Buying my seller's note directly from bank...does this happen in the real world?

[Jessica Swingle]

Hello Note Friends,

I think I know the answer to this one, but thought I would check first so I can provide the owner with the best information possible:

Seller calls me to help him wholesale a rental property he owns in Fairfax County. During our conversation, he mentions he's also interested in getting out of the current financing he has on 2 other townhouses he owns as rentals to reduce his mortgage payments. He is current on payments, just wants to increase his cash flow. He took out the mortgages under his LLC, so the rate is higher at 7%.

From what I've read, contacting the bank to offer to buy a specific note is typically not worth the effort (why would the bank want to sell a performing 7% note , anyway?).

Should I just advise him to re-finance? (and if he can't, he's stuck until he sells the properties)?

Thank you in advance.

- Jessica