REO Bulk Sales are What we Do!

Three years and Counting... NOW foreclosureGate

2010-10-15T10:37:00.000-07:00

The mood around here this week is less than good. As with all businesses once the government comes knocking at the industries door everybody holds their breath.

In the 1960's my father was in the trucking business owning a freight agency. Today, that is a fools business or a one room operation in a trucking company but before De-regulation my father in Los Angeles operated a 120 door loading dock and made money by the boat load.

So I guess government can cut both ways.

I can not talk directly about my business as I am bound by agreements, how ever I can comment about public events that relate to the REO debacle in the USA.

I see from many main stream sources that the attorney generals of many states have discovered that pooling and sercuritization rules were violated as well as every local and state law regarding the transfer for property via assignments on the books.

The media is making patty cakes and playing it down, but you should know that deep in you gut somewhere something is very very wrong and I have the same feeling. Each day I come in and get to sorting and selling. We do little buying these days.

The economists I track are not the ones you see on Bloomberg or CNBC and these men and women are pointing to factors that will reduce the values of all US Real Estate regardless of location and class or type by a minimum of 19 to 25%.

I have a son that is 16 and this problem of over all real estate depreciation is likely to still be with us after he is able to take a legal drink of booze. My mother lives on a fixed income and I have reviewed her holding as well as my and my wife's and we all have investments that are related to RMBS, CMBS and CDO's. So I have a family that is at risk of serious impact should the the banks I work for kick this can down the road.

I recommend that you call your congressperson, governor, and senator and demand that the banks make whole the investors, retirees, pension funds and bond holders to which they knowingly sold trash and called it gold.

Now one tid bit of FYI there are in 5 holding companies not controlled by a GSE that are holding 135,000 single family homes across the nation. These homes have been sitting for months and we were told in June that they would all be sold off by end of year.

Only 30,000 were sold and the every same holding companies today still have the same 135,000 homes in them. Supply is increasing and sellers are not selling. This business is about to explode or the national economy blow up instead. The time has come to demand the banks and GSE sell off or the government must step in and take over the banks via the reconveyance trust NOW!

No Body knows what is happening NoW

2010-07-16T16:46:00.000-07:00

Greeting all and one month later I have the time and the focus to put a note in the Internet.

Did you see the market today, all sellers and no buyers I wonder why! 260 points down!

If you are attempting to buy REO Tranches and for the past year fell on hundreds of intermediary consultants that provide tapes and NCND/MFA's but never got anything well that may be about to change.

{There is a disturbance in the Force Luke} and mean a massive one. After years of the Government's gorging on the bad assets of the banks a vomiting event may come about.

By my limited and very narrow view of the business the Federal Government has a hunchback called the QuasiFED doing it's massive consumption and today QuasiFED is about to either burst or Vomit.

You see when you tell the public that you will buy as they did at the QuasiFED a total of ONE Trillion Dollars worth of triple A assets (wink,wink,nod,nod) from the corporate banking titans and it turns out that there is pitiful cashflow return and the assets are worst than penny stock.

You Vomit them up and sell the evil smelling brew to the vulture class.

And is the Vulture class ready, Yeah Baby they are but they have no idea (save a few) how deep and dark the belly of the QuasiFed is and this is question.

Can the Vultures of the financial world now play round robin roll up (banker style) with assets they buy for pennies and work up to 95% of the current bpo.

Time will tell.

Did you know that there are coming about 4.2 million more foreclosures over the next 18 months!

What will that do to your houses value?

Good night!

In the Year Zero

2010-06-08T11:32:00.000-07:00

Hi all -

I have not been able to up date this blog regularly due to some CA agreements I have signed. The only thing I add currently is the 100M up REO business is growing.

My personal belief is that the value of all real estate in the world will continue to drop until all the financial firms stop "Extend and Pretend".

Good Day!

Bone Crushing Fun

2009-12-11T22:13:00.000-08:00

Today, I had the experience of a life time. I went to work got a great order from a great client and submitted it to the Seller representative with all the necessary fruit salad.

What do you think happened? NOTHING!

Yes, the order and the proof went in, and the Seller suddenly turned into the black hole of 1000 hells. 4 hours after I submit the order the VP in charge comes on the phone and tells me that they are processing the order. Sure right and I am as dumb as a stone!

Folks in this business you have 45 minute window after a signed contract order is submitted with proof documentation to get it back and if you do not get in back from the Seller with their happy little signature so you can deposit the funds in a standing escrow account you can bet every dollar you have that you are being shopped. These people were trying to find some dummy to pay more for this tranche of grade A dead smelling corpses called Foreclosed homes.

I truly despise having a Seller take my work and shop it, especially when everybody on both coasts knows the Sellers BPO's suck "ass" and are so bad that we have to go back to the "Day" to see the best house sell in those neighborhoods for the BPO on this Sellers today value list. We could call this dreaming but it really is a sign of the desperation on the part of the Sellers

But this is what it's like at the moment! Sellers of REO Assets are mad to sell at the highest price. They spent all summer selling home at 90% of their value through Real Estate Agents and wisely only offered up a 1/100th of the actually inventory they have. All in the name of reducing supply now to keep prices high today. Never mind that the bulge building up in the holding companies is swelling up so fast that the FDIC is working 7 days a week to keep up with the number of "warnings" and "Cease and Desist" orders it needs to issue.

Speaking of the FDIC did you know that there is a persistent rumor that the Real Estate Assets is has on it's books are accumulating so fast the that they can not manage it and that the management time to correct is now measured in decades. The title backlog, that is the number of properties with title clouds, BKs, Legal actions and Tax leans now represents 80% of the FDIC holding. I have to wonder if this true.

Now Back to the Seller. Hedge funds do sell product but they do not want to pay fees because they know in their bones that they are richer than all the buyer and especially the representatives and it would be a disservice to their partners to pay for services when they transact business.

You talk to a retirement fund manager and you get the same thing. Oh, Paul we do not pay more than 1 point. My response is thanks and goodbye.

Today, We spent 30 minutes on a conference call with a retirement fund and the Managers bitched about the crap tapes, and delays and broken escrows. They blamed it on the Sellers, Seller Representatives, Title companies, Lousy BPOs, and finally on the product. These are the excuses of idiots. YOU GET WHAT YOU PAY FOR ROBBER BARONS!

Have a great day, and happy weekend. On Monday I have 2 Billion in buyers money to place and I will wait from now on 45 minutes and that is all!

Out with the Flu Really Sucks

2009-11-23T11:43:00.000-08:00

A little over a week ago I came down with a bug and today I am back at work and I can talk but not for long.
'
It is great to be back!

Now just how big is the US Housing Shadow Inventory?

The circle is closing

2009-10-08T09:55:00.000-07:00

Over the past 24 months I have been working to get informed about the many variables related to real estate, mortgages and controlling financial institutions.

I have also talked to a number of bankers and staff about the business and each has a unique and interesting story that rarely seem to be based on avialable facts, but which does dove tail nicely with business objectives and “we be fine mantra.”

The reality is banks are doing everything they are capable of to remain in business and maintain their balance sheet health.

We have observed over two years the tireless activity on the part of the financial industry holding the line by ballooning hidden shadow inventories and creating new balance sheet columns like holding companies and Sub-performing. These banks have worked so hard and now in 2009 in the final quarter they have run out of time, due to issues beyond their control. Today, there is a wave of new selling activity building and it coming from inside the regulators offices.

100 FDIC member banks have fallen to date (more if you count all banks) and depending on who you listen to there will be another 150 to 200 banks that fail next year. The assets of the fallen are bought by a suitor the regulator has on hand but what they do not tell you is the suitor gets only the assets and almost none of the liabilities. These "assets gone bad" are now the property of the US tax payer.

It is this pool of US assets gone bad that has grown to a size and depth that now exceeds the government ability manage and is expanding beyond the GSe's ability to contain any additional future growth.

The regulators need cash now and of course they can borrow from Uncle Sam and demand advance payments from the industry but simple math based on past performance clearly illustrates the available credit and fees in the industry will not meet the requirements of the government regulators when you factor in the Commercial Foreclosures and associated bank failures to follow.

Now the Banks are no longer in control of their future! Why do I say this, because I seen into this other universe of the Giga Shadow and it already beyond vast. The banks pushed the problems out more than 2 years and in that time enough of them have failed to create a wave of assets outside of their control that will impact their businesses regardless of the actions they have used to hold the line over the past 24 months. So the old tricks will not pay any more.

To raise money is easy all you have to do is lower prices to meet customer demand until market saturation inhibits sales, of course sales can be further made by continuing to lower prices. Banks have fought this tooth and nail but now they have created their own competition.

Uncle Sams regulators need cash, They need 100 billion and just maybe this number will grow to 500 billion. So now they are creating sales platforms that have a One billion buy in. These properties in these program are and will be sold off and the impact will be felt at the Banks as property on the market will be marked to match the resale of some of these properties.

Then the Foreclosed Commercial properties will hit the resale market further depressing prices and forcing Banks to take write downs on the books. What this all means is that bottom in the market is 18 to 24 months out at the earliest.

If you get a list from the FDIC

2009-10-01T10:07:00.000-07:00

Hi all:

In the last two weeks the 501c3 non-profit sell off og FDIC controlled asset is underway. Here is how you can tell if you are working with the right buyers representative for Multifamily.

1) Any contract that has more than 3 point in commission is not real and will not close.

2) You must sign a MFA and NCND before you get the approved 501c3/FDIC approved LOI template.

3) You will be advised that you may not circulate the name of or any documents samples or related information to anyone.

Here is why these three items are what they are. The FDIC contract with the non-profits does not allow any party to add costs to the sale. The total allowed commissions is 3 points. 2 points
go to the Non-profit and it's attorney and ONE point goes to the Buyer representative. Buyers representatives must be approved by the 501c3 and only these parties which consist of Lawyers, Mortgage and Real Estate Brokers which have been pre-approved are allowed to process your paper work.

All LOI's are made out to the Chairman of the FDIC and all infromation from both sides is not to be disclosed to anyone for any reason!

In the past 2 weeks my firm and the 501c3 we work for has taken more than 1000 orders. We found out today that some people in the program have violated the terms of the non-disclosure and published material and made representatiions that they are direct to the seller. These people have added 5 points for a total of 8 point. This is crazy and it makes my job harder.

The Government will not approve any broker chains period. If you are not talking directly to my firm or one of the other 6 firms that can conference call in the Non-profit asset manager. Drop it like a because you are wasting everybodies time!!

More and More and More

2009-09-18T15:42:00.000-07:00

Here is a short list of REO apartment complexes & projects for sales!

City State ZIP Total Number of units
NEW YORK NY 10036 1689
NEW YORK NY 10029 1594
NEW YORK NY 10044 1107
NEW YORK NY 10128 1094
SAN FRANCISCO CA 94107 414
LOS ANGELES CA 90012 757
LOS ANGELES CA 90012 332
Phoenix AZ 85015 523

Contact me ASAP close now!

Unwashed know the truth

2009-09-18T08:47:00.000-07:00

Today is Friday and so the last day of this amazing week I have some thoughts to impart to you. First thanks for taking the time to read this.

All week long I have been working with buyers and some brokers that claim to be buyers on a new 501c3 program. If you want multi-family property in any state call me I have it yes you will not believe the prices yeah you can buy 1 to 400 billion today. And I am telling the Truth!

This fact is driving the people on the east coast mad. Yesterday I had a educated high end broker from New York shouting at me on the phone because I gave him a property address that was on a list provided by an agency of the US government because it is for sale.

I got the call to call this firm and I did and I was accused of tarnishing the reputation of one of New York's Wealthiest families. The building is still on the list to be sold by the US government and this gentlemen then proceeded to belittle me as a "nobody not worthy of knowledge or authority" to handle this opportunity.

Listen up people the new system of selling off assets has to be free of Wall Street or the government staff are at risk of claims of special favoritism or worst Graft.

Get used to the new model of selling off these major assets. I work out of an office in Reno not New York because that is my choice. Now back to this gentleman and his firm. I provided his firm the correct paperwork to begin the process. They have not signed any of but instead made disparaging comments about my New York partner and is lack of skills and knowledge. I might add here that this firm competes with the guy I sent into their offices.

Next he attacks me and finally I informed him it was time to stop busting my chops and complete the forms cause this is REAL or call the FBI.

Yes that is right I know the name of the Agency, 501c3 and the US agency chairman so call the FBI. I work for living and nobody is going to cut me out of a deal using Cheesy tactics based on personal assaults. The reason this system is in place is to stop the wall street good old boys from controlling the pot. I am giving this guy information that is controlled under a non-disclosure agreement. End of story!

So please have a great day and be happy cause change is happening and things are not what they seem.

PS. The FBI is a great organization and with a management that has the phone number of the agency on "Speed dial" and the New York broker to the rich and famous is done with this program!

24 months of Mayhem and what?

2009-09-17T08:04:00.000-07:00

After doing this job for past 2 years I have to admit there are more problems today than there was in October of 2007. Back then only the wizened old guys and ladies were telling that they were going to sit on their cash because blood in the streets was coming. I was upset cause the client bought a gold mine instead of the hotel I was trying like hell to sell him.

That man was and is one of the smartest or luckiest people I have ever met, and he was right!

Bulk REO business is a full blown mess! The reason my friend related to me over cake recently was simple, "Government" or as he put it lack there of.

You see in order for market so prosper you have to enable the market. This does not mean regulation or government stimulus. What it means in this case is government have to allow natural processes to happen.

Dr. Housing bubble has been documenting the California shadow inventories and he has come to the conclusion that banks are keeping large in fact majority of foreclosed homes off the market. They are in fact doing this to buy time to keep their institutions day or reckoning in the future as opposed to shutting down the bank next week.

