One of the top questions I get is “How would I use BankProspector to find non performing loans for sale?” I put this short video together to show you how to use our software to do just that.
There’s a lot of terminology flying around out there in this field: NPN, POF, “cash-flow notes” and this sort of thing, but what these notes really are is non-accrual (with or without the hyphen). Non performing loans are, ‘non-accrual loans’, those loans or notes that a bank has on its books that are more than 90 days late and for which there is no reasonable expectation that the loan will be repaid according to terms.
Loans go into default for other reasons (technical default) but the only thing anyone is paying attention to today is non-payment and that’s what most of the investors and loan brokers that I’m talking to are looking for. I put together this video with a theoretical mission to prospect banks in Florida with non-performing multifamily loans.
This is pretty rough and dirty so forgive me, but I wanted to get something out to answer the questions I’ve been getting so I didn’t take a lot of time to clean it up. If you have other questions about what you can or can’t do with BankProspector, please ask me here in the comments or send us an email and I’ll be happy to put together any other necessary videos.