Note purchase questions

[Charles Norman]

I need some help on how to find the right people at the bank and how to present a compelling offer to purchase a NPN. We have done the financial analysis, tracked the foreclosure and bankruptcy processes, spoken with the borrower and have very solid understanding of fair market value and risk of dealing with the borrower.

I have two investors who will be funding the purchase and have some questions on how to structure the deal such that one of the investors is the principal and the other is a private lender.

Can two individuals be named as fractional beneficiaries of the note after assignment? Can I couple that with an agreement that says if the bank agrees to sell the note, then at the time of transfer of title (either by trustee's deed, or deed-in-lieu), can one of the two individuals take ownership while the other is placed in 1st position with a deed of trust?

If anyone out there can help, I would greatly appreciate it.

Charlie

[Bill Gulley]

I see I'm forgotten now, LOL...

If you don't have money in this, you are probably getting into a broker's position if you are getting any benefit.

No, I'd not go that direction, that's another brokerage issue, have one make a loan as a second to the owner and use the proceeds to pay down the first, have the other buy the first. Then you have two lenders. The owner can do a DIL to the first lender and wipe out that loan, and assign a % interest in the property to get rid of the second loan to that lender. Now your lenders are partners with an undivided % interest in the property.

BTW, welcome to BP! :)