The problem here is the banks that is failed banks inventories have been accumulating in other banks that is the ones that the FDIC has brought in to buy these failed banks assets while the FDIC has been warehousing all the rest.

The Government is building a dam with the intention of preserving the economy by preventing the timely reentry into the market of this tidal wave to SFRs, multi-family and soon commercial retail properties. How big is the Governments dam? I got to see 1 cove and it is more than a Trillion, people that is one of the five categories and it is over a trillion.

My friend has not bought anything yet, and I asked him over cake why. He looked at me and said the beginning of the "blood in the streets" has not started yet. I choked, and asked him when this going to start. He said, "watch the dollar" it will start when the "dollars value" is clearly in steady decline.

I wonder if he is right?

In the mean time I have 1000 Apartment buildings to sell at less than 50 cents on the dollar any takers?

The REO Giga Shadow is Here

2009-09-14T22:54:00.000-07:00

I have 23 Apartment building/s and projects that have been handed off to my firm to sell. There are over 7000 units in these apartment complexes. If you are the buyer call me. we have 48 hours to get you registered. These are all REO product. You must sign two NCNDs, and a Master fee agreement to be registered with the seller expect to make all your LOIs out to "seller of record". Please contact me for the discount data!

If you are Broker I can not help you! This seller does not allow broker chains. If you have a Facebook account look me up I am the guy in Reno with the bald head. I will tell you what you as a broker are going to have to do it you have clients that want this product.

Good luck

city	state	zip code	Total # units
Phoenix	AZ	85015	523
PHOENIX	AZ	85044	360
GLENDALE	AZ	85306	348
GILBERT	AZ	85234	341
Avondale	AZ	85323	336
Phoenix	AZ	85022	324
PHOENIX	AZ	85008	320
YUMA	AZ	85364	312
PHOENIX	AZ	85003	304
PHOENIX	AZ	85035	301
Tucson	AZ	85715	300
CHANDLER	AZ	85224	290
MARANA	AZ	85743	290
PHOENIX	AZ	85004	289
Tucson	AZ	85742	288
PHOENIX	AZ	85014	285
MESA	AZ	85206	266
PHOENIX	AZ	85048	264
PHOENIX	AZ	85043	264
PHOENIX	AZ	85017	264
TUCSON	AZ	85711	260
PHOENIX	AZ	85031	256
Flagstaff	AZ	86001	252

Bulk REO New Government programs are not

2009-08-05T11:14:00.000-07:00

I like good news and I bet you do too. The North American market is Red Hot if you got Funds look at this:

PACKAGE # 7-Office3 – STATUS –Available 8/05/09
Reo Office Building(B) (1) 8% vacant
SF- 700,000+ Sq. ft. and 30,000+ Retail
Cities: NY NY
Price: 489MM
CAP RATE = 7%

Now when was the last time you saw a NYNY office building at a 7 CAP. Please lets all focus on the good News! Trust me this is good and worth a days reflection on what is coming later this year.

Wow!

Every REO property should have one!

2009-08-02T20:22:00.000-07:00

HOUF by HyperOrganic Urban Farm is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License

Bulk Reo California product is more than hard to get

2009-08-01T10:22:00.000-07:00

The Banks are not sitting on this product so what is that they are doing? Are they trading it among themselves? Are they aging it and absorbing the cost of taxes and maintenance? I wonder?

Now look at the Alt-A troubles headed our way and you have to ask. If you were a bank president would you hold all your Non-performing assets for another year and hope they will increase in value?

There are Hedge Funds that are buying large quantities of this product as non-performing notes. They do this on the down-low and are slowing working through the inventory peeling off the goodies they want and bundling the rest for remarketing. My question is why take so long in the process. They stalling the velocity of money and contributiong to a major pool of dead properties sitting in America while REO or NPN inventories continue to rise. Perhaps they are expecting inflation to kick in and raise the value of the assets. I wonder?

My only comment about the behavior of Hedge Funds is that they are totally Myopic
!

“(BusinessWeek) New Barclays Capital research from Sandeep Bordia and colleagues shows that the recasts in the next year or so are expected to be a minor event. But by mid-2011, these borrowers are forecast to see payments that are 50% to 80% higher than what they are grappling with now. (Many of these option ARMS are concentrated in former hot-spot real estate markets, such as California and Florida.)

I have smart investors from California calling and because they see the SFR downturn in California continuing into 2012 they ask for Multi-family. Now normally I would tell ya all this is smart but times are not what they used to be. See the chart and draw your own conculsions.

Note that peak to peak time windows are 10 years, if this holds or even if it 7 year this means the vacany rates will not go down in mass and with great impact until 2015 or later.

Now review many sources in my review of this topic and I can tell you the Markets are heading for a major down turn in September time frame. Perhaps the Banks will see the benefits of selling now instead of sitting and waiting.

Bulk Commercial & Retail is coming Like a Giant

2009-07-24T13:53:00.000-07:00

Bulk REO and NOTES for Sale

2009-07-23T10:51:00.000-07:00

As all thing grow and Change I have to make a few adjustments. As of this week the Bulk REO and NOTES for Sale inventory will move to Facebook.

We have some changes beginning this week to get the latest information on REO & Notes Inventories.

I have established a Private Group on Facebook.com called "Bulk REO and NOTES for Sale". To continue to receive this information you will need to join Facebook (Free) and send me (Paul Lucero) I am the bald guy with the glasses.

I will review each request and will either approve the group membership for you or call for more information.

The reason for change is simple. I have observed that the lists which are provided to you and which do contain very limited privileged information have been circulated in total and this is not acceptable. Please note that I know many of you will not want join another web site but this is essential protect our sources and improve your ability to get the deal done

As per the pervious message there is one more detail. To get access to the Group as it will not show up in a search of Facebook. Once you join you will need to search for me and send me a friend request. I will do what is required to get you access.

REO Rant against Goldman Sachs

2009-07-20T21:32:00.000-07:00

All I can say is watch the video and either do nothing or take action.

It is your future!

Click Here

Bulks sales mean properties Float in the System

2009-07-16T22:19:00.001-07:00

Every day I talk to many people pursuing the purchase of bulk product. Homes, apartments, retail and other. One of the most common things I hear is this:

"I saw that property before, I saw it when it was X and you want me to buy it at XX." Yes my friends these buyers have for months called me out and demanded fresh product. Truthfully, I have to ask you to consider the wisdom of this line of reasoning.

What the buyer is really saying is that I had a chance to buy this cheaper than this! Now I ask you is it the sellers fault that the buyer delayed or blew a purchase? I think not but it does say a lot about the quality of the buyers.

Good buyers see the problem after experiencing personally a couple of times. But clearly there are many new faces coming to this market place every day and they do not know the nature of this very imperfect market place.

The Imperfect market place is full of conflict and faulty data. What is an imperfect Market?

"A market where information is not quickly disclosed to all participants in it and where the matching of buyers and sellers isn't immediate. Generally speaking, it is any market that does not adhere rigidly to perfect information flow and provide instantly available buyers and sellers."

Because of this nature it is absolutely necessary that results be rewarded and poor performance rejected. I have as of this date received more than 80 LOIs and delivered 28 tapes for review to buyers that have correctly completed the necessary forms and their NCND's.

The timing of this is the critical buyers that take days to complete a form or which make issues of process do not close deals unless I make a special effort to get them the deal. I make the effort as offer as possible but due to time constraints I less and less time to help.

Why do tapes and properties continue to float in the system? Because they were bought once repackaged, then repackaged again and sold again.

I have seen some AZ, MI, UT and OH properties float for 4 months in 4 to 5 slightly different or almost identical tapes. The prices slowly rise and the buyers which had a great opportunity 3 months ago are now upset that today I gave them a tape which contained properties they have seen. Floaters are everywhere and we all need to understand that you get one shot at the lowest price. You passed on it and you had access to it or at least a shot at buying it. That is a shame!

Next!!

The Price is the door not the prize. Today I had three buyers looking at a sun belt tape that was over priced by the financial institution selling it.

I tell everyone the same thing. At every office private investor or Bank there is a person that can and does match the numbers on LOI offers with the column that has their price.

Many of these people are overworked, they are tired and they do not care about the time or the sweat invested in the generation of the LOI they only care about the total price.

LOI's are important and should be made on the basis of a good faith estimate made by the seller but subject to the due diligence of the buyer.

This process always adjusts the values inline with the market on the date of sale and the associated risk discount the seller must make to attract legitimate offers. The Price is the door not the prize.

Be well and make it a win win for everyone!

Bulk REO Storm Clouds building FAST!!!

2009-07-06T10:44:00.001-07:00

I have to admit that every day I am looking for good news. Instead, I see crazy Larry on Americas Financial Channel talking about Green Shoots and I know that deep down inside that Pink tie of his is cutting off the blood supply to his brain. The media is scared and do you know why? Because their revenues are in the toilet and the CEO’s have see their friends commit acts that history may very well judge as criminal. Not much to worry about you know!!! And in the mists of this the Consumer is spent, wasted and over taxed. So it is time to get down to business and make some serious money.

Today, I read this article on the LA time site at http://www.blogger.com/www.latimes.com/business/la-fi-foreclosure4-2009jul04,0,5145254.story

"Another wave of foreclosures is poised to strike! " You think this is New Again!

This is madness the West Coast’s largest newspaper could not do any real reporting back in 2007 to see the bubble busting tell tales pouring out the seams of Government and Wall Street.

What is going on now!!

They write this today, "Few people would venture a guess on the magnitude of foreclosure increases. Part of that will be driven by the job market and the financial condition of so-called prime borrowers and homeowners holding adjustable-rate mortgages, both of which are showing more stress."

If times were not so tough I would be laughing. Then I read this, California puts 90-day hold on foreclosures.

“California is imposing a 90-day moratorium on housing foreclosures under a new law that took effect Monday. The law is expected to make lenders try harder to keep borrowers in their homes. Lenders must prove they tried to modify the delinquent loans before they can begin foreclosing.

http://www.latimes.com/business/la-fi-briefs16-2009jun16,0,7080086.story

I did a double take, didn’t the Californian’s already do this back in 2008.
Now that was with the help of Washington’s reality challenged Congress. This is preposterous! Every time the government steps in with direct action all that happens is, more delays, making the duration of this problem grow beyond all expectations. Every time!

Now that we have this on the table you must know that there will be more than 3 million new foreclosed homes in 2009-10 time frame. No government intervention can stop this fact. Bring on the Bad Bank it does not matter. We have a second wave of foreclosures and new major challenge in addition to the sub-prime mess (See last weeks posting below.

I remain optimistic and we will all have a great opportunity to make money. The Banks and Hedge funds will buy and sell and as they do we will see deal like never before. Just remember the golden rule. Everybody needs to win in business! The Zero Sum Game is trash. Find partners that know how to work their market and you will make money.

Also learn to laugh and be happy cause the government can not tax that!!!

Bulk Commercial & Retail is coming

2009-07-02T13:53:00.000-07:00

The banking industry has in my limited opinion done a very poor job of managing the sales of Bulk SFR related properties. The market is imperfect and flawed and has created an intermediary system that has no rules and which is populated with more greed and broker chains than one could have thought possible 18 months ago.

We have been in this business long enough to know the signs of impending seed changes. The commercial and retail market place has until now only been marginally impacted by the large numbers of lost tenants and business bankruptcies. But begining this month that will become old history. The commercial market is about to melt down the reasons for this I will enumerate shortly.

Today I talked with a Money guy in San Francisco and he told me something I have been hearing for over a month. He is a Californian and knows the LA market well. What he told me reflects the smart money on the street today.

In a nut shell here is what he said, "We see the SFR market collapsing another 20 points here in the state. We have changed our buying pattern to Non-performing Notes on Multi-family properties nation wide. We are taking the money out the state. The perception that California will recover first is flawed. We will purse cash flow now. We no longer want any retail regardless of location or commercial."

Twenty minutes afte I posted this message this came out on CNBC

US Home Prices Seen Falling 40% Overall: Analysthttp://www.cnbc.com/id/31713614

I have heard this two dozen times over the past 72 hours and this tells me that something is up. I know from past research the Refinance funds available for commercial & Retail North American ops is about

1/3

of the funding required!!

What happens to the rest of the commercial refies? Where will the property owners turn and how will most with

greatly

reduced borrowing power and lower credit status get replacement funds.?

Then there is the issue of failures. Many projects will fail and the banks will step in and file foreclosure. Normally this is somebody’s Yahoo moment however this time there is a vile problem in the foreclosure path. Remember the securitization stuff. Most commercial loans tend to exceed the limit a bank can lend to one client so the banks band together in participation and fund loans to sub division, high rise, and strip commercial center developers.

The resulting loans are then sold off to wall street firms that bundle them into Bonds that become tools in the CDS CBO and other markets.

So on the day of the BK or Foreclosure hearing who will show up to represent the lender. Not 1 or 2 lawyers, maybe 20 or more. Talk about a Cluster ****. The commercial banks have a massive problem on their hands and regardless of what they say they are in big trouble.

Remember this when you are offered a Mezz B note on a Mega project. it is cheap because the sellers do not want the court room expenses!

REO Sales are slowly correcting a major imbalance

2009-06-17T13:43:00.000-07:00

This is the Single Family housing start data going back to 1964.

I recommend you read this article: http://www.marketoracle.co.uk/Article11351.html

REO Bulk Sales are increasing in Volume because ....

2009-06-15T10:49:00.000-07:00

Folks the facts are the volume of foreclosures is not slowing and the pipeline is connected to multiple sources that will very soon be busting at the seams. See the following article to back my statement that, "we have not hit bottom yet!"

