This is the summary of available packages for sale. Make an offer in the form or a Letter of Intent and be prepared to provide Soft Proof of funds to the bank.

Make an offer regardless of the sales price or asking price!
---------------------------------------------------------------------------------

PACKAGE # 1 – STATUS – available 3/26/09

Houston (15) Multi-family (4500 units 85-90% occupied), Valued at 204 Million,
1st loan value 140+ million, -110 million sales price –
Make and Offer

---------------------------------------------------------------------------------
PACKAGE # 2 – STATUS – available 3/26/09


Non Performing Notes

20 hotels Total Loans valued at $609,399,606.00

Make an offer

Provide LOI and proof of funds
---------------------------------------------------------------------------------

PACKAGE # 3 – STATUS – available 3/26/09

Non Performing Commercial properties

Original BPO was $1,362,760,000

Loan Value is $430,000,000.00

City Parkway
Flagstone Apartments
Hacienda Terrace
Lembi Bridge 11 Portfolio
Lembi Bridge 11 Portfolio (Mezzanine Loan)
Lembi Bridge 4 Portfolio
Lembi Bridge 4 Portfolio (Mezzanine Loan)
Plaza at San Ramon (A2-Note)*
Wateridge Plaza (A3-Note)**
Merritt Crossing
The Piers at Caesars (B1-Note)
The Piers at Caesars (B2-Note)
Ventana Village Apartments

Hacienda Terrace
Lembi Bridge 11 Portfolio
Lembi Bridge 11 Portfolio (Mezzanine Loan)
Lembi Bridge 4 Portfolio
Lembi Bridge 4 Portfolio (Mezzanine Loan)
Plaza at San Ramon (A2-Note)*
Wateridge Plaza (A3-Note)**
Merritt Crossing
The Piers at Caesars (B1-Note)
The Piers at Caesars (B2-Note)

---------------------------------------------------------------------------------

PACKAGE # 4 – STATUS -- OFFER PENDING 3/25/09

Non-performing Tape containing:

Commercial land in various stages of development, retail strip centers, shopping centers, Golf Courses, 1-4 multi-family, office, office building shells, office condos and raw land.

96 loans with more than 145+ units valued at funding at 1B, current BPO 584 million, offered at 150 million

Properties in the following states = AZ ,NV

---------------------------------------------------------------------------------

PACKAGE # 5 – STATUS – available 3/26/09

Non-Performing Notes for Sale in one package

The follow is available based on a current BPO of 435K for total package price of 120K.

1) (2) Vero Beach FL - SFR - 222K
2) (1) Vero Beach FL - Condo -130K
3) (1) Youngstown OH - SFR - 15K
4) (1) Riverside CA - SFR - 250K
5) (1) Palm Bay FL - SFR - 259K
6) (1) Ocala FL - SFR - 52K

Present a letter of intent and proof of fund and all details delivered in 24 hours. Remember these are NON- Performing notes!

---------------------------------------------------------------------------------

PACKAGE # 6 – STATUS – available 3/26/09

Notes Non-Performing 38 homes

Single Family Homes Florida

Do your own Market analysis and make offer

Note holder believed the offer should be based on $3,353,950.00 current value.

APOLLO BEACHFL
BRADENTONFL
BRADENTONFL
BRADENTONFL
CLERMONTFL
GROVELANDFL
KISSIMMEEFL
LABELLEFL
LAKE WORTHFL
LAKEWORTHFL
LEHIGH ACRESFL
MONTVERDEFL
MONTVERDEFL
MONTVERDEFL
MONTVERDEFL
NEW PORT RICHEYFL
ORLANDOFL
ORLANDOFL
ORLANDOFL
ORLANDOFL
ORLANDOFL
ORLANDOFL
ORLANDOFL
ORLANDOFL
ORLANDOFL
OVIEDOFL
PORT SAINT LUCIEFL
PORT SAINT LUCIEFL
RIVERVIEWFL
SARASOTAFL
SARASOTAFL
SARASOTAFL
ST PETERSBURGFL
SUN CITY CENTERFL
TAMPAFL
WEEKI WACHEEFL
WINTER GARDENFL
WINTER HAVENFL

