inventory is poor and everything is overpriced.

It got me thinking…is there an increasing divide between the mid-level playing field and the bottom feeders (said with love) or is the entry level player I spoke with making excuses?

Throughout the year I have been inundated with opportunities and take downs…it’s been my best year! Perhaps I don’t focus on the macro picture since I am too busy building my own micro picture. With that said, I do believe there is more of a challenge now for someone new coming into the space than a few years ago. There is no doubt less VISIBLE inventory hanging at low levels. However, VISIBLE is the key word. It is important to set up systems for sourcing and work them diligently. That way, you see and find what others are not, while separating yourself from the herd. Just my two cents but would love to get feedback.