All Forum Posts by: Darren Eady

Try Talmer Bank.  They have no minimum and great interest rates.

Sorry @Jay Hinrichs  my bad. I knew you were in the performing space with me but I also know you know about the entire industry!

@Michael Rosenson

I think the answer will be different for performing vs non-performing notes.  Which are you considering purchasing?  There are professionals in each arena on BP.  I can speak to performing notes and @Bob Malecki and @Jay Hinrichs and others are pros on the non-performing side.

@Matthew Rembish

You'll want your own representation IF you go through with this.  A realtor has many contacts with title and even attorneys that can structure the deal to protect themselves and not you.  Sometimes you can find a title office that has a RE attorney on staff that can look over the docs. for you and help you adjust the deal.  

All that said, this is a one off deal for you and I would much rather you purchase a performing mortgage note from a HML that does this all the time. I'd hate to see you learn the hard way!

@Kevin Frett

If you could . . . would you want to?

Cars are a depreciating asset and there is a possession issue to address.

@Travis Darden

You can either become a hard money lender yourself, which requires starting a company, website creation, legal assistance, program creation all to find yourself marketing a product that you have possibly little experience in, and potentially losing money for awhile . . . OR . . . you can work with a hard money lender that has been through all of that, knows what they are doing, and could use your funds to reimburse their loan money disbursed, and see if they will part with their performing mortgage notes. It allows you to BE THE BANK without actually buying the bank! Thanks!

@Aaron Rowzee

Some conventional lenders have NO minimum loan amount (try Talmer Bank)

Some HMLs (like me) have NO minimum loan amounts either.  

Just keep calling and find the right people to work with for your situation.

@Divan Steve

What are you interested in?  Properties or Paper?  Active or Passive Investing?  Local market or anywhere in the country?

@Rashad S.

Yes

Yes

No

I've created 4200 performing mortgage notes and sold them.

To participate in performing notes, you'll need your own funds to buy them in their entirety.

I'm not allowed to pay a broker (per SEC rules) to sell performing notes.

@Account Closed

Many banks do not have a minimum loan amount.  Just call a few local banks.  I like Talmer Bank, who has no minimum, low interest rates and long loan terms (30 yr fixed) on rentals.  I have properties in Ohio as well.