---------------------------------------------------------------------------------

PACKAGE # 7 – STATUS – available 3/26/09

Non Performing Note Package

Multi-family & Commercial assets including:

States and quantities in those states: CT(7), FL (2), IL (3) , NJ (12), NY(22), PA( 2)

Apartments, Multi-family plus small retail, and office

49 notes valued at $57,044,686

LTV average 70%

Priced at 81 cents on the dollar = $46,206,196

To review tape make an offer in the form of an LOI and provide SPOF contact information in the LOI
---------------------------------------------------------------------------------

PACKAGE # 8 – STATUS – available 3/26/09

Two Performing Hotel 1st Trust Deeds for sale both borrowers

1) 5.2 million note, rate 6.612, 10 year with balloon, LTV 67.00% Discounted to $4,228,200


2) 3.054 million note , rate 6.642, 10 year with balloon, LTV 63.00% Discounted to
$2,473,910

Available for 81 cents on the dollar.

To review tape:

Make an offer in LOI for and include contract POF information.

---------------------------------------------------------------------------------

PACKAGE # 9 – STATUS – available 3/26/09


All Commercial NON PERFORMING

FDIC auction 245 notes mixed (Commercial, Multi-family, and Office) performing and non-performing package value at $317,000,000. discounts values range for both available on call Paul for discount windows.

****** FDIC auction closes on item 1) on March 31st, all LOI and POF must be in 24 hours before the 31st.******

2) 196 Unit Apartments - OH

3) 248 Unit Apartments -OH

4) 420 Units Student Housing - LA

5) 900K Sq.ft Office - IL

6) 27K Sq.ft. Office Medical - NJ

7) 110K Sq. ft. Office - NJ

8) 130K Sq. ft. Shopping Center - AZ

9) 56K Sq. ft. Shopping Center - CA

10) 11K Sq. ft. Office Medical - OH

Why do I want a Non performing Note

I talked to one of my partners today after I gave him a list of NPAs (non-preforming Assets). His comment to me after he talked to a client was, "These properties are all listed with other agents!" Yes that is true and so what! You always get a better deal in markets like this by buying the notes!

When you buy a note you are purchasing paper that secures a trust deed or some comparable interest in real estate. The properties are listed at retail sales values, see example below:

Hotel for sale for          $10,000,000

Potential sales price       $8,000,000

Potential savings                 20%

Hotel (NPA) 1st  value    $7,000,000

Banks discount 68%        $4,760,000  

Potential saving               MORE THAN FIFTY PERCENT!

You or I can have the hotel for 4.76 million and work out a deal with the current holder of the property or you can foreclose and take the property and wipe out all the 2nds liens and other with a new line of cash or credit.

It is far more likely that you can do this now and the hotel will make money provided it is well  managed with the new cash flow reduction.

Have a great day!

REO sales continue

Today we have again scored! I have 15 note packages that have come in and there is a lot of good buys in the list.

REO Numbers are going up

Take this with a grain of salt. Banks are taking back more homes than ever before and commercial foreclosures are sure to go balistic soon too!


In February, 121,756 homes were repossessed by banks and lenders, up from 72,694 in January and topping the previous high of 104,243 last September, according to Foreclosures.com.

Source:

http://www.thetruthaboutmortgage.com/completed-foreclosures-hit-new-high-in-February/

REO Bulk Sales increasing

Government intervention has temporarily slowed the quantity of first tier packages in the market place. The FDIC and other Federal Regulators have been acting to slow the process.

Late last year the FDIC was using liquidators to dispose of inventories. Today this is no longer case the FDIC has changed the process and now uses a very select group of firms to move Bulk Packages.

REO Bulk Nation wide

The Market is up today and that is great for the equities market, but the process of Bulk REO sales continues. We have here in my office completed the review on a package that is 500 million and national wide all foreclosed residential properties.

The process for submitting and offer has been listed in a earlier post.