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NEW YORK, Jun 12, 2009 (BUSINESS WIRE) -- Fitch Ratings has taken various rating actions on 543 2005 through 2008 vintage U.S. subprime RMBS transactions in the course of its ongoing review of subprime RMBS.
A spreadsheet detailing Fitch's rating actions on the affected transactions, as well as Expected Loss for each mortgage pool and Loss Coverage Ratios for each bond, is available at http://www.fitchratings.com/ under the following headers:

Structured Finance >> RMBS >> Rating Action Reports
Today's rating actions reflect Fitch's analysis of expected default and loss from the collateral pool in addition to cash flow analysis of each class. The average updated expected collateral losses as a percentage of the original pool balance for the 2005, 2006 and 2007 vintages are 17%, 39% and 47%, respectively. As a percentage of the remaining pool balances, the average expected losses for the three vintages are 45%, 59% and 55%.

-------------------------------------------------------------------------- See complete article at: http://www.marketwatch.com/story/fitch-takes-various-actions-on-543-2005-2008-us-subprime-rmbs-deals?siteid=nbkh

REO Bulk business impacted positively by 465,000 foreclosures in May 2009

2009-06-10T13:09:00.000-07:00

This is the June 10th, 2009 summary of available packages for sale. All Sold packages are noted and will be removed next week.
Make an offer in the form or a “Letter of Interest” and a Non-circumvention agreement (we provide), also be prepared to provide Soft Proof of funds to the bank.
Make an offer regardless of the sales price or asking price!
Real Estate Owned by the Bank (REO)
Make an offer in the form or a “Letter of Intent” and a Non-circumvention and Non-Disclosure agreement (we provide the LOI template for you), also be prepared to provide Soft Proof of funds to the bank. See attached preferred LOI format.
Make an offer regardless of the sales price or asking price!
PERFORMING NOTES
Performing Note packages are available for purchase by submitting a "Letter of Interest" which must include at a minimum the name of the buyer and their attorneys that will handle proof of fund.
The Buyer and the Buyers representative must sign and return a NCND to Continental Funding Company.
A Note Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 85 to 90% of their face value.

For more information: Call our partner Continental Funding Company 775-853-5626.

PACKAGE # 5-4e AVAILABLE – 6/09/09
REO SFR Package
25 SFRs and couple of duplexes All in GA.
BPO to be determined in Escrow estimated value is 2.7 million
Sales Price = $1,334,270

PACKAGE # 5-4j – AVAILABLE – 6/09/09
REO unfinished Condos Package with 10K commercial leased 20+ years
70+ SFR all in downtown Los Angeles, CA
Units are 800 to 1500 square feet
BPO to be determined in escrow (make an offer)
Make offer Plus 3 % in fees

PACKAGE # 5-4k – AVAILABLE – 6/04/09
REO SFR
28 SFR in GA, NC, VA,WV, MD,
BPO to be determined in escrow (make an offer)
Make offer Plus 3 % in fees

PACKAGE # 5-4L – SOLD – 6/9/09
REO SFR
103 SFR in AZ, CA
BPO to be determined in escrow (make an offer)
Make offer Plus 3 % in fees

PACKAGE # 5-4m – AVAILABLE – 6/9/09
REO 10 SFR in NV
BPO to be determined in escrow (make an offer)
Owner estimate $1.4 million
Make offer Plus 3 % in fees

PACKAGE # 5-4n1 – AVAILABLE – 6/9/09
REO SFR - 22 SFR in CA, Los Angeles
BPO estimate $7,039,000
Asking Price: $4.426 million
Make offer Plus 3 % in fees

PACKAGE # 5-4o1 - PENDING – 6/9/09
REO SFR - 7 SFR in Los Angeles, CA
BPO to $982,205
Asking Price: $879,278
Make offer Plus 3 % in fees

PACKAGE # 5-4p – PENDING – 6/09/09
REO SFR - 10 SFR in Los Angeles, CA
BPO to $3.273 million
Asking Price: $1,816,499
Make offer Plus 3 % in fees

PACKAGE # 5-4r – AVAILABLE – 6/09/09
REO - 97 Florida SFR
BPO to be determined in Escrow
Seller will accept 60 cents of current BPO
Make offer Plus 3 % in fees

PACKAGE # 5-4s - SOLD – 6/09/09
REO 102 SFR - AL (5), CA (1), CO (1), FL (2), GA (3), IA (2), IL(34), IN (3), KS (3), KY (4)MA (1), ME(1),MI(6),MN(3), MO (4), NY (1), (9)
Asking price with fees is $896,000.00
Private Investor Sales
Make offer fees included

PACKAGE # 5-5 – STATUS –AVAILABLE 6/09/09
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 Letter of Interest (LOI) and provide SPOF contact information in the LOI.

PACKAGE # 5-6 – –AVAILABLE 6/09/09
Performing Hotel 1st Trust Deeds for sale both borrowers
1) 3.054 million note , rate 6.642, 10 year with balloon, LTV 63.00% Discounted to
$2,473,910 - Available
Available for 81 cents on the dollar.
To review tape:
Make an offer in LOI for and include contract POF information.

PACKAGE # 5-10 – STATUS –AVAILABLE 6/09/09
Performing Hotel and Retail Notes for Sale
A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 85to 90% of their face value.
Floating Senior Loans
1) Retail Portfolio- SR. Participation 20 retail centers, Various
2) Mall 40+ Retail, VA
3) Industrial Manufacturing Portfolios , 60 industrial located in, IN, KS, MD
4) Industrial Portfolios , 41 industrial located in, Various states
Floating Rate B- Notes
1) Hotel Portfolio Mezz, 42 hotels in Various states
2) Viginia Mall Mezz, 44 Retail
3) NYC Hotel Mezz, 27 hotel
4) Florida Retail, 38 retail
5) Pennsylvania Office, 33 office
6) International Hotel, 57 hotels
7) International Hotel, 57 hotels
8) Metropolitan Office Mezz, 36 offices
9) Metropolitan Office Mezz, 36 offices
10) Luxury Hotel Mezz , 39 hotels
11) Luxury Hotel Mezz , 39 hotels
12) Luxury Hotel Mezz , 39 hotels
13) Metropolitan Hotel Mezz, 27 hotels
14) Metropolitan Hotel Mezz, 27 hotels
15) Hawaii Hotel B-note, 39 hotel
16) Hawaii Hotel B-note, 39 hotel
Fixed Loans
1) Michigan Office , 105 Offices
2) Ohio Offices , 107 Offices

PACKAGE # 5-26 – STATUS –AVAILABLE 6/09/09
Performing Notes for sale Arkansas
Hospital Performing
Payers credit over 700 FICO
Remaining Balance $107,000
Make offer

PACKAGE # 5-27 – STATUS –AVAILABLE 6/09/09
Performing Notes for sale Washington DC - 83,411 Square Feet
south of Class B Washington DC Suburban Office Property – 83,411 SF
$7.8M Owners valuation - Property is 100% occupied
Bank is willing to take 20% off, we are direct to bank
ACTUAL TTM NOI of $744,530 (9.5% DY to Last Dollar)

PACKAGE # 5-28 – STATUS – AVAILABLE 6/09/09
REO SFR LAND package
233 SFR Lots located in various states FL, NC,SC,
Owner BPO =$6.1.million
Make offer Plus 3 % in fees

PACKAGE # 5-29 – STATUS – AVAILABLE 6/09/09
REO Commercial LAND package
18 Lots located in various states FL, NC,SC,
4 commercial, 3 office buildings, 3 Convenience stores
Owner BPO =$71.3.million
Make offer Plus 3 % in fees

PACKAGE # 5-30 – STATUS – PENDING 6/09/09
REO SFR Los Angeles, CA
99 Single Family homes
BPO = 20,788,073
Price = 11,433,440
3.0% fees included in the Price
zip codes:90001,90002,90003,90026, 90037, 90011,90016 90018,90022,90032,90042,90044,90047,90059,90060,90061,90063,90065

PACKAGE # 5-31 – STATUS – PENDING 6/09/09
REO SFR Orange County, CA
73 Single Family homes 3+ bedroom, 2+ Baths
BPO = 26,354,574
Prices = 15,285,652
zip codes: 92831,92832,92833,92835,92675, and 8 SFR total in 91723,91724,91722,91724

PACKAGE # 5-32 – STATUS – AVAILABLE 6/09/09
REO COMMERCIAL Orlando, FL
5K Sq.ft., 1+ AC Historic 2 Story
BPO = $4.9 million
Asking = $3.3 Million

PACKAGE # 5-33 – STATUS – AVAILABLE 6/09/09
REO COMMERCIAL SpartanBerg, SC
30K Sq,ft. Hotel
BPO = $20 million
Asking = 18.00 Million

PACKAGE # 5-34 – STATUS – AVAILABLE 6/09/09
REO COMMERCIAL Columbia, SC
7+K Sq.ft. Restaurant
BPO = $1.7 million
Asking = $1.15 Million
Fees included

PACKAGE # 5-35 – STATUS – AVAILABLE 6/09/09
REO COMMERCIAL Tampa, FL
16K Sq.ft., Office Building
BPO = $1.0 million
Asking = $690K
Fees included

PACKAGE # 5-37 – STATUS – available 6/09/09
REO COMMERCIAL , NC
2,8K Sq.FT. Convenience store
BPO= $525K
Asking = $ 357K
Fees included

PACKAGE # 5-38 – STATUS – available 6/09/09
REO COMMERCIAL, GA, 4.3K Sq.ft. commercial building
BPO= $370K
Asking = $ 251K
Fees Included

PACKAGE # 5-39 – STATUS – available 6/09/09
REO COMMERCIAL, SC, 2.3K Sq.ft. convenience store
BPO= $350K
Asking = $ 231K
Fees Included

PACKAGE # 5-40 – STATUS – available 6/09/09
REO COMMERCIAL , NC, .8 AC. Convenience store
BPO= $370K
Asking = $ 251K
Fees Included

PACKAGE # 5-41 – STATUS – available 6/09/09
REO COMMERCIAL , FL, 4.3K Sq.ft. Office building
BPO = $380K
Asking $258K
Fees Included

PACKAGE # 5-42 – STATUS – updated 6/09/09
REO COMMERCIAL , NC, 2.8K Sq.ft. Convenience store
BPO= $274K
Asking $191K
Fees Included

PACKAGE # 5-43 – STATUS – available 6/09/09
REO COMMERCIAL , SC, 5K Sq. Ft. Restaurant
BPO = 350K
Asking = $228K
Fees Included

PACKAGE # 5-44 – STATUS – available 6/09/09
REO COMMERCIAL , NC, 1.2K Sq. Ft. Office
BPO = $220K
Asking =$149K
Fees Included

PACKAGE # 5-47 – STATUS – available 6/09/09
REO 48 SFR - New York properties in - Bronx (6), Brooklyn (11), Far Rockaway (6), Floral Park (1), Jamaica (5). FARMINGDALE (1), FREEPORT (3), SAINT ALBANS (1), Cambria Heights (1), East Elmhurst (1), Pleasant Valley (2), POUGHKEEPIE (8), South Ozone Park (3),
BPO estimate: $14.5 million
Price: Make an offer and include 3% fees

PACKAGE # 5-48 – STATUS – corrected 6/10/09
REO 12 projects in New York State some unfinished, total of 301 Apartments, 1 Commercial Condo
Cities: NYNY (3), Brooklyn (5), Flushing (2), Yonkers (1), Jersey City (1)
BPO estimate: $70.9 million
Available for sale on a line item basis!!
Price: Make an offer and include 3% fees

PACKAGE # 5-49 – STATUS – Revised 6/09/09
Non Performing (35) Notes
Colorado and Arizona - Commercial (3), Retail (3), Lots (8), SFR (13),Multi-Family(3), Retail (3), Office (4), Estate (1)
LTV % average 75%
Loan Value total is $57.6 million
Price: Make an offer and include 3% fees

PACKAGE # 5-50 – STATUS – available 6/09/09
14 Waterfront Condos and boat lifts. The project is 85%, FL
BPO finished in 2008 = $7.5 million
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-1 – STATUS – available 6/09/09
Non Performing Notes
14 office and retail New Units. 20,000+ sq.ft., FL
BPO fto be determined in Escrow
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-2 – STATUS – available 6/09/09
Non Performing Notes
9 Condos 1,600+ Sq.Ft., FL
BPO to be determined in Escrow
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-3 – STATUS – nonexclusive 6/09/09
Non Performing Notes
150+ room Hotel , FL
Recently Remodeled
BPO to be determined in Escrow
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-4 – STATUS – available 6/09/09
Non Performing Notes
3 Condos 2,000+ Sq.Ft., FL
Recently Remodeled
BPO estimated $340,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-5 – STATUS – Updated 6/09/09
Non Performing Notes
75+ unit Apartment building FL
BPO estimated $7,550,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-6 – STATUS – available 6/09/09
Non Performing Notes
1 Condo 4 bed ,3.5 baths(5,100+ Sq.Ft). FL
BPO estimated $1,250,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-7 – STATUS – available 6/09/09
Non Performing Notes
2 Commercial building(16,100+ Sq.Ft). FL
BPO estimated $1,350,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-8 – STATUS – available 6/09/09
Non Performing Notes
13 Condos (1,100+ Sq.Ft). FL
BPO estimated $1,490,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-9 – STATUS – nonexclusive 6/09/09
Non Performing Notes
11 Unit Strip Center (12,000+ Sq.Ft). FL
BPO estimated $1,890,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-10 – STATUS – nonexclusive 6/09/09
Non Performing Notes
1 Warehouse Flex Space(14,000+ Sq.Ft). FL
BPO estimated $968,153.00
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-11 – STATUS – available 6/09/09
Non Performing Notes
1 Warehouse Flex Space(14,000+ Sq.Ft). FL
BPO estimated $968,153.00
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-12 – STATUS – available 6/08/09
Non Performing Notes
1 Medical office building 4,000 Sq.Ft.. FL
BPO to be determined
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-13 – STATUS – available 6/08/09
Non Performing Notes
2 Building office complex (3,340+ Sq.Ft). FL
BPO estimated $524,900
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-14 – STATUS – available 6/08/09
Non Performing Notes
5 Condos 2/2 (950 Sq.Ft.) FL
BPO estimated $400,900
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-15 – STATUS – available 6/08/09
Non Performing Notes
20 units in 3 building FL
BPO to be determined
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-16 – STATUS – nonexclusive 6/08/09
Non Performing Notes
1 Office condo 2,500+ Sq.Ft. FL
BPO to be determined
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-17 – STATUS – available 6/08/09
Non Performing Notes
1 SFR (2300+ Sq.Ft.) FL
BPO estimated $575,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-18 – STATUS – available 6/02/09
Non Performing Notes
1 Office condo 2,500+ Sq.Ft. FL
BPO to be determined
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-19 – STATUS – available 6/08/09
Non Performing Notes
1 Townhome (1200+ Sq.Ft.) FL
BPO estimated $375,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-20 – STATUS – available 6/02/09
Non Performing Notes
1 Townhome (2500+ Sq.Ft.) FL
BPO to be determined in escrow
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-21 – STATUS – available 6/02/09
Non Performing Notes
1 SFR (2200+ Sq.Ft.) FL
BPO = 290K
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-22 – STATUS – available 6/08/09
Non Performing Notes
1 SFR (2400+ Sq.Ft.) FL
BPO = 200K
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-23 – STATUS – available 6/08/09
Non Performing Notes
1 Commercial Building (1600+ Sq.Ft.) FL
BPO = 270K
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-24 – STATUS – available 6/08/09
Non Performing Commercial Notes
Pool value at 146 Million
24 notes,
States: NYNY, Bronx, Staten Island, Brooklyn, Ashbury Park, Jersey City, Ft Salonga, NY
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer include 3% fees

