How Much money is needed to purchase a group of Bank Notes from a Bank?

[Patrick G.]

I did try to search for this, but maybe didn't use the best terms, so I apologize if this has been hashed out a few times.

I've listened to a podcast (real estate guys) and read some on BP about purchasing Bank Notes in default.

My general understand is this:
It is a great hands on investment, you can purchase Notes (aka loans) for pennies on the dollar, then approach the home owner who is currently in default and work with him to either keep the house by re-working the terms of the loan. Or you can work with him to sell the house and pay off the loan. Or foreclose. So there is great potential for profit.

However the main stumbling block to most investers seems to be that banks will generally only group a large amount of these loans into a 'lot' (group of similiar notes/loans) and sell the lot for a large amount of money.

For the average person wanting to invest under $20k, they only have access to 'left overs' at around 50 cents on the dollar. Basically a large investor will purchase the lot, and sell off the lesser wanted notes/loans individually to smaller investors for a profit.

Please correct me if any of the above is incorrect. That is my general, limited understanding of the process.

My question is about the lot, or the group of notes/loans. Has anyone had any experience about the lots purchased from the banks?
What is the typical face value of the lot?
What is the typical purchase price for the lot?
How many loans do the lots contain?
How similar are the loans as far as geographical region?

I do understand there will be a wide range of answers depending on banks, market conditons, etc.
But are will talking about 1,000 loans with a face value of $200 million being sold for $4 million? Or are we talking about 100 loans with a face value of of $10 million being sold for $1 million? Could an investor purchase a lot with only $100,000?

Thanks! And once again, I apologize if this has been beat to death, I actually don't have a million dollars to invest I'm just curious.