Brokered a $22MM UPB Non-performing Residential Loan Portfolio Earning Nearly $250k
“Anybody can do it if they do just what you said… It took me probably a good 60, 90 days to keep calling people back, feeling them out and seeing the people I could really deal with and ￼back in December I found a bank out in California, relatively small bank, and in talking to them I realized that they needed to cash out some of the stuff because they needed capital.
So, when I go into Distressed Pro it gives you everything you want to know about the bank. I mean it tells you all the nonaccrual loans, the REOs and so forth. So the end result of this in a latter part – actually I got the check February 4, I closed – in banking this is a relatively small deal, but was $8.25 million on some nonperforming notes.
As a result of that he wants me to represent the bank for the next two years which is pretty cool and so we have three more deals cooking, everything should close by the end of March probably for about maybe – two of them very small and then we’ve got one bigger one. It’s about $20 to $22 million total. When I say $20 to $22 million that would be gross. We’d probably end up somewhere around $16 million as far as the actual buy. So, I get a point of that (1%) and that makes me happy.”