Preferred Purchase Matrix for Non Performing Notes (NPN’s)
Guideline for All Product Types:
- ALL DEALS MUST BE OFF MARKET DEALS (If they are not off market then they will automatically be turned down)
- I must be able to talk to the seller directly
- No broker chains – ZERO
- All Brokers will be protected
- You have to be in control of the deals
- We will only provide Proof Of Funds (POF) when we have interest in a deal (No POF’s will be issued just to look at a deal)
SFR – NPN’s: (This is an in-house purchase)
- Min. Pool Size: Single Assets and pools of 1M to 100M in UPB
- Pay History: No more than 5 years past due
- Max. LTV: 100% of CMV
- Occupied: Yes (preferred) but I will purchase vacant properties as well
- Title Seasoning: None required
- Area: Nationwide (Quality of product will be reflected in pricing
Non Performing Bid Stipulations
[To include when bidding on a note or pool of notes being offered for bid by a Seller]
- Buyer will purchase loans servicing-released
- Due diligence includes: review the underwriting file; review of the collateral; a Broker Price Opinion (BPO) to assess property value, and; a compliance review
- No land, mixed-use, multi-family, commercial or properties so unique as to preclude a residential BPO valuation
- Final price will reflect due diligence results
- No separate payment for servicer advances
- Borrower has paid real estate taxes due
- Buyer and Seller will complete a purchase & sale agreement
- Property must have valid and enforceable lien and title
- Loan serviced in accordance with acceptable practices
- Seller has originated in accordance with applicable federal, state and local law
- Upon sale, Seller to make full reps and warrants
- Bid must be accepted by (insert date)
Thank you, contact me with any questions or Note Offerings
John D. McEnroe Jr.
Ph 209-878-7817
e-mail John@BroadLeafInvestments.com
