When Is A Re-Performing Note A Performing Note?
We are marketing some Re-Performing 2nd lien notes for one of our funds we buy from, and I consider any time a note defaults and starts paying as a Re-performing note. They have 18 months of "seasoning" and they say its performing after 6 months, and they use 12 months to call performing.
While opinions are like you know what's, I would like to ask the community what they think.
Is a note that defaulted, then has been repaying for 18 months a Performing note or a Re-Performing note?