All Forum Posts by: Christopher Winkler

Hey Chris, is the 5th word suppose to be own? If so, you are incorrect. A potential buyer of debt is able to pull credit as stated in the FCRA.

And a credit report is a valuable tool to any note buyer, senior or junior for many reasons; how much debt is he carrying, is he paying his other debts, how many are collection or closed because of not paying, etc. When we see a dozen collection accounts for $50-100, they obviously don't care at all about paying any creditor and will be a good candidate to default on a loan if performing, or its a NPL...

Be advised Speed's education costs $15k for either performing or non-performing, $30k for both, at least it was that a few years ago. Also realize you are at peak note with hundreds & hundreds of new investors churned out over the last few years by the fakebook guru's, old sellers are gone, and they are all chasing too few overpriced notes. 

Also you can not advertise a 506(b) in any way, you have to have a pre-existing relationship with anyone you present it to. We tried a 506(c) and could not get out of the starting gate. Now to get my hindsight mirror from Invesco...

@Bob Malecki, how do you intend to deal with your lenders? Have you started the conversation that you might not be in a situation to make those payments?

And most licensed nonQM lenders have bowed out of NOO loans until this is over. Luckily the few deals we are working on are with a family office.

If anyone is looking for any funding for business purposes, inventory, rentals, fix/flip or commercial, we are working with several direct lenders that are still funding; family offices, debt funds, and small lenders with low docs. 

No matter if you need short term business purpose loans, bridge loans, and in states that allow it, DSCR purchase, R/T or cash out for landlords. All have to be Non-Owner occupied, no consumer loans.

Minimum loan is typically $100,000.00, so you need a $150,000.00 ARV, though some will loan down to $50k.

If you need capital for your business, we can loan, we just need to be able to put a first lien on your home or business property. 

PM me for more info!

Nathan McAlister is a fraud and liar. He is not a lender, and does not belong with the company he says he represents. Borrower beware!!!

More info is needed Bryan, what state, what is it, what is its condition, has the first started to foreclose? Do you have the money if the bid is accepted? Who owns it. I see its your first post, have you ever purchased or brokered a note before?

As a commercial loan broker, the lenders we use are licensed in the states they do business in with the NMLS, and we are licensed in the states that require it, for now its AZ, CA, NV. 

They make business purpose, non owner occupied loans to landlords like you based on the DSCR, your FICO, and the appraisal with no limits on units. There are legitimate private lenders out there, you just have to be careful and vet them before you give them any personal information. BP has a link on this site for avoiding a scam; https://www.biggerpockets.com/...

If they don't have a real business, and are some guy with a gmail account, be wary, check addresses, get their banker and attorney contacts if your BS Detector goes off, and my favorite way is to right click their picture in Chrome, and search Google, and if he comes up with different names, you found one. 

One guy on LinkedIn actually pasted a new head on a picture and created a LI account, and Google picked it up based on the tie, name tag, watch, suit, etc. Check out this pic, the guy on the left is the fraudster, Steve Kevin! 

Here is some advice, do not buy any notes from any note guru. 

Spreading the risk is correct vs buying a note or 2.  You risk getting the homeowner who is use to not paying, and really does not want to pay. Even IF you can get them to start repaying, you might get one that refuses, and you have to file for foreclosure. Then its a 6 month to 6 year headache depending in your state, and $3,500 to $10,000 to do it. 

Then they file for chapter 13 the day before the sale, delaying  it up to 5 years if it goes through to discharge. The plan will pay the first lien holder and you better have an appraisal to back up the value if you have a junior, otherwise they will undervalue it and cram you down to an unsecured lender. 

About 2/3 won't make it, and you will have to spend more money to get a stay if possible to go back to sale. Some don't even make the multiple filing payments and the case is dismissed in 6 months and you spend more money on attorneys to go back to sale.

Then they file BK AGAIN. The point I am making is for you out of the country with a life, a NPL or 2 is super risky. A solid performing note, senior or junior, on a person who has a solid credit score, payment history, etc., would be a better avenue, combined with the other suggestions here. You can run credit on someone during your due diligence if you are buying the loan.

Just avoid guru's who sell stuff...

Thanks