The Note House Purchases Several Multi-Unit Default Loan Properties for $2.5 Million
Friday, August 17, 2012 | 0 Comments
CLEARWATER, FLORIDA (August 16, 2012)—Building on its continued success in the non-performing default loan market, The Note House announces the purchase of multiple defaulted loans in Florida.
Director of Client Services Robert Castro explained that the firm recently bought a distressed loan from a regional Florida bank with an unpaid principle balance of $237,000 that closed on June 30, 2012. The property consisted of six condominium units located in St. Petersburg, Florida.
“The Note Houses loss mitigation team was able to quickly accomplish a favorable deal with the property owner and achieve a win-win solution,” said Castro. The property is currently in escrow with an anticipated closing date of August 17, 2012. The transaction transpired 47 days after the note was purchased at which point a mutually beneficial deal was reached with the owner and the property was resold.
On the heels of the aforementioned deal, The Note House purchased a second pool of three dated WAMU apartment loans that originated between 2005 and 2007. Castro noted that the unpaid principle balance on the three loans equaled $2.2 million. The first loan was backed by a 10-unit apartment building located in the old northeast section of St. Petersburg, Florida, while the second was a 24-unit apartment complex located in Hollywood, Florida. The third loan was supported by an eight unit apartment building in Clearwater. The Note House reached a quick deal with the owner and added this property to its long term investment portfolio.
“These purchases reflect our bread and butter investments. We continue to expand our trading partner relationships as well as our investment pool,” said Castro. Fabian Calvo, founder and president of The Note House, added: “As we work towards reaching our goal of purchasing one hundred million dollars in non-performing and performing loans in 2012, we will continue to expand into new markets as well as take on new investors as clients for our strategic long term investment portfolio.”
Calvo explained that the firm’s strategic growth portfolio plan was recently offered to investors and is available for interested investors to review. “The Note House is seeking to raise an additional $20 million over the next quarter in order to take advantage of the hundreds of trading partner relationships it has fostered globally since its creation 2011,” he said.
The Note House LLC is a premiere nationally recognized purchaser of commercial and residential mortgage notes and REOs. Dedicated to simplifying the process of complex real estate transactions, The Note House team relies on in-depth market research and its combined experiences to ensure that each transaction is streamlined resulting in a win-win for all parties involved. For more information, visit: www.thenotehouse.us