PACKAGE # 6-25 – STATUS – available 6/09/09
Non Performing Notes
44 Townhomes with 2 car Garage (1800+ Sq.Ft.) CA
Loan Balance 14.1MM
Status: 95% Complete
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer .68 cents on the BPO and include 3% fees

PACKAGE # 6-26 – STATUS – Sold 6/10/09
Non Performing Notes
2 notes New York, NY –
(1) Commercial office BPO = 66.1MM-LTV(68%),
(1) Multi-family BPO =77.3MM-LTV(49%)
Combined Loan Balances 64.4 MM
Status: Complete
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-27 – STATUS – Available 6/9/09
REO SFR 16+ state, Heavy in OH,MI, and PA
1096 Single Family homes
BPO = 70mm This is a owner estimate
Price = 12.6 mm
Make an offer include 3.0% fees

PACKAGE # 6-28 – STATUS – Available 6/9/09
REO state, Heavy in NV Las Vegas, Henderson, Reno, North Las Vegas
14 Single Family homes
BPO = 3.8mm This is a owner estimate
Price = 1.1 mm
Make an offer include 3.0% fees

PACKAGE # 6-29 – STATUS – Available 6/9/09
REO state, Heavy in AZ Maricopa,
87 Single Family homes
BPO = 11.1 mm This is a owner estimate
Price = 5.5 mm
Make an offer include 3.0% fees

PACKAGE # 6-30 – STATUS – duplicate 6/9/09

PACKAGE # 6-31 – STATUS – Available 6/9/09
REO state, Heavy in CA Southern California,
172 Single Family homes
BPO = 42.8 mm This is a owner estimate
Price = 26.28 mm
Make an offer include 3.0% fees

PACKAGE # 6-32 – STATUS – Available 6/9/09
REO state, Heavy in Orange County, Southern California,
60 Single Family homes
BPO = $23.8 mm This is a owner estimate
Price = $16.41 mm
Make an offer include 3.0% fees

PACKAGE # 6-33 – STATUS – SOLD 6/10/09
Performing Note Commercial Pool,
17 notes secured by Office, Hotel, anchored and un-anchored Retail
Loan Balance = $629.31 mm
Appraised Property collateral Price = $861.26 mm
Make an offer include 3.0% fees

PACKAGE # 6-34 – STATUS – SOLD 6/10/09
Performing Note Hotel Pool,
5 notes secured by (4)Hotel, FL and Cayman Islands
Loan Balance = $226.31 mm
Appraised Property collateral Price = $661.1 mm
Make an offer include 3.0% fees

PACKAGE # 6-35 – STATUS – SOLD 6/10/09
Performing Note Hotel Pool,
1 notes secured by (1)Hotel, State AZ
Loan Balance = $13.6 mm
Appraised Property collateral Price = $17.5 mm
Make an offer include 3.0% fees

PACKAGE # 6-36 – STATUS – SOLD 6/10/09
Performing Note Multi-Family Pool,
8 notes secured by (8)Properties State LA, ID, SC, IL, OH, CA
Loan Balance = $172.4 mm
Appraised Property collateral Price = $238.19 mm
Make an offer include 3.0% fees

PACKAGE # 6-37 – STATUS – Available 6/9/09
Performing Note Commercial Pool- Ohio
1 notes secured by (2) apartment complexes (245+ units)
Loan Balance = $9.26 mm
Appraised Property collateral Price = $14.56 mm
Make an offer 82% plus 3.0% fees

PACKAGE # 6-38 – STATUS – Available 6/9/09
Non- Performing Multi-family Notes for Sale
A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 55 to 70% of their face value.
1) 21 Units, Location CT
2) 24 Units, Location CT
3) 60 Units, Location CT
4) 84 Units, Location CT
5) Mixed use, Location NJ
6) 72 Units, Location NJ
7) Mixed use 18 Units, Location NJ
8) 7 Units, Location NJ
9) 25 Units, Location NJ
10) 13 Units, Location NJ
11) 5 Units, Location NJ
12) 7 Units, Location NJ
13) 5 Units, Location NY
14) 28 Units, Location NY
15) 16 Units, Location NY
16) 11 Units, Location NY
17) 10 Units, Location NY
18) 6 Units, Location NY
19) Mixed use 2 commercial and 6 Units, Location NY
20) 10 Units, Location NY
21) 7 Units, Location NY
22) 9 units , Location NY

PACKAGE # 6-39 – STATUS – Available 6/9/09
REO state, Georgia,
150 Single Family homes
BPO = $35.65 mm This is a owner estimate
Price = $21.19 mm
Includes 3.0% fees in price

PACKAGE # 6-40 – STATUS – Available 6/9/09
Non-Performing (Foreclosure) in progress, State MI
Hotel 390+ Rooms with conference center
10 MM Non performing Debt Facility A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 35 to 50% of their face value.

PACKAGE # 6-41 – STATUS – Available 6/9/09
Non-Performing (Foreclosure) in progress, US Territory
Hotel (Flagged) (425+) Rooms with conference center
Non performing Debt Facility Via Bank
Financing is available with 11 million down good terms available
08 Storm damaged to be repaired 5 million required
BPO = $61.7 million
Price= $26.5 million
Make an offer 43% of BPO includes all fees

PACKAGE # 6-42 – STATUS – Available 6/9/09
REO HOTEL 155+ rooms (Flagged) State: FL Near Disneyworld
Remodeled in 2008
BPO = 7.5 mm
Price = 5.9mm Fees included in sales price
+

PACKAGE # 6-43 – STATUS – Available 6/10/09
Non-Performing Note SFR Pool,
12 notes, State CA, FL, GA, WI
Loan Balance = $2.4 mm
Sales Price = $1.16 mm
Make an offer fees included in sales price

PACKAGE # 6-44 – STATUS – Available 6/10/09
Performing Note Hotel Pool,
120 notes secured by (120 SFR), State TX
Loan Balance = $2.7 mm
Appraised Property collateral Price = $1.86 mm
Make an offer include 3.0% fees

PACKAGE # 6-45 – STATUS – Available 6/10/09
Performing Note Pool,
2 notes secured by Long Beach CA. 4-plex and duplex
Loan Balance = $600K
Sale Price = $480K
Make an offer include 3.0% fees

REO bulk Sales are just getting started

2009-06-07T23:40:00.000-07:00

Folks check out this article becuase it is an eye opener.

http://exiledonline.com/depression-porn-gaming-the-real-estate-market/2/

REO Bulk Sales in June off to the Races!!!

2009-06-03T15:06:00.000-07:00

This is the June 3rd, 2009 summary of available packages for sale. All Sold packages are noted and will be removed next week.
Make an offer in the form or a “Letter of Interest” and a Non-circumvention agreement (we provide), also be prepared to provide Soft Proof of funds to the bank.
Make an offer regardless of the sales price or asking price!
Real Estate Owned by the Bank (REO)
Make an offer in the form or a “Letter of Intent” and a Non-circumvention and Non-Disclosure agreement (we provide the LOI template for you), also be prepared to provide Soft Proof of funds to the bank. (see attached preferred LOI format)
Make an offer regardless of the sales price or asking price!
PERFORMING NOTES
Performing Note packages are available for purchase by submitting a "Letter of Interest" which must include at a minimum the name of the buyer and their attorneys that will handle proof of fund.
The Buyer and the Buyers representative must sign and return a NCND to Continental Funding Company.
A Note Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 85to 90% of their face value.

For more information: Call our partner Continental Funding Company 775-853-5626

PACKAGE # 5-4e AVAILABLE – 6/01/09
REO SFR Package
25 SFRs and couple of duplexes All in GA.
BPO to be determined in Escrow estimated value is 2.7 million
Sales Price = $1,334,270

PACKAGE # 5-4f – SOLD – 5/29/09
29 SFR and Multi-family in CT (11),NJ(7), NY(11).
BPO to be determined in Escrow estimated value is 6.4 million
Sales Price = $3,642,390

PACKAGE # 5-4i – AVAILABLE – 6/01/09
REO SFR Package
51 SFR all in Florida
Asking 10.2 million
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4j – AVAILABLE – 6/01/09
REO unfinished Condos Package with 10K commercial leased 20+ years
70+ SFR all in downtown Los Angeles, CA
Units are 800 to 1500 square feet
BPO to be determined in escrow (make an offer)
Make offer Plus 3 % in fees

PACKAGE # 5-4k – AVAILABLE – 6/01/09
REO SFR
28 SFR in GA, NC, VA,WV, MD,
BPO to be determined in escrow (make an offer)
Make offer Plus 3 % in fees

PACKAGE # 5-4L – AVAILABLE – 6/2/09
REO SFR
103 SFR in AZ, CA
BPO to be determined in escrow (make an offer)
Make offer Plus 3 % in fees

PACKAGE # 5-4m – AVAILABLE – 6/2/09
REO SFR
10 SFR in NV
BPO to be determined in escrow (make an offer)
Owner estimate $1.4 million
Make offer Plus 3 % in fees

PACKAGE # 5-4n – DUPLICATE REMOVED – 6/2/09

PACKAGE # 5-4n1 – AVAILABLE – 6/2/09
REO SFR - 22 SFR in CA, Los Angeles
BPO estimate $7,039,000
Asking Price: $4.426 million
Make offer Plus 3 % in fees

PACKAGE # 5-4o – DUPLCIATE REMOVED– 6/2/09

PACKAGE # 5-4o1 - PENDING – 6/2/09
REO SFR - 7 SFR in Los Angeles, CA
BPO to $982,205
Asking Price: $879,278
Make offer Plus 3 % in fees

PACKAGE # 5-4p – PENDING – 6/02/09
REO SFR - 10 SFR in Los Angeles, CA
BPO to $3.273 million
Asking Price: $1,816,499
Make offer Plus 3 % in fees

PACKAGE # 5-4r – AVAILABLE – 6/2/09
REO - 97 Florida SFR
BPO to be determined in Escrow
Seller will accept 60 cents of current BPO
Make offer Plus 3 % in fees

PACKAGE # 5-4s - AVAILABLE – 6/2/09
REO 93 SFR - AL (5), CA (1), CO (1), FL (2), GA (3), IA (2), IL(34), IN (3), KS (3), KY (4)MA (1), ME(1),MI(6),MN(3), MO (4), NY (1)
Asking price with fees is $896,000.00
Private Investor Sales
Make offer fees included

PACKAGE # 5-5 – STATUS –AVAILABLE 6/3/09
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 Letter of Interest (LOI) and provide SPOF contact information in the LOI.

PACKAGE # 5-6 – –AVAILABLE 6/2/09
Performing Hotel 1st Trust Deeds for sale both borrowers
1) 3.054 million note , rate 6.642, 10 year with balloon, LTV 63.00% Discounted to
$2,473,910 - Available
Available for 81 cents on the dollar.
To review tape:
Make an offer in LOI for and include contract POF information.

