How it worked for a Pool Buyer
Mid-West & Western States
This recent trade included 11 non-performing 2nd mortgages purchased for $61,500 in multiple states. This pool had a 107% overall loan to value (LTV).
The total unpaid principal balance was $407,000 and had a total payoff of $514,000. Five of the 11 assets had little or no equity.
Two of these assets have cashed out in the first 90 days returning a gross revenue of $27,000.
This CA note buyer appreciates the discounted pricing as well as the diversification of risk that this mini-pool affords.