I am putting some feelers out to see if anyone knows of local banks in their communities that have large bundles of sub prime loans and may be interested in selling them?
Example: We have a local bank that did very well writing mortgages 100million, and then they warehoused them to sell after certain criteria were met; well their parent company bought them, then gave them back to the local bank, and it has hurt their lending side because many are considered non performing.
We would like to offer these banks the opportunity to sell them directly to us, of course at a discount. We are looking for contacts in order to purchase these notes before they become publicly available; i.e.; they have large bundles of sub prime notes, you set us up with a contact and we can discuss compensation.
Please do not place a cap on your thinking, as to the dollar amount we are willing to purchase.