Posted by John Behle on October 13, 2002 at 22:09:49:
In Reply to: Buying notes posted by Mark Knight on October 13, 2002 at 21:45:38:
Sounds like an excellent note. Not too many people are into loaning against notes these days. One large company took a big hit because of fraud and most companies are leary of lending against notes.
Your best bet is a local buyer/lender. With this quality of note you should be able to interest someone. Small financial institutions may have an interest or existing note buyers in the local area. Caution - make sure you have the note tied up or do not give out too many details when contacting people. You might want to also look up Richard Dewberry in that area. He used to publish "Real Estate Digest" and was into buying notes.
If you can't quickly put together a funding source to loan you the money, you might want to consider someone who would purchase it and give you an option to buy it back at a later date when you get the funding. It might cost a little bit, but may be better than losing a good note.
Drop an email to Mike Morrongiello at Sunvest also. He might know of a resource for you.