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Looking for Investors to fund the buying of residential Non Performing Notes from Banks
Posted by: Owen Mcgab Enaohwo on 10/2/2008 11:41:58 AM
Funding Needed:
Above $1mil 		Category:
Real Estate / Construction 		Website :
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Location :
Laurel, Maryland, USA 		Viewed : 359 times
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Description:
Executive Summary

The primary goal of Zenith Property Solutions is to buy residential non performing notes (NPNs) at a discount (both first and/or second place mortgages) from banks and restructure the notes so that the homeowners can keep their homes hence avoiding foreclosure. The discounted notes will be restructured such that there will be at least a 13 % Cash On Cash rate ROI or greater. Zenith Property Solutions will be responsible for finding the NPNs, performing the necessary due diligence, negotiating the discounts with banks, helping homeowners restructure the notes so they become more affordable, and the day to day management of the notes after we have bought them from banks.

How we will find the NPNs

There are three ways we will get NPNs; the first is by talking directly to banks that we know are neck deep in the subprime debacle and then convince them to sell us NPNs that meet our investing criteria in bulk pools, mini pools or one-off (as they become available). The second is by networking with brokers (Seller Mandates) of NPNs and having them scout and bring NPNs to us. The final way we will get NPNs is by marketing to homeowners in foreclosure (especially those in bankruptcy or just dismissed from bankruptcy), we will share with them our Unique Selling Position in this real estate market and how we can negotiate with their motivated lenders to sell us their mortgage so that we can work one on one with them to restructure their mortgage by making it more affordable.

How much capital we need

Essentially there are two ways to go about this; the first is if you will lend us the money to buy NPNs and charge interest on it. The second is for you to become an equity partner with me on deals and we split the profit equally. Right now we need exactly $2,000,000 for buying NPNs.

Conclusion

There is a prime need for our services and as we speak there are several big name companies that have taken a similar model but the difference between us and our competition will be our approach to the matter and how we systematically work with the homeowners to restructure their mortgages and deliver solutions to them that are made with their best interests in mind.

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