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Seller asking: $48,719.86 (86% of UPB)
Pricing may vary over time and is subject to Seller Approval
 

General Note Information
Product ID
0072146
Lien Position
2nd Mortgage/Deed of Trust
Note Status
Performing
Note Type
Conventional
# of Payments Last 12 Months
12
Paid To
01/20/2018
Loan Maturity
11/20/2021
Property Type
Single Family Res
Original Balance
$147,808.00
Principal Balance
$56,651.00
Est. Market Value
$577,000.00
Payment Amount
$1,291.61
Note Rate
10.300%
Sold Rate
10.300%
Detailed Note Information below
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Detailed Note Information
  • Note Terms
  • Note Dates
  • Senior Lien
Lien Position: 2nd Mortgage/Deed of Trust Amortization Type: Fully Amortized Loan Type: Conventional
Original Balance: $147,808.00 Current Balance: $56,651.00 PI: $0.00
Total Payment: $1,291.61 Note Rate: 10.300% Sold Rate: 10.300%
Total in Trust: 0 Unpaid Interest: $0.00
Late Charges is:
$5.51 after 1 days
Unpaid Charges: $0.00 Prepayment Penalty: Yes Rate Type: Fixed Rate
Balloon Payment: No Loan Terms Modified: No Registered w/MERS: No
On Forbearance Plan: Yes In Foreclosure: No In Bankruptcy: No



Seller Comments:
We are fund managers of a pool of notes and are winding down the fund as time horizon based on our original projections is upcoming. We held this note for 12 months because it is our most prime performing asset, and we wanted it to be the last asset we liquidated before winding down the fund for several reasons. 1) Based on the borrower's financials, they have more than enough disposable income to pay the mortgage on a consistent basis (and has done so every month for 12+ months). 2) There is more than $120,000 of equity above the first based on the BPO, providing significant security, as well as the potential for upside in the event of a default, sale, or refinance. 3) However, during negotiations, it became clear that the borrowers love their house and had done significant work on the property, significantly adding value well above our BPO. Though we were unable to get a full appraisal (likely because they didn't want us to know how much the property was worth during negotiations), we anticipate there is are least another $100,000 in value which is unaccounted for in the BPO. Our perspective on this matter is based on several conversations with the borrower in relation to work they have had done of the property. This is also validated by Redfin valuing the property at $647,000 and Zillow valuing the property at $580,000. 4) Because of the equity position being so favorable, we negotiated a significant prepayment penalty because the property could be sold for well above the UPB at any time. (The prepayment penalty started at $40,000 and decreases by $10,000 each year.) Overall, this is a highly seasoned note, which has been performing for 12 months, with a reliable and stable borrower, significant equity above the first - offering investment security with the potential for upside through a sale or refinance.
Origination Date: 11/20/2016
First Payment Date: - - -
Paid to Date: 01/20/2018
Next Due Date: 02/20/2018
Maturity Date: 11/20/2021
Last Payment Received: 01/20/2018
# of Payments Last 12: 12
Note Payment Amount: $0.00
Tax Portion: $0.00
Insurance Portion: $0.00
Trust Balance: $0.00
1st Trust

Lien Position: 1st Trust Deed/Mortgage Principal Balance: $ 449,000.00
Monthly Payment: $ 0.00 Modified: No
Current: Yes Information as of: 01/12/2018


2nd Trust

Lien Position: 2nd Trust Deed/Mortgage Principal Balance: $ 0.00
Monthly Payment: $ 0.00 Modified: Unknown
Current: Unknown Information as of: - - -
BK Discharge Date: - - -
BK Chapter: None
BK Dismissal Date: - - -
BK Filing Date: - - -
Date Opened: - - -
Schedule Sale Date: - - -
Draw Period Start Date: - - -
Repayment Period Start Date: - - -
Current Index Name:
Margin: - - - %
Ceiling: - - - %
Floor: - - - %
Next Adjustment:
Adjustment Frequency: 0   Months

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