I am usually a contributor to this forum however, I have a question for the diverse members and readers of this forum.
Recently, I have had the good fortune to become affiliated with a large group of foreign investors that are seeking substantial portfolios of defaulted or distressed mortgage loans. The underlying property needs to be in Florida.
With the huge number of foreclosures occurring in our state there should be ample product available to source. I am seeking direct sources of these loans.
We can provide LC’s and other credentials. Please either post your thoughts or information or you can contact me directly through email.
Thanks for the help.
Weird, I have almost the same situation with an investor from Asia who usually buys notes. We’ve been trying to seek out originators with loan portfolios that they can’t unload. One obstacle we came up against was that the loan is actually spliced up almost immediately after origination. There is an investor that bids for the individual loan, but immediately puts it in a series of SIV’s to be cut up and sold as securities. Once this happens to a loan, it is very difficult to “put it back together” to be sold short to a note buyer. Also, the servicing of the loan sometimes gets reassigned or even stays with the originator (like Countrywide). Countrywide is such a mess right now, nobody knows who to even connect us to.
We’ve had some better luck with an add in the paper saying we’d buy defaulted hard money notes from hard money lenders. In the Vegas area there were many HM lenders that lent for SFRs. Probably in FL the HM guys lent more on commercial.