7M$+ NPL While sourcing - What would you do?

[Imri Adelman]

Found a $7M+ 1st position NPL while sourcing. Near West Coast, multifamily almost done with construction.
Low LTV. ,Note's got a nice default rate. Seller wants full balance, no discount.

Could be a good play for someone after the default rate or a developer/investor who’s down to take a shot at the asset.

Brought it back to a group I was sourcing for, their response was to cut the agreed commission in half and throw in a bunch of excuses.

they don’t have the address. just the above in a more detailed manner.

Looking to move it. What would you do? 

[Jay Hinrichs]

full balance in this scenario I suspect is mission impossible.

@chris