PACKAGE # 5-10 – STATUS –AVAILABLE 6/3/09
Performing Hotel and Retail Notes for Sale
A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 85to 90% of their face value.
Floating Senior Loans
1) Retail Portfolio- SR. Participation 20 retail centers, Various
2) Mall 40+ Retail, VA
3) Industrial Manufacturing Portfolios , 60 industrial located in, IN, KS, MD
4) Industrial Portfolios , 41 industrial located in, Various states
Floating Rate B- Notes
1) Hotel Portfolio Mezz, 42 hotels in Various states
2) Viginia Mall Mezz, 44 Retail
3) NYC Hotel Mezz, 27 hotel
4) Florida Retail, 38 retail
5) Pennsylvania Office, 33 office
6) International Hotel, 57 hotels
7) International Hotel, 57 hotels
8) Metropolitan Office Mezz, 36 offices
9) Metropolitan Office Mezz, 36 offices
10) Luxury Hotel Mezz , 39 hotels
11) Luxury Hotel Mezz , 39 hotels
12) Luxury Hotel Mezz , 39 hotels
13) Metropolitan Hotel Mezz, 27 hotels
14) Metropolitan Hotel Mezz, 27 hotels
15) Hawaii Hotel B-note, 39 hotel
16) Hawaii Hotel B-note, 39 hotel
Fixed Loans
1) Michigan Office , 105 Offices
2) Ohio Offices , 107 Offices

PACKAGE # 5-26 – STATUS –AVAILABLE 5/26/09
Performing Notes for sale Arkansas
Hospital Performing
Payers credit over 700 FICO
Remaining Balance $107,000
Make offer

PACKAGE # 5-27 – STATUS –AVAILABLE 6/2/09
Performing Notes for sale Washington DC - 83,411 Square Feet
south of Class B Washington DC Suburban Office Property – 83,411 SF
$7.8M Owners valuation - Property is 100% occupied
Bank is willing to take 20% off, we are direct to bank
ACTUAL TTM NOI of $744,530 (9.5% DY to Last Dollar)

PACKAGE # 5-28 – STATUS – AVAILABLE 6/2/09
REO SFR LAND package
233 SFR Lots located in various states FL, NC,SC,
Owner BPO =$6.1.million
Make offer Plus 3 % in fees

PACKAGE # 5-29 – STATUS – AVAILABLE 6/2/09
REO Commercial LAND package
18 Lots located in various states FL, NC,SC,
4 commercial, 3 office buildings, 3 Convenience stores
Owner BPO =$71.3.million
Make offer Plus 3 % in fees

PACKAGE # 5-30 – STATUS – PENDING 6/2/09
REO SFR Los Angeles, CA
99 Single Family homes
BPO = 20,788,073
Price = 11,433,440
3.0% fees included in the Price
zip codes:90001,90002,90003,90026, 90037, 90011,90016 90018,90022,90032,90042,90044,90047,90059,90060,90061,90063,90065

PACKAGE # 5-31 – STATUS – PENDING 6/2/09
REO SFR Orange County, CA
73 Single Family homes 3+ bedroom, 2+ Baths
BPO = 26,354,574
Prices = 15,285,652
zip codes: 92831,92832,92833,92835,92675, and 8 SFR total in 91723,91724,91722,91724

PACKAGE # 5-32 – STATUS – AVAILABLE 6/2/09
REO COMMERCIAL Orlando, FL
5K Sq.ft., 1+ AC Historic 2 Story
BPO = $4.9 million
Asking = $3.3 Million

PACKAGE # 5-33 – STATUS – AVAILABLE 6/2/09
REO COMMERCIAL SpartanBerg, SC
30K Sq,ft. Hotel
BPO = $20 million
Asking = 18.00 Million

PACKAGE # 5-34 – STATUS – AVAILABLE 6/2/09
REO COMMERCIAL Columbia, SC
7+K Sq.ft. Restaurant
BPO = $1.7 million
Asking = $1.15 Million
Fees included

PACKAGE # 5-35 – STATUS – AVAILABLE 6/02/09
REO COMMERCIAL Tampa, FL
16K Sq.ft., Office Building
BPO = $1.0 million
Asking = $690K
Fees included

PACKAGE # 5-37 – STATUS – available 6/2/09
REO COMMERCIAL , NC
2,8K Sq.FT. Convenience store
BPO= $525K
Asking = $ 357K
Fees included

PACKAGE # 5-38 – STATUS – available 6/2/09
REO COMMERCIAL, GA, 4.3K Sq.ft. commercial building
BPO= $370K
Asking = $ 251K
Fees Included

PACKAGE # 5-39 – STATUS – available 6/2/09
REO COMMERCIAL, SC, 2.3K Sq.ft. convenience store
BPO= $350K
Asking = $ 231K
Fees Included

PACKAGE # 5-40 – STATUS – available 6/2/09
REO COMMERCIAL , NC, .8 AC. Convenience store
BPO= $370K
Asking = $ 251K
Fees Included

PACKAGE # 5-41 – STATUS – available 5/26/09
REO COMMERCIAL , FL, 4.3K Sq.ft. Office building
BPO = $380K
Asking $258K
Fees Included

PACKAGE # 5-42 – STATUS – updated 6/2/09
REO COMMERCIAL , NC, 2.8K Sq.ft. Convenience store
BPO= $274K
Asking $191K
Fees Included

PACKAGE # 5-43 – STATUS – available 6/2/09
REO COMMERCIAL , SC, 5K Sq,Ft. Restaurant
BPO = 350K
Asking = $228K
Fees Included

PACKAGE # 5-44 – STATUS – available 6/2/09
REO COMMERCIAL , NC, 1.2K Sq. Ft. Office
BPO = $220K
Asking =$149K
Fees Included

PACKAGE # 5-45 – STATUS – SOLD 5/29/09
Buyer Alert! Buyer beware
All Properties are REO
You must do diligence!
19 Multi-family properties in Bronx (6), Brooklyn (5), Far Rockaway (2), Flushing (1), Jamaica (5)
BPO estimate: $3.17 million
Price: $1.7 million includes 3% fee

PACKAGE # 5-46 – STATUS – SOLD 5/29/09
Buyer Alert! Buyer beware
All Properties are REO SFR, Multifamily, Commercial and Retail
You must do diligence!
24 Multi-family properties in NY - Bronx (6), Brooklyn (7), Far Rockaway (4), Floral Park (1), Jamaica (3), NEW HYDE PARK (1), ROSEDALE (2), SAINT ALBANS (2), SOUTH OZONE PARK (1), SPRINGFIELD GARDEN (1),
BPO estimate: $5.8 million
Price: $3.0 million includes 3% fee

PACKAGE # 5-47 – STATUS – available 6/2/09
REO 48 SFR - New York properties in - Bronx (6), Brooklyn (11), Far Rockaway (6), Floral Park (1), Jamaica (5). FARMINGDALE (1), FREEPORT (3), SAINT ALBANS (1), Cambria Heights (1), East Elmhurst (1), Pleasant Valley (2), POUGHKEEPIE (8), South Ozone Park (3),
BPO estimate: $14.5 million
Price: Make an offer and include 3% fees

PACKAGE # 5-48 – STATUS – corrected 6/3/09
REO 12 projects in New York State some unfinished, total of 301 Apartments, 1 Commercial Condo
Cities: NYNY (3), Brooklyn (5), Flushing (2), Yonkers (1), Jersey City (1)
BPO estimate: $70.9 million
Price: Make an offer and include 3% fees

PACKAGE # 5-49 – STATUS – Revised 6/2/09
Non Performing (35) Notes
Colorado and Arizona - Commercial (3), Retail (3), Lots (8), SFR (13),Multi-Family(3), Retail (3), Office (4), Estate (1)
LTV % average 75%
Loan Value total is $57.6 million
Price: Make an offer and include 3% fees

PACKAGE # 5-50 – STATUS – available 6/2/09
14 Waterfront Condos and boat lifts. The project is 85%, FL
BPO finished in 2008 = $7.5 million
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-1 – STATUS – available 6/02/09
Non Performing Notes
14 office and retail New Units. 20,000+ sq.ft., FL
BPO fto be determined in Escrow
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-2 – STATUS – available 6/02/09
Non Performing Notes
9 Condos 1,600+ Sq.Ft., FL
BPO to be determined in Escrow
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-3 – STATUS – available 6/02/09
Non Performing Notes
150+ room Hotel , FL
Recently Remodeled
BPO to be determined in Escrow
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-4 – STATUS – available 6/02/09
Non Performing Notes
3 Condos 2,000+ Sq.Ft., FL
Recently Remodeled
BPO estimated $340,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-5 – STATUS – available 6/02/09
Non Performing Notes
70+ unit Apartment building FL
BPO estimated $7,550,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-6 – STATUS – available 6/02/09
Non Performing Notes
1 Condo 4 bed ,3.5 baths(5,100+ Sq.Ft). FL
BPO estimated $1,250,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-7 – STATUS – available 6/02/09
Non Performing Notes
2 Commercial building(16,100+ Sq.Ft). FL
BPO estimated $1,350,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-8 – STATUS – available 6/02/09
Non Performing Notes
13 Condos (1,100+ Sq.Ft). FL
BPO estimated $1,490,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-9 – STATUS – available 6/02/09
Non Performing Notes
11 Unit Strip Center (12,000+ Sq.Ft). FL
BPO estimated $1,890,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-10 – STATUS – available 6/02/09
Non Performing Notes
1 Warehouse Flex Space(14,000+ Sq.Ft). FL
BPO estimated $968,153.00
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-11 – STATUS – available 6/02/09
Non Performing Notes
1 Warehouse Flex Space(14,000+ Sq.Ft). FL
BPO estimated $968,153.00
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-12 – STATUS – available 6/02/09
Non Performing Notes
1 Medical office building 4,000 Sq.Ft.. FL
BPO to be determined
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-13 – STATUS – available 6/02/09
Non Performing Notes
2 Building office complex (3,340+ Sq.Ft). FL
BPO estimated $524,900
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-14 – STATUS – available 6/02/09
Non Performing Notes
5 Condos 2/2 (950 Sq.Ft.) FL
BPO estimated $400,900
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-15 – STATUS – available 6/02/09
Non Performing Notes
20 units in 3 building FL
BPO to be determined
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-16 – STATUS – available 6/02/09
Non Performing Notes
1 Office condo 2,500+ Sq.Ft. FL
BPO to be determined
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-17 – STATUS – available 6/02/09
Non Performing Notes
1 SFR (2300+ Sq.Ft.) FL
BPO estimated $575,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-18 – STATUS – available 6/02/09
Non Performing Notes
1 Office condo 2,500+ Sq.Ft. FL
BPO to be determined
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-19 – STATUS – available 6/02/09
Non Performing Notes
1 Townhome (1200+ Sq.Ft.) FL
BPO estimated $375,000
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-20 – STATUS – available 6/02/09
Non Performing Notes
1 Townhome (2500+ Sq.Ft.) FL
BPO to be determined in escrow
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-21 – STATUS – available 6/02/09
Non Performing Notes
1 SFR (2200+ Sq.Ft.) FL
BPO = 290K
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-22 – STATUS – available 6/02/09
Non Performing Notes
1 SFR (2400+ Sq.Ft.) FL
BPO = 200K
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-23 – STATUS – available 6/02/09
Non Performing Notes
1 Commercial Building (1600+ Sq.Ft.) FL
BPO = 270K
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-24 – STATUS – available 6/02/09
Non Performing Commercial Notes
Pool value at 146 Million
24 notes,
States: NYNY, Bronx, Staten Island, Brooklyn, Ashbury Park, Jersey City, Ft Salonga, NY
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer include 3% fees

PACKAGE # 6-25 – STATUS – available 6/022/09
Non Performing Notes
42+ Townhomes with 2 car Garage (1800+ Sq.Ft.) CA
Loan Balance 14.1MM
Status: 95% Complete
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-26 – STATUS – available 6/02/09
Non Performing Notes
2 notes New York, NY –
(1) Commercial office BPO = 66.1MM-LTV(68%),
(1) Multi-family BPO =77.3MM-LTV(49%)
Combined Loan Balances 64.4 MM
Status: Complete
Exclusive Bank Sale – Must submit LOI with SPOF contact information
Price: Make an offer and include 3% fees

PACKAGE # 6-27 – STATUS – Available 6/2/09
REO SFR 16+ state, Heavy in OH,MI, and PA
1096 Single Family homes
BPO = 70mm This is a owner estimate
Price = 12.6 mm
Make an offer include 3.0% fees

PACKAGE # 6-28 – STATUS – Available 6/3/09
REO state, Heavy in NV Las Vegas, Henderson, Reno, North Las Vegas
14 Single Family homes
BPO = 3.8mm This is a owner estimate
Price = 1.1 mm
Make an offer include 3.0% fees

PACKAGE # 6-29 – STATUS – Available 6/3/09
REO state, Heavy in AZ Maricopa,
87 Single Family homes
BPO = 11.1 mm This is a owner estimate
Price = 5.5 mm
Make an offer include 3.0% fees

PACKAGE # 6-30 – STATUS – Available 6/3/09
REO state, Heavy in AZ Maricopa,
16 Single Family homes
BPO = 11.1 mm This is a owner estimate
Price = 5.5 mm
Make an offer include 3.0% fees

PACKAGE # 6-31 – STATUS – Available 6/3/09
REO state, Heavy in CA Southern California,
172 Single Family homes
BPO = 42.8 mm This is a owner estimate
Price = 26.28 mm
Make an offer include 3.0% fees

REO May 26th Inventory for Sale

2009-05-26T12:02:00.000-07:00

This is the May 26th, 2009 summary of available packages for sale. All Sold packages are noted and will be removed next week.
Make an offer in the form or a “Letter of Interest” and a Non-circumvention agreement (we provide), also be prepared to provide Soft Proof of funds to the bank.
Make an offer regardless of the sales price or asking price!
Real Estate Owned by the Bank (REO)
Make an offer in the form or a “Letter of Intent” and a Non-circumvention and Non-Disclosure agreement (we provide the LOI template for you), also be prepared to provide Soft Proof of funds to the bank. (see attached preferred LOI format)
Make an offer regardless of the sales price or asking price!
PERFORMING NOTES
Performing Note packages are available for purchase by submitting a "Letter of Interest" which must include at a minimum the name of the buyer and their attorneys that will handle proof of fund.
The Buyer and the Buyers representative must sign and return a NCND to Continental Funding Company.
A Note Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 85to 90% of their face value.