Good luck and good hunting!

10 Billion REO Pacakge available - Requirements

For the past 24 months the marketplace has been rife with buyers, brokers, counselors and consultants claiming relationships to Hedge Funds, Banks, and other unspecified acquiring entities. Many of these entities have tendered Letters of Intent, conducted due diligence, placed funds, delivered proof of funds and opened escrow only to find that the inventory was not available, otherwise disposed, not as represented or simply non existent. Simultaneously there have been Sellers negotiating in good faith with Buyers who did not have the authority they represented or the means to acquire the contracted inventory. There has been no system in place to handle orderly contractual disposition of actual inventory with reasonable, protected, due diligence periods nor a system of separating the legitimate Offerors from the Speculators During this period we have established relationships with bank direct liquidators in order to provide our buyers with real inventory that can be sorted as to the type, size, nature and geographic preference provided we establish a protocol that will meet the needs of both negotiating parties.

To participate with the sellers' mandate in this liquidation effort we have established the system detailed below to be followed by all Buyers and Acquisition Managers working with our firm. The documents required are attached to this communication.

1. Remcor shall be Buyers Representative and shall be paid by Buyers fifty basis points (.50%) on the portfolio purchase price by Buyers at close of escrow. This fee shall be named in the Letter of Intent for the purpose of disclosing agency and compensation to all parties. Sellers Mandate shall be paid by Seller at close of escrow in an amount of fifty basis points (.50%) on the actual negotiated portfolio sales price. Offerors shall sign the Fee Agreement and Agency Disclosure forms attached and return them with their Letter Of Intent (LOI). No LOI shall be forwarded to Sellers Mandate without this document. Buyer and Seller shall each compensate their own counsel, consultants and advisors outside of escrow under their separate agreements and at their own expense.

2. Buyers shall tender a Letter of Intent on the Letterhead of the acquiring entity following the abbreviated format attached, to include a description of the property being sought, the price being offered, allocation of costs and fees including those in paragraph #1, the due diligence period being requested and proposed conditions of asset transfer. LOI shall also indicate the title, position and authority of the signor as well as contact information for Buyers' counsel.

3. Buyer to submit Bio, Corporate Resume or Fund Business Plan sufficient to demonstrate experience for disposition, resolution or retention of assets to be acquired.

4. Proof of funds in amount sufficient to complete proposed purchase.
Upon receipt of above documents, Buyers Letter of Intent and supporting documents shall be delivered to Seller's Mandate, proof of funds shall be delivered to General Counsel for verification. Upon verification of funds, General Counsel shall return to Buyer and Buyer's Mandate a Letter of Affirmation confirming control of and Authority to Convey inventory of the type, volume and locality required by Buyer. Upon receipt of General Counsel LOA, Seller's Mandate shall validate inventory in an appropriate form and in sufficient detail for Buyer to commence due diligence. Upon completion of due diligence, Buyer's Counsel shall deliver final contract to Buyer and Seller's Mandate and General Counsel. Upon execution, parties shall proceed with transfer in accordance with the time and terms of final agreement.

Note: All Letters of Intent MUST contain the Name of the Depository and the Personal Bankers' name. No LOI will be forwarded to Sellers Mandate without this information. Upon receipt of this information and LOI, GCOS (General Counsel Of Seller) will contact legal counsel for the Depository and verify employment and position of the personal Banker, then contact that Banker for Verification. After Verification, GCOS will issue Letter of Authority, send NDNC for Buyer. After Buyer returns executed NDNC inventory will be sent only to the Buyer.

The Chinese Are Coming

What will America look like after the Chinese come in and use some of their 7 Trillion in CMO dollars to buy up BPO assets?

I do not think it will change much, but I could be wrong!

Sellers have a different set of Goals

Sellers have many motivations for selling. In the Bulk REO world the majority of the sellers have been moving through packages just like a speculator. I believe this period of transactions will cease soon.

The industry has the potential to create a bottom in the market by developing a buy and work through strategy. I think we will see more of these types of buyers in market this quarter.