Week 1 - Meeting With Bankers

In my quest to acquire non-performing notes locally I set up appointments with all the local banks here in Las Cruces.  Yup all three of them!  From each one I came away with a useful nugget of knowledge.

Before my meetings I decided to do a trial run, rehearsal so to speak, and chose the Las Cruces Wells Fargo main branch.  I had had a business account in the past and used my clever ruse of setting up a new commercial account. 

In the past I had found Wells Fargo to be very professional and eager to help.  This was not the case on this occasion.  Perhaps he was new, but the young gentleman I met with insisted I provide all the documentation on my new LLC before he would discuss their account options including rates on a line of credit.  I left with a quite different opinion of Wells Fargo than I entered with.

Comfortable with my plan I moved on the Citizens Bank of Las Cruces.  I met with Nate Olsen who immediately impresses me as an experienced professional.  I explained that I needed to set up a business account for my new LLC.  He informed me that once my LLC was set up I could borrow against my current performing note as well as my account balance on a Line of credit.  Of course he inquired as to the nature of my business and appeared intrigued by the premise of helping borrowers in foreclosure. 

Unfortunately Nate informed me that the vast majority  of their loans were sold on the secondary market and currently the bank had no residential REOs or non-performing notes.  I will keep in contact with Nate as such a relationship can spawn opportunities.

Next was Leslie Martinez at First Light FCU.  Leslie was extremely enthusiastic with the premise of my business.  Although currently the Credit Union did not sell non-performing notes to small businesses, I came away feeling that Leslie would go to bat for me once my LLC was created.

Finally I me with Candy Jones At Western Heritage bank.  Candy was new to western Heritage yet very knowledgeable.  It was here I learned that the Attorney General has a program to assist homeowners in restructuring their loans.  I have plans to contact this nonprofit group to see if I can help.

Hopefully next week will bring me closer to my first deal.  For now may the road rise to meet you.