Performing and Non-Performing Notes Procedures | Bank Bulk REO Property Deals

Performing and Non-Performing Notes Procedures


We will provide our Investors with an updated lists  as we get them

1) The Investor may identify and choose any of the Non-Performing Loan Portfolios or individual Performing loans of interest.

2) We will then need them to complete our Buyer Information Form. This will allow us to draw up the Confidentiality Agreement, which will then be sent to the Investor.

3) Once we are in receipt of the fully executed Confidentiality Agreement, we will forward the Investor a full Credit Package for review and investment analysis.

4) If they then wish to taked own the Note, they will forward us an LOI stating the specific Note(s) they wish to purchase and the price they wish to pay. The Buyer/Investment Group will also need to include a POF with the offer.

5) After the acceptance of the LOI, a Buy/Sell Agreement and the Assignment of Notes will be created.

6) Once the Buy/Sell Agreement is executed, a 10% Refundable Deposit will be required in Escrow with the Title Company. The deposit will be credited to the purchase price at closing.

7) The Due Diligence period should continue until they have completed their full evaluation and are ready to take down the Note(s) (should be 5-10 days). Once this is completed, a closing date can be set.

8) 1 Day Prior to closing, they should wire all the remaining funds to close into the Title company’s escrow account, with their instructions on how the money is to be spent, i.e., Purchase price, Commissions, Closing Costs, Taxes, etc. They should also state what company the Notes should be Assigned to. (All wire transfers for Commissions will take place within 1 Business Day of the Closing)