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Updated about 5 years ago,

User Stats

51
Posts
12
Votes
Peter Grote
  • Investor
  • Seattle, WA
12
Votes |
51
Posts

how to sell a performing note?

Peter Grote
  • Investor
  • Seattle, WA
Posted

I've got a performing note that I had not anticipated continuing to hold that I'm wondering what my options are for selling it? I loaned a relative money for him to purchase a home on a 1 acre parcel that he plans to subdivide and develop. His original plan was to quickly refinance the property with a business partner who unfortunately dropped out of the project. I'd like to get my $ back so that I can deploy it in my own RE projects and yet the bank loan that he qualifies for on his own would only give me 60% of my original capital back. I'm wondering where I go to possibly sell the note and what typical note buyers would be looking for? Rough numbers are currently $236k remaining on the loan at 6.35% interest.The property was just appraised at $285. Thanks! 

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