For more information: Call our partner Continental Funding Company 775-853-5626

PACKAGE # 5-4d – AVAILABLE – 5/26/09
REO SFR Package
58 in 7 states (BECOME A BANK)
BPO to be determined in Escrow estimated value $3,548,000

Sales Price = $723,999

PACKAGE # 5-4e AVAILABLE – 5/26/09
REO SFR Package
25 SFRs and couple of duplexes All in GA.
BPO to be determined in Escrow estimated value is 2.7 million

Sales Price = $1,334,270

PACKAGE # 5-4f – AVAILABLE – 5/26/09
29 SFR and Multi-family in CT (11),NJ(7), NY(11).
BPO to be determined in Escrow estimated value is 6.4 million

Sales Price = $3,642,390

PACKAGE # 5-4i – AVAILABLE – 5/26/09
REO SFR Package
51 SFR all in Florida
Asking 10.2 million
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4j – AVAILABLE – 5/26/09
REO unfinished Condos Package with 10K commercial leased 20+ years
70+ SFR all in downtown Los Angeles, CA
Units are 800 to 1500 square feet
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4k – AVAILABLE – 5/26/09
REO SFR
28 SFR in GA, NC, VA,WV, MD,
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4L – AVAILABLE – 5/26/09
REO SFR
103 SFR in AZ, CA
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4m – AVAILABLE – 5/26/09
REO SFR
10 SFR in NV
BPO to be determined in escrow (make an offer)

Owner estimate $1.4 million

Make offer Plus 3 % in fees

PACKAGE # 5-4n – AVAILABLE – 5/26/09
REO SFR
10 SFR in NV
BPO to be determined in escrow (make an offer)

PACKAGE # 5-4n1 – AVAILABLE – 5/26/09
REO SFR
22 SFR in CA, Los Angeles
BPO estimate $7,039,000
Asking Price: $4.426 million
Make offer Plus 3 % in fees

PACKAGE # 5-4o – AVAILABLE – 5/26/09
REO SFR
22 SFR in CA, Los Angeles
BPO estimate $7,039,000
Asking Price: $4.426 million
Make offer Plus 3 % in fees

PACKAGE # 5-4o1 - AVAILABLE – 5/26/09
REO SFR
7 SFR in Los Angeles, CA
BPO to $982,205
Asking Price: $879,278
Make offer Plus 3 % in fees

PACKAGE # 5-4p – AVAILABLE – 5/26/09
REO SFR
10 SFR in Los Angeles, CA
BPO to $3.273 million
Asking Price: $1,816,499
Make offer Plus 3 % in fees

PACKAGE # 5-4r – AVAILABLE – 5/26/09
REO
97 Florida SFR
BPO to be determined in Escrow
Seller will accept 60 cents of current BPO
Make offer Plus 3 % in fees

PACKAGE # 5-4s - AVAILABLE – 5/26/09
REO 93 SFR - AL (5), CA (1), CO (1), FL (2), GA (3), IA (2), IL(34), IN (3), KS (3), KY (4)MA (1), ME(1),MI(6),MN(3), MO (4), NY (1)
Asking price with fees is $896,000.00
Private Investor Sales
Make offer fees included

PACKAGE # 5-5 – STATUS –AVAILABLE 5/26/09
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 Letter of Interest (LOI) and provide SPOF contact information in the LOI.

PACKAGE # 5-6 – –AVAILABLE 5/26/09
Performing Hotel 1st Trust Deeds for sale both borrowers
1) 3.054 million note , rate 6.642, 10 year with balloon, LTV 63.00% Discounted to
$2,473,910 - Available
Available for 81 cents on the dollar.
To review tape:
Make an offer in LOI for and include contract POF information.

PACKAGE # 5-10 – STATUS –AVAILABLE 5/26/09
Performing Hotel and Retail Notes for Sale
A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 85to 90% of their face value.
Floating Senior Loans
1) Retail Portfolio- SR. Participation 20 retail centers, Various
2) Mall 40+ Retail, VA
3) Industrial Manufacturing Portfolios , 60 industrial located in, IN, KS, MD
4) Industrial Portfolios , 41 industrial located in, Various states
Floating Rate B- Notes
1) Hotel Portfolio Mezz, 42 hotels in Various states
2) Viginia Mall Mezz, 44 Retail
3) NYC Hotel Mezz, 27 hotel
4) Florida Retail, 38 retail
5) Pennsylvania Office, 33 office
6) International Hotel, 57 hotels
7) International Hotel, 57 hotels
8) Metropolitan Office Mezz, 36 offices
9) Metropolitan Office Mezz, 36 offices
10) Luxury Hotel Mezz , 39 hotels
11) Luxury Hotel Mezz , 39 hotels
12) Luxury Hotel Mezz , 39 hotels
13) Metropolitan Hotel Mezz, 27 hotels
14) Metropolitan Hotel Mezz, 27 hotels
15) Hawaii Hotel B-note, 39 hotel
16) Hawaii Hotel B-note, 39 hotel
Fixed Loans
1) Michigan Office , 105 Offices
2) Ohio Offices , 107 Offices

PACKAGE # 5-26 – STATUS –AVAILABLE 5/26/09
Performing Notes for sale Arkansas
Hospital Performing
Payers credit over 700 FICO
Remaining Balance $107,000
Make offer

PACKAGE # 5-27 – STATUS –AVAILABLE 5/26/09
Performing Notes for sale Washington DC - 83,411 Square Feet
south of Class B Washington DC Suburban Office Property – 83,411 SF
$7.8M Owners valuation - Property is 100% occupied
Bank is willing to take 20% off, we are direct to bank
ACTUAL TTM NOI of $744,530 (9.5% DY to Last Dollar)

PACKAGE # 5-28 – STATUS – AVAILABLE 5/26/09
REO SFR LAND package
233 SFR Lots located in various states FL, NC,SC,
Owner BPO =$6.1.million
Make offer Plus 3 % in fees

PACKAGE # 5-29 – STATUS – AVAILABLE 5/26/09
REO Commercial LAND package
18 Lots located in various states FL, NC,SC,
4 commercial, 3 office buildings, 3 Convenience stores
Owner BPO =$71.3.million
Make offer Plus 3 % in fees

PACKAGE # 5-30 – STATUS – AVAILABLE 5/26/09
REO SFR Los Angeles, CA
99 Single Family homes
BPO = 20,788,073
Price = 11,433,440
3.0% fees included in the Price
zip codes:90001,90002,90003,90026, 90037, 90011,90016 90018,90022,90032,90042,90044,90047,90059,90060,90061,90063,90065

PACKAGE # 5-31 – STATUS – AVAILABLE 5/26/09
REO SFR Orange County, CA
73 Single Family homes 3+ bedroom, 2+ Baths
BPO = 26,354,574
Prices = 15,285,652
zip codes: 92831,92832,92833,92835,92675, and 8 SFR total in 91723,91724,91722,91724

PACKAGE # 5-32 – STATUS – AVAILABLE 5/26/09
REO COMMERCIAL Orlando, FL
5K Sq.ft., 1+ AC Historic 2 Story
BPO = $4.9 million
Asking = $3.3 Million

PACKAGE # 5-33 – STATUS – AVAILABLE 5/26/09
REO COMMERCIAL SpartanBerg, SC
30K Sq,ft. Hotel
BPO = $20 million
Asking = 18.00 Million

PACKAGE # 5-34 – STATUS – AVAILABLE 5/26/09
REO COMMERCIAL Columbia, SC
7+K Sq.ft. Restaurant
BPO = $1.7 million
Asking = $1.15 Million
Fees included

PACKAGE # 5-35 – STATUS – AVAILABLE 5/26/09
REO COMMERCIAL Tampa, FL
16K Sq.ft., Office Building
BPO = $1.0 million
Asking = $690K
Fees included

PACKAGE # 5-37 – STATUS – available 5/26/09
REO COMMERCIAL , NC
2,8K Sq.FT. Convenience store
BPO= $525K
Asking = $ 357K
Fees included

PACKAGE # 5-38 – STATUS – available 5/26/09
REO COMMERCIAL, GA, 4.3K Sq.ft. commercial building
BPO= $370K
Asking = $ 251K
Fees Included

PACKAGE # 5-39 – STATUS – available 5/26/09
REO COMMERCIAL, SC, 2.3K Sq.ft. convenience store
BPO= $350K
Asking = $ 231K
Fees Included

PACKAGE # 5-40 – STATUS – available 5/26/09
REO COMMERCIAL , NC, .8 AC. Convenience store
BPO= $370K
Asking = $ 251K
Fees Included

PACKAGE # 5-41 – STATUS – available 5/26/09
REO COMMERCIAL , FL, 4.3K Sq.ft. Office building
BPO = $380K
Asking $258K
Fees Included
PACKAGE # 5-42 – STATUS – available 5/26/09
REO COMMERCIAL , NC, 2.8K Sq.ft. Building
BPO= $274K
Asking $191K
Fees Included

PACKAGE # 5-43 – STATUS – available 5/26/09
REO COMMERCIAL , SC, 5K Sq,Ft. Restaurant
BPO = 350K
Asking = $228K
Fees Included

PACKAGE # 5-44 – STATUS – available 5/25/09
REO COMMERCIAL , NC, 1.2K Sq. Ft. Office
BPO = $220K
Asking =$149K
Fees Included

REO workouts and Cashflow models

2009-05-20T10:56:00.000-07:00

Local and Regional Partners

We are activity looking for local partners to assist our REO Buyers with developing market specific plans to implement exit strategies for specific markets. If you think your firm could act in the capacity please call me direct at 775-853-5626.

Paul

REO BULK list May 18th

2009-05-18T11:38:00.000-07:00

This is the May 18th, 2009 summary of available packages for sale.

Make an offer in the form or a “Letter of Interest” and a Non-circumvention agreement (we provide), also be prepared to provide Soft Proof of funds to the bank.
Make an offer regardless of the sales price or asking price!

PERFORMING NOTES

Performing Note packages are available for purchase by making an offer. Any line item can be purchased separately.

To get more information about any Note package please submit a “Letter of Interest” made out to Remcor’s Partner “Continental Funding”. The two available Note Types represented in the following section are Performing Convenience Stores, and hotel/motel loans.
A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 85to 90% of their face value.

PACKAGE # 5-4 – STATUS – 5/18/09
REO SFR Package
Nation wide SFR

716 homes in many states!

BPO 90 days old = $45,332,939

Sales Price = $9,338,585

PACKAGE # 5-4a – STATUS – 5/18/09
REO SFR Package
Nation wide SFR

398 homes in many states!

BPO 90 days old = $36,051,000

Sales Price = $5,941,357

PACKAGE # 5-4b – STATUS – 5/18/09
REO SFR Package
350 homes nation wide
BPO 90 days old = $20,697,069

Sales Price = $8,944,999

PACKAGE # 5-4c – STATUS – 5/18/09
REO SFR Package
316 All Ohio (BECOME A BANK)
BPO to be determined in Escrow

Sales Price = $1,478,999

PACKAGE # 5-4d – STATUS – 5/18/09
REO SFR Package
58 in 7 states (BECOME A BANK)
BPO to be determined in Escrow estimated value $3,548,000

Sales Price = $723,999

PACKAGE # 5-4e – STATUS – 5/18/09
REO SFR Package
25 SFRs and couple of duplexes All in GA.
BPO to be determined in Escrow estimated value is 2.7 million

Sales Price = $1,334,270

PACKAGE # 5-4f – STATUS – 5/18/09
29 SFR and Multi-family in CT (11),NJ(7), NY(11).
BPO to be determined in Escrow estimated value is 6.4 million

Sales Price = $3,642,390

PACKAGE # 5-4H – SOLD – 5/18/09
REO SFR Package
1200 SFRs Nation Wide (No California)
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4i – STATUS – 5/12/09
REO SFR Package
51 SFR all in Florida
Asking 10.2 million
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4j – STATUS UPDATED – 5/15/09
REO unfinished Condos Package with 10K commercial leased 20+ years
70+ SFR all in downtown Los Angeles, CA
Units are 800 to 1500 square feet
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4k – Available 5/17/09
REO SFR
28 SFR in GA, NC, VA,WV, MD,
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4L – Available 5/17/09
REO SFR
103 SFR in AZ, CA
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4m – Available 5/17/09
REO SFR
10 SFR in NV
BPO to be determined in escrow (make an offer)

Owner estimate $1.4 million

Make offer Plus 3 % in fees

PACKAGE # 5-4n – Available 5/17/09
REO SFR
22 SFR in CA, Los Angeles
BPO estimate $7,039,000

Asking Price: $4.426 million

Make offer Plus 3 % in fees

PACKAGE # 5-4o – Available 5/18/09
REO SFR
7 SFR in Los Angeles, CA
BPO to $982,205

Asking Price: $879,278

Make offer Plus 3 % in fees

PACKAGE # 5-4p – Available 5/18/09
REO SFR
10 SFR in Los Angeles, CA
BPO to $3.273 million

Asking Price: $1,816,499

Make offer Plus 3 % in fees

PACKAGE # 5-4q – Available 5/18/09
REO SFR
178 SFR and some condos in 52 (TX), (72) So. CA, (54) No. CA
BPO to $19.286 million

Asking Price: $9,939,500

Make offer Plus 3 % in fees

PACKAGE # 5-4r – NEW 5/18/09
REO
97 Florida SFR
BPO to be determined in Escrow
Seller will accept 60 cents of current BPO

Make offer Plus 3 % in fees

PACKAGE # 5-4s Available 5/18/09
REO
93 SFR AL (5), CA (1), CO (1), FL (2), GA (3), IA (2), IL(34), IN (3), KS (3), KY (4)MA (1), ME(1),MI(6),MN(3), MO (4), NY (1)
Asking price with fees is $896,000.00

Private Investor Sales

Make offer fees included

PACKAGE # 5-5 – STATUS –AVAILABLE 5/18/09
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 Letter of Interest (LOI) and provide SPOF contact information in the LOI.

PACKAGE # 5-6 – STATUS – 5/18/09

Performing Hotel 1st Trust Deeds for sale both borrowers
1) 3.054 million note , rate 6.642, 10 year with balloon, LTV 63.00% Discounted to
$2,473,910 - Available
Available for 81 cents on the dollar.
To review tape:
Make an offer in LOI for and include contract POF information.

