Single Family Winter Haven, FL Note @ 33% of UPB
I am looking for a 50/50 JV Partner for a Non-Performing Note in Winter Haven, FL. It's a Single Family Property that is occupied by the borrowers in a good neighborhood. Modification is the likely exit strategy and we would sell the re-performing note @ 80% of the CMV after seasoning. This can be a passive investment if desired, or active (meaning the partner is involved with the workout).
Basics of the property:
CMV: $69,000
UPB: $131,569
Current P&I: $483.41
Cost of deal (including workout fees): $43,000
The property is well taken care of and in very good condition. It is a homesteaded property and rents are much higher than their current P&I payment. I believe they will be highly motivated to work with a modification because moving else where will be too expensive.
I can send you a full executive summary on the deal that provides a lot more information. O&E to be pulled, Electronic Collateral File is available for review, and the deal will be executed with a JV agreement written by my attorney.
Please email me at [email protected] if you would like more information!