Cash Out Brokerage Inc. is seeking portfolios of defaulted residential loan product from $5MM to $25MM of UPB (" unpaid principal balance" ) that are owned by the seller and available for immediate purchase. Cash Out Brokerage Inc. works directly with an acquisitions team exclusively screening for a private investment fund based out of New York to locate and qualify sellers with portfolios for direct purchase into the fund.
The fund is an experienced, qualified, and capable buyer for non-performing residential loan pools or performing " orphaned" loan pools. The fund has purchased a considerable amount of these portfolios in the last 1+ year. The fund renegotiates/rehabilitates, upgrades documentation and services the loans with primary objective to restore them to performing status for subsequent sale. Property is reclaimed and liquidated only when this is not possible.
The fund is owned and closely held by a private investment group with substantial capital that does not maintain it's own acquisitions team but contracts with a few experienced loan investment firms that they have rigorously screened and trained. They provide us their transaction parameters and desired buying relationships to locate and screen the buying opportunities and relationships that they execute.
A " sanitized" (street address and borrower information omitted) tape of a portfolio for immediate sale and a conversation with the owner of the portfolio to establish or confirm pricing expectations against the current market purchase range is required to put a Seller into direct contact with a Managing Director of the fund. The Managing Director has purchase authority and ability to provide proof of funds, LOI or other substantiation to a Seller for release of full portfolio tape.
Below is the most recent " pro forma order" from our investment fund. It does not preclude presenting other non-performing product mixes, but does indicate our current buying preference.
The fund prefers to enter into long term buying relationships with first purchase in the range of $5MM up to $25MM. The fund has ability to buy considerably more - up to $100MM in a single transaction - but wants to see a complete buy cycle execution at the lower dollar range to " prove" the relationship.
Pro forma Portfolio Purchase Criteria
Pool Size: $5MM -$25MM
Product: Defaulted/Non-performing 1st Lien Residential Loans; no 2nd liens w/o associated 1st lien
Minimum Unpaid Principal Balance: $125,000
Maximum Unpaid Principal Balance: $650,000
LTV: Up to 100% of CURRENT value
Delinquency: Up to 12 months
Preferred Locations: AZ, CA, NV, TX, UT, CO, NM, OK, WY, OR, IL, GA
Original Credit: 575+ FICO
Loan Type: Stated and Full Doc , No construction loans, No HELOC
Purchase Pricing: Current Market price at $0.30 to $0.55 of the unpaid principal balance of the loans; typical purchase is mid range.
Pools with more loans that are primarily MI, IN, OH loans are not of interest at this time. Portfolios with a large amount of FL loans are generally not of interest.
Call us at 1-877-290-2768 to sell a portfolio of Non-performing or Sub-performing notes.
This information is also available at
For a fast quote please e-mail a Data Tape to quotes@cashoutbrokerage.com with your seller contact information.
Jul 02 '08, 11:57 PM
