Seeking Quotes: Loan note on land in development located in South Carolina

Please PM me for information regarding a mortgage for sale on property located in South Carolina. Basics: 20 year first mortgage no balloon, note established in Aug 2007, two payers both with high credit scores, payments current, land (102 acres) is currently under development.

* This will be a large investment. Serious inquiries only, please.

I'll provide specifics on monthly payment, sale price, etc. after you PM me.

Note to note brokers: co-brokering may be possible, but PM me for specifics.

Edited: 06/26/2010 at 07:52AM by Tia P.

LaCore Bell

Real Estate Investor · Circleville , West Virginia

92 posts
209 Influence
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Icon_minipost Apr 08 '09, 01:39 PM

Originally posted by Tia P.

Please PM me for information regarding a mortgage for sale on property located in South Carolina. Basics: 20 year first mortgage no balloon, note established in Aug 2007, two payers both with high credit scores, payments current, land (102 acres) is currently under development.

* This will be a large investment. Serious inquiries only, please.

I'll provide specifics on monthly payment, sale price, etc. after you PM me.

Note to note brokers: co-brokering may be possible, but PM me for specifics.

Tia, I have looked at the same note. Have you talked to the seller of the note in question, not trying to shoot down your deal, but the current and most recent credit scores are very low now, due to the current economy, the developers have some issues with two or three mortgages I do believe. The Note in question is in Cottageville SC, Wyndover lake I do believe. Payors are Mr. and Mrs Owens of who are the developers.

Edited: 06/26/2010 at 07:52AM

Tia P.

Real Estate Consultant · Erie, Pennsylvania

6 posts
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Icon_minipost Apr 09 '09, 10:26 AM

Thanks, Corey. Just curious - did the seller contact you or did you see the note listed somewhere?

Cheers! Tia

Edited: 06/26/2010 at 07:53AM

LaCore Bell

Real Estate Investor · Circleville , West Virginia

92 posts
209 Influence
2 Awards

Icon_minipost Apr 09 '09, 12:01 PM

Seller contacted me. I actually have a copy of the note.

Edited: 06/26/2010 at 07:53AM

Sam Mishra

Real Estate Investor · New York, New York

45 posts
78 Influence
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Icon_minipost Apr 13 '09, 02:55 PM

Tia,

Our investment partners have financed similar developments that are under-developed, or in the process of construction. To give you a rough idea, depending on how much the owner is willing to discount on the face value will determine how much our investors are willing to finance the discounted note value.

Based on past transactions and history, on strong high yield potential properties with a substantial amount of equity, as well as a strong final value, we are able to lend up to 60-80% of the discounted note value. A strong consideration is if the note is discounted at a minimum of 50%-60% of face value.

If you are still seeking capital, or simply want to broaden your horizon in terms of the deals our investors are aggressively seeking, please feel free to email me and feel free to browse our site as well.

Would the owner or any other investors consider doing a short sale?

Edited: 06/26/2010 at 07:55AM

Sam Mishra

Real Estate Investor · New York, New York

45 posts
78 Influence
1 Award

Icon_minipost Apr 13 '09, 02:58 PM

In addition if it is a refi for vacant land, our investors can go up to 40-65% , again depending on equity in the land, proposed plans, & etc. Again if the deal is very strong, we can even arrange a private placement or offering for the remaining gap after our HML investors.

Edited: 06/26/2010 at 07:55AM