PACKAGE # 5-10 – STATUS –AVAILABLE 5/18/09
Performing Hotel and Retail Notes for Sale
A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 85to 90% of their face value.
Floating Senior Loans
1) Retail Portfolio- SR. Participation 20 retail centers, Various
2) Mall 40+ Retail, VA
3) Industrial Manufacturing Portfolios , 60 industrial located in, IN, KS, MD
4) Industrial Portfolios , 41 industrial located in, Various states
5)
Floating Rate B- Notes
1) Hotel Portfolio Mezz, 42 hotels in Various states
2) Viginia Mall Mezz, 44 Retail
3) NYC Hotel Mezz, 27 hotel
4) Florida Retail, 38 retail
5) Pennsylvania Office, 33 office
6) International Hotel, 57 hotels
7) International Hotel, 57 hotels
8) Metropolitan Office Mezz, 36 offices
9) Metropolitan Office Mezz, 36 offices
10) Luxury Hotel Mezz , 39 hotels
11) Luxury Hotel Mezz , 39 hotels
12) Luxury Hotel Mezz , 39 hotels
13) Metropolitan Hotel Mezz, 27 hotels
14) Metropolitan Hotel Mezz, 27 hotels
15) Hawaii Hotel B-note, 39 hotel
16) Hawaii Hotel B-note, 39 hotel
Fixed Loans
1) Michigan Office , 105 Offices
2) Ohio Offices , 107 Offices

PACKAGE # 5-15 – STATUS - 5/18/09
NON- Performing NOTES
Current Loan Value = $47,356,460
Sales Price $28,413,976
Loan value
State
City
Description
Asking Price
$3,370,731
MI
Holly
Retail & Industrial Building
$2,022,438.74
$1,799,755
MI
Detroit
Real Estate
$1,079,853.02
$4,994,267
MI
Detroit
Real Estate
$2,996,560.23
$21,141,687
FL
Ft Lauderdale
Condominiums
$12,685,012.00
$1,532,258
MI
Milan
Real Estate
$919,354.90
$3,896,221
MI
Wixom
17 attached condo units
$2,337,732.86
$1,960,469
MI
Wixom
67 improved attached condo sites
$1,176,281.24
$2,212,960
MI
Wixom
20.51 acres for proposed 90-site single family units & 15.98 acres for attached condo/multi family units
$1,327,775.88
$689,863
MI
Wixom
All properties securing these relationships
$413,917.80
$2,588,590
MI
Wixom
2.56 vacant land for proposed 31,517 SF retail/office bldg. & .54 vacant outlot for retail/office bldg.
$1,553,154.06
$2,600,000
MI
Wixom
24,558 retail/office bldg. on 2.16 acres
$1,560,000.00
$379,659
MI
Wixom
All properties securing these relationships
$227,795.50
$190,000
MI
Wixom
Steel materials
$114,000.00
$47,356,460
Total
$28,413,876.24

PACKAGE # 5-24 – STATUS – available 5/18/09
NON- Performing Multi-family Notes for Sale
A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 65to 80% of their face value.
1) 21 Units, Location CT
2) 24 Units, Location CT
3) 60 Units, Location CT
4) 84 Units, Location CT
5) Mixed use, Location NJ
6) 72 Units, Location NJ
7) Mixed use 18 Units, Location NJ
8) 7 Units, Location NJ
9) 25 Units, Location NJ
10) 13 Units, Location NJ
11) 5 Units, Location NJ
12) 7 Units, Location NJ
13) 5 Units, Location NY
14) 28 Units, Location NY
15) 16 Units, Location NY
16) 11 Units, Location NY
17) 10 Units, Location NY
18) 6 Units, Location NY
19) Mixed use 2 commercial and 6 Units, Location NY
20) 10 Units, Location NY
21) 7 Units, Location NY
22) 9 units , Location NY
PACKAGE # 5-25 – STATUS – SOLD 5/18/09
NON-and Performing Notes for Sale
1) SFR, GA, Performing, Unpaid balance 113K Make offer!
2) SFR, GA, Non-Performing, Unpaid balance 106K Make offer!
3) SFR, TX, Non-Performing, Unpaid balance 93K Make offer!
4) Business, CA, Non-Performing, Unpaid balance 150K Make offer!
5) Vacant Land, UT, Performing, Unpaid balance 514K Make offer!
6) SFR, TX, Non-Performing, Unpaid balance 79K Make offer!

PACKAGE # 5-26 – STATUS – available 5/18/09
Performing Notes for sale Arkansas
Hospital Performing
Payers credit over 700 FICO
Remaining Balance $107,000
Make offer

PACKAGE # 5-27 – STATUS – available 5/18/09
Performing Notes for sale Washington DC
$7.8M Owners valuation
83,411 Square Feet
south of Class B Washington DC Suburban Office Property – 83,411 SF
Bank is willing to take 20% off, we are direct to bank
Property is 100% occupied
ACTUAL TTM NOI of $744,530 (9.5% DY to Last Dollar)

REO & NOTE for Sale

2009-05-13T15:15:00.000-07:00

This is the May 13th, 2009 summary of available packages for sale.
Make an offer in the form or a “Letter of Interest” and a Non-circumvention agreement (we provide), also be prepared to provide Soft Proof of funds to the bank.

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

Performing Note packages are available for purchase buy making a offer. Any line item can be purchased separately.

To get more information about any Note package please submit a “Letter of Interest” made out to Remcor’s Partner “Continental Funding”. The two available Note Types represented in the following section are Performing Convenience Stores, and hotel/motel loans.

A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 85to 90% of their face value.

PACKAGE # 5-4 – STATUS – 5/11/09
REO SFR Package
Nation wide SFR

716 homes in many states!

BPO 90 days old = $45,332,939

Sales Price = $9,338,585

PACKAGE # 5-4a – STATUS – 5/12/09
REO SFR Package
Nation wide SFR

398 homes in many states!

BPO 90 days old = $36,051,000

Sales Price = $5,941,357

PACKAGE # 5-4b – STATUS – 5/12/09
REO SFR Package
350 homes nation wide
BPO 90 days old = $20,697,069

Sales Price = $8,944,999

PACKAGE # 5-4c – STATUS – 5/12/09
REO SFR Package
316 All Ohio (BECOME A BANK)
BPO to be determined in Escrow

Sales Price = $1,478,999

PACKAGE # 5-4d – STATUS – 5/12/09
REO SFR Package
58 in 7 states (BECOME A BANK)
BPO to be determined in Escrow estimated value $3,548,000

Sales Price = $723,999

PACKAGE # 5-4e – STATUS – 5/12/09
REO SFR Package
25 SFRs and couple of duplexes All in GA.
BPO to be determined in Escrow estimated value is 2.7 million

Sales Price = $1,334,270

PACKAGE # 5-4f – STATUS – 5/05/09
29 SFR and Multi-family in CT (11),NJ(7), NY(11).
BPO to be determined in Escrow estimated value is 6.4 million

Sales Price = $3,642,390

PACKAGE # 5-4H – SOLD – 5/13/09
REO SFR Package
1200 SFRs Nation Wide (No California)
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4i – STATUS – 5/12/09
REO SFR Package
51 SFR all in Florida
Asking 10.2 million
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4j – STATUS – 5/12/09
REO unfinished Condos Package with 10K commercial leased 20+ years
58+ SFR all in downtown Los Angeles, CA
Units are 800 to 1500 square feet
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4k – Available 5/13/09
REO SFR
28 SFR in GA, NC, VA,WV, MD,
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4L – Available 5/13/09
REO SFR
103 SFR in AZ, CA
BPO to be determined in escrow (make an offer)

Make offer Plus 3 % in fees

PACKAGE # 5-4m – Available 5/13/09
REO SFR
10 SFR in NV
BPO to be determined in escrow (make an offer)

Owner estimate $1.4 million

Make offer Plus 3 % in fees

PACKAGE # 5-4n – Available 5/13/09
REO SFR
22 SFR in CA, Los Angeles
BPO estimate $7,039,000

Asking Price: $4.426 million

Make offer Plus 3 % in fees

PACKAGE # 5-4o – Available 5/13/09
REO SFR
7 SFR in Los Angeles, CA
BPO to $982,205

Asking Price: $879,278

Make offer Plus 3 % in fees

PACKAGE # 5-4p – Available 5/13/09
REO SFR
10 SFR in Los Angeles, CA
BPO to $3.273 million

Asking Price: $1,816,499

Make offer Plus 3 % in fees

PACKAGE # 5-4q – Available 5/13/09
REO SFR
178 SFR and some condos in 52 (TX), (72) So. CA, (54) No. CA
BPO to $19.286 million

Asking Price: $9,939,500

Make offer Plus 3 % in fees

PACKAGE # 5-5 – STATUS –AVAILABLE 5/13/09
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 Letter of Interest (LOI) and provide SPOF contact information in the LOI.

PACKAGE # 5-6 – STATUS – 5/13/09

Performing Hotel 1st Trust Deeds for sale both borrowers
1) 3.054 million note , rate 6.642, 10 year with balloon, LTV 63.00% Discounted to
$2,473,910 - Available
Available for 81 cents on the dollar.
To review tape:
Make an offer in LOI for and include contract POF information.

PACKAGE # 5-10 – STATUS –AVAILABLE 5/13/09
Performing Hotel and Retail Notes for Sale
A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 85to 90% of their face value.
Floating Senior Loans
1) Retail Portfolio- SR. Participation 20 retail centers, Various
2) Mall 40+ Retail, VA
3) Industrial Manufacturing Portfolios , 60 industrial located in, IN, KS, MD
4) Industrial Portfolios , 41 industrial located in, Various states
5)
Floating Rate B- Notes
1) Hotel Portfolio Mezz, 42 hotels in Various states
2) Viginia Mall Mezz, 44 Retail
3) NYC Hotel Mezz, 27 hotel
4) Florida Retail, 38 retail
5) Pennsylvania Office, 33 office
6) International Hotel, 57 hotels
7) International Hotel, 57 hotels
8) Metropolitan Office Mezz, 36 offices
9) Metropolitan Office Mezz, 36 offices
10) Luxury Hotel Mezz , 39 hotels
11) Luxury Hotel Mezz , 39 hotels
12) Luxury Hotel Mezz , 39 hotels
13) Metropolitan Hotel Mezz, 27 hotels
14) Metropolitan Hotel Mezz, 27 hotels
15) Hawaii Hotel B-note, 39 hotel
16) Hawaii Hotel B-note, 39 hotel
Fixed Loans
1) Michigan Office , 105 Offices
2) Ohio Offices , 107 Offices

PACKAGE # 5-15 – STATUS - 5/13/09
NON- Performing NOTES
Current Loan Value = $47,356,460
Sales Price $28,413,976
Loan value
State
City
Description
Asking Price
$3,370,731
MI
Holly
Retail & Industrial Building
$2,022,438.74
$1,799,755
MI
Detroit
Real Estate
$1,079,853.02
$4,994,267
MI
Detroit
Real Estate
$2,996,560.23
$21,141,687
FL
Ft Lauderdale
Condominiums
$12,685,012.00
$1,532,258
MI
Milan
Real Estate
$919,354.90
$3,896,221
MI
Wixom
17 attached condo units
$2,337,732.86
$1,960,469
MI
Wixom
67 improved attached condo sites
$1,176,281.24
$2,212,960
MI
Wixom
20.51 acres for proposed 90-site single family units & 15.98 acres for attached condo/multi family units
$1,327,775.88
$689,863
MI
Wixom
All properties securing these relationships
$413,917.80
$2,588,590
MI
Wixom
2.56 vacant land for proposed 31,517 SF retail/office bldg. & .54 vacant outlot for retail/office bldg.
$1,553,154.06
$2,600,000
MI
Wixom
24,558 retail/office bldg. on 2.16 acres
$1,560,000.00
$379,659
MI
Wixom
All properties securing these relationships
$227,795.50
$190,000
MI
Wixom
Steel materials
$114,000.00
$47,356,460
Total
$28,413,876.24

PACKAGE # 5-24 – STATUS – available 5/13/09
NON- Performing Multi-family Notes for Sale
A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 65to 80% of their face value.
1) 21 Units, Location CT
2) 24 Units, Location CT
3) 60 Units, Location CT
4) 84 Units, Location CT
5) Mixed use, Location NJ
6) 72 Units, Location NJ
7) Mixed use 18 Units, Location NJ
8) 7 Units, Location NJ
9) 25 Units, Location NJ
10) 13 Units, Location NJ
11) 5 Units, Location NJ
12) 7 Units, Location NJ
13) 5 Units, Location NY
14) 28 Units, Location NY
15) 16 Units, Location NY
16) 11 Units, Location NY
17) 10 Units, Location NY
18) 6 Units, Location NY
19) Mixed use 2 commercial and 6 Units, Location NY
20) 10 Units, Location NY
21) 7 Units, Location NY
22) 9 units , Location NY
PACKAGE # 5-25 – STATUS – available 5/13/09
NON-and Performing Notes for Sale

1) SFR, GA, Performing, Unpaid balance 113K Make offer!
2) SFR, GA, Non-Performing, Unpaid balance 106K Make offer!
3) SFR, TX, Non-Performing, Unpaid balance 93K Make offer!
4) Business, CA, Non-Performing, Unpaid balance 150K Make offer!
5) Vacant Land, UT, Performing, Unpaid balance 514K Make offer!
6) SFR, TX, Non-Performing, Unpaid balance 79K Make offer!

PACKAGE # 5-26 – STATUS – available 5/13/09
Performing Notes for sale Arkansas
Hospital Performing
Payers credit over 700
Remaining Balance $107,000
Make offer

PACKAGE # 5-27 – STATUS – available 5/13/09
Performing Notes for sale Washington DC
$7.8M Owners valuation
83,411 Square Feet
south of Class B Washington DC Suburban Office Property – 83,411 SF
Bank is willing to take 20% off, we are direct to bank
Property is 100% occupied
ACTUAL TTM NOI of $744,530 (9.5% DY to Last Dollar)

2009-05-06T13:29:00.000-07:00

This is the May 5, 2009 summary of available packages for sale.
Make an offer in the form or a “Letter of Interest” and a Non-circumvention agreement (we provide), also be prepared to provide Soft Proof of funds to the bank.
Make an offer regardless of the sales price or asking price!

PERFORMING NOTES
Performing Note packages are available for purchase buy making a offer. Any line item can be purchased separately.
To get more information about any Note package please submit a “Letter of Interest” made out to Remcor’s Partner “Continental Funding”. The two available Note Types represented in the following section are Performing Convenience Stores, and hotel/motel loans.
A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 85to 90% of their face value.

PACKAGE # 5-1A – STATUS – NEW 5/05/09
PERFORMING NOTES
Performing Convenience$51,193.98
Performing Convenience$875,609.38
Performing Convenience$1,175,019.23
Performing Convenience$904,117.92
Performing Convenience$254,505.00
Performing Convenience$1,691,616.60
Performing Convenience$1,014,527.07
Performing Convenience$75,221.56
Performing Convenience$444,028.46
Performing Convenience$1,540,475.11

Performing Hotel$1,038,545.73
Performing Hotel$3,258,402.13
Performing Hotel$4,447,670.70
Performing Hotel$551,337.76
Performing Hotel$1,175,826.52

NOTES
PACKAGE # 5-1 – STATUS – UPDATED 5/05/09
Non Performing Notes
Submit a letter of Interest for more information or sign a NCND.

1) 361 units - Loan value - $89,250,000
Location: St.Petersberg FL
As Is value:
$ 112,000,000

2) 560 Units - Loan value - $87,975,000

Location: Esmeralda CA
As is value:
$ 112,000,000

5) 182 Units - Loan value - $8,450,000
Location: Metairie LA
As Is Value
$25,000,000

6) 665 Units - Loan value - $6,324,000
Location: Vacaville CA
As is Value
$77,500,000

7) 315 Units - Loan value - $78,500,000
Location: Rockville MD
As is Value
98,000,000

8) NA Unit count - Loan value - $3,763,000
Location: Plainville NY
As is Value
$7,400,000

PACKAGE # 5-2 – STATUS – available 5/05/09
You may offer on any of the following Note packages on a line by line basis.
Non Performing Commercial properties
Original BPO was $1,362,760,000
Loan Value is $430,000,000.00

City Parkway
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)
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 # 5-3 – STATUS – 5/05/09

Non Performing Note Package
1) 30+ Unit apartment building NY,NY
2) 20+ unit apartment building, NY,NY
3) 50+ Unit condo project 100% complete, NY,NY
4) 100+ unit condo project 90% complete, NY,NY
5) ½ ac +/-, improved land in Bronx, NY
6) 8 unit apartment building NY
7) 1.5+ acres approved for 200 + units, NY
8) .6+ acres of approved for 400+ units, NY
9) 110 New Condo and retail units, NJ
10) Land for 8 duplex SFR, NY
11) Land for SFRs, NY
12) Warehouse/office building, Staten Island, NY
13) 20 unit Apartment building, NY
14) 40K Sq.ft. Industrial building , NJ
15) 15 unit apartment building, NY,NY
16) 50+ unit apartment building, 10 unfinished units, NJ
17) 15K sq.ft. Industrial building, CT
18) 4 apartment and 4 retail units, NY
19) 17 unit apartment building, NJ
20) Mixed use 4 story building in NY,NY

PACKAGE # 5-4 – STATUS – 5/05/09
REO SFR Package
Nation wide SFR

715 homes in many states!

BPO 90 days old = $45,332,939

Sales Price = $9,338,585

PACKAGE # 5-4a – STATUS – 5/05/09
REO SFR Package
Nation wide SFR

398 homes in many states!

BPO 90 days old = $36,051,000

Sales Price = $5,941,357

PACKAGE # 5-4b – STATUS – 5/05/09
REO SFR Package
350 homes nation wide
BPO 90 days old = $20,697,069

Sales Price = $8,944,999

PACKAGE # 5-4c – STATUS – 5/05/09
REO SFR Package
316 All Ohio (BECOME A BANK)
BPO to be determined in Escrow

Sales Price = $1,478,999

PACKAGE # 5-4d – STATUS – 5/05/09
REO SFR Package
58 in 7 states (BECOME A BANK)
BPO to be determined in Escrow estimated value $3,548,000

Sales Price = $723,999

PACKAGE # 5-4e – STATUS – 5/05/09
REO SFR Package
25 SFRs and couple of duplexes All in GA.
BPO to be determined in Escrow estimated value is 2.7 million

Sales Price = $1,334,270

PACKAGE # 5-4f – STATUS – 5/05/09
REO SFR Package
29 SFR in CT (11),NJ(7), NY(11).
BPO to be determined in Escrow estimated value is 6.4 million

Sales Price = $3,642,390

PACKAGE # 5-5 – STATUS – 5/05/09

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 Letter of Interest (LOI) and provide SPOF contact information in the LOI.
PACKAGE # 5-6 – STATUS – available 5/05/09

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 # 5-8 – STATUS – available 5/05/09
Performing Hotel Notes for Sale
220 room Hotel - NC

PACKAGE # 5-9 – STATUS– available 5/05/09
Performing Hotel Notes for Sale
250 room Hotel - FL 160 million notes available for discount

PACKAGE # 5-10 – STATUS – available 5/05/09
Performing Hotel and Retail Notes for Sale
A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 85to 90% of their face value.
Floating Senior Loans
1) Retail Portfolio- SR. Participation 20 retail centers, Various
2) Mall 40+ Retail, VA
3) Industrial Manufacturing Portfolios , 60 industrial located in, IN, KS, MD
4) Industrial Portfolios , 41 industrial located in, Various states
5)
Floating Rate B- Notes
1) Hotel Portfolio Mezz, 42 hotels in Various states
2) Viginia Mall Mezz, 44 Retail
3) NYC Hotel Mezz, 27 hotel
4) Florida Retail, 38 retail
5) Pennsylvania Office, 33 office
6) International Hotel, 57 hotels
7) International Hotel, 57 hotels
8) Metropolitan Office Mezz, 36 offices
9) Metropolitan Office Mezz, 36 offices
10) Luxury Hotel Mezz , 39 hotels
11) Luxury Hotel Mezz , 39 hotels
12) Luxury Hotel Mezz , 39 hotels
13) Metropolitan Hotel Mezz, 27 hotels
14) Metropolitan Hotel Mezz, 27 hotels
15) Hawaii Hotel B-note, 39 hotel
16) Hawaii Hotel B-note, 39 hotel
Fixed Loans
1) Michigan Office , 105 Offices
2) Ohio Offices , 107 Offices

PACKAGE # 5-11 – STATUS – available 5/05/09
Performing Hotel Notes for Sale - 1st - 96 million, 5YR Floating-Rate Loan, Discounted 15.2%
717 hotel rooms - cross-collateralized/cross-defaulted, full service hotels in D.C. and CA.
For the trailing twelve months ending 6/30/08 the properties exhibited an occupancy of 70.5%, average daily rate of $149, a RevPAR of $103 and a NCF of $12,666,378.

PACKAGE # 5-12 – STATUS – available 5/05/09
Performing Hotel Notes for Sale - 1st - 49 Million 5 yr floating rate loan discount % 9.4
300+ room Hotel - Cayman Islands -13 million in Notes Including the A series
The property is expected to stabilize by 2010/11 and generate an NOI of $20,375,520 with a 75% occupancy $601.68 ADR and $451.26 RevPAR.
Submit letter of interest for more details.

PACKAGE # 5-13 – STATUS – available 5/05/09
Performing Hotel Notes for Sale
350+ room Hotel - FL - 49 million 1st
Likely to default on existing financing JUN 09
Submit letter of interest for more details.

PACKAGE # 5-14 – STATUS – SOLD 4/10/09 –
Part of a three hotel package Others located Newark, NJ and Charlotte, NC
Performing Hotel Notes for Sale - 55 million face value
190+ room Hotel - MA -
NOI 3,201,000, Occupancy 71.%, ADR $289.26

PACKAGE # 5-22 – STATUS 5/05/09
These can be purchased on a line by line basis. Submit your letter of interest for more details.
Collateral Type
County
Property Description
South Florida and Tampa Affiliate Notes #1 - #92
Residential Condo
Miami Dade
28 - unit low rise condominium in North Miami Beach, FL - 71% Complete
Developed Lots
Indian River
3 ocean front estate lots 2 are contiguous. Each are 2.1 acres with 110 feet of ocean frontage
Developed lots
Palm Beach
Development of Phase III and Phase IV of Equus, a single family home development
N/A
N/A
N/A
Raw Land
Collier
131 Acres , Property has development order to build 406 single family homes and condominiums
Developed Lots
Hillsboro
Two non-contiguous parcels of 0.9 acres + 2.4 acres. Site zoned CB2; approved for 840,000SF office + 175,000SF retail, height of 50 stories
Developed Lots
Indian River
Currently developed for 31 home sites , additional east parcel planned for beach club with 21 condo units
Office Building
Palm Beach
1 bldg. - 2 story multi tenant general office facility over 2 parking levels. Build 1975.
Industrial land
Lee
23 Acres of industrial with fill on site and 200000sf flex building development order available
SFR land
Collier
63 acres Ph 1 scraped for 71 approved lots and Ph II 75 lots treed
Indust/retail/office
Collier
56000sf of office/retail 28500sf of O/W plus 2 additional vacant O/W lots
Condo&excess land
Charlotte
65 condos plus 207 units in excess land
SFR land
Lee
20 acres of riverfront property currently agri. with the ability to put 1sfr per 5 acres
N/A
N/A
N/A
Developed Lots
Hillsborough
174 developed town home lots plus 17.65 acres zoned for an additional 216 town home lots
Developed Lots
Sarasota
Also includes 3 condos in Indian Shores Florida
Hotel Site
Sarasota
Hotel/Office/Retail site in Downtown Sarasota
Developed Lots
Collier
115 Developed lots
1-4 Family Residences
Collier
10 Completed Homes
Raw Land
Collier
2.49 Industrial land plus adjacent .92 acre site zoned agricultural.
Raw Land
Collier
10 acres of raw residential land adjacent to Wilshire Lakes
Developed Lot
Collier
2.39 acre lot in Naples
Developed Lot
Collier
Lakefront lot in Coquina Sands subdivision
Raw Land
Collier
4.13 acres adjacent to Wilshire Lakes subdivision
Hotel Site
Volusia
3.94 acre ocean front site with sea wall.
Retail/Restaurant
Lee
Restaurant and retail space located on Cape Coral Parkway
Marina
Lee
24 acre parcel located at 14030 Mcgregor Blvd, Ft Myers FL - infrastructure/wet slips+ service area
Land
Volusia
subject property consists of 10.33 acres of land (12 Parcels) and existing improvements located at the northwest corner of north Beach Street and Dr. Mary McLeod Bethune Blvd.
Land - Waterfront
Monroe
14.15 acres including 11.84 acres of upland and 2.31 acres of submerged land. On site single family residence used as office, snack shop and marine with 15 slips+fuel capabilities
Develop lot
Osceola
9 residential lots, model, speculative and former pre-sold single family detached
Land
Pasco
350.3 acre CDD site entitled for 726 SFR lots, 180 town homes, 70,000 sf office + 10,000 daycare.
Condominium
Volusia
7 story bldg. W/2 units per floor. Condo size 2,249 sf to 2,804 sf. 4 units sold and closed
Land
0
2 subdivisions Arlington Cove lots & completed units and Pebblewhite Court completed units - 1 story residential attached villa projects.
land/waterfront
Pinellas
Development of 5.26 acres of which 1.58 is submerged.
Land
Pinellas
9 residential lots on 3 acres for development
Land
Polk
Project completed. 240 residential lots
Residential Condo
Palm Beach
Ocean view condo. 3 units Construction completed. Each unit is approx 5,000. Garage parking.
Land
Lake County
168.9 acres raw land consisting of 5 contiguous parcels. Zoned LDR.
Land
See note
Collateral consists of 128 lots and 6 homes (19 in Palm Bay, 5 Port St. Lucie, 12 North Port, 65 Port Charlotte, 9 Ocala and 24 others.)
Security Interest in Assessments
Highlands
860 lots in Unit A and C, lots were appraised at $20M(a38), $31M(143), $33M(43), $43M (536) value based no appraisal as of August 1, 2007 would be $31,694.105. However, lots are all owned by individuals or lic's. Lots that foreclosed will be available for sale for approx. $2500 (current assessment and foreclosure cost) with the assumption that new owner will keep assessment current.
Raw land
Sarasota
14 acres of raw, waterfront property, zoned residential.
N/A
N/A
N/A
1-4 Family Residence
0
17 lots and 3 houses in Bristol Cover at Deer Creek and 12 lots and 2 houses in harmony Subd. + 10 lots in Belle Meads and 9 lots in Loch Leven
Church
Orange
Church building @ 8,000 sq ft.
1-4 Family Residence
Osceola
12 lots for townhome construction and 6 completed townhomes units in Vila Sol.
Single family Condo/ Townhouse
Pinellas
6 condo units located on intercoastal waterway canal. Isle of Capri
Raw Land
Pinellas
1.35 acres zoned for construction of townhomes
Raw Land
Hillsborough
32.8 gross acres, zoned residential; PD approved for 42 SFR and 42 townhomes. Fully permitted
Raw Land Contiguous with # 69 - See notes
Hillsborough
16.24 gross acres, zoned commercial. Contiguous with #