Originally posted by @Mia Shlomit: Alas - the new ordinance turned this property too into a rent stabilized one. 

Correspondent lending typically takes one of two forms: delegated or non-delegated.One approach is to obtain your loan purchaser’s criteria and documentation, (hopefully) adhere to them scrupulously, and originate the loans yourself.

The only LLC you'll be able to form is a "disregarded" LLC, which means it gets traced back to your SSN for 1031 purposes since the original property was in your name. 

Not only were they followed when originated but are they witha  third party servicer now ?

Originally posted by @Vaughn J Smith:Dan, thank you for that.

Originally posted by Derek Nienaber:Hi Bill,"You can provide a loan modification approved by the bank to be accomplished immediately upon the purchase of the note, this, along with the waiver and request for the sale by the borrower takes the bank's liability away selling a note to a non-banking/mortgage broker type buyer.

I would suggest starting as a mortgage loan originator aka MLO.

Not the best thing to do - I should have raised it originally for a higher amount.

Assuming you've met that, your original loan amount was ~$364,500 with 10% and a purchase price of $405k.

Originally posted by @Erik Peddle:I just won some bids on this site and am emailing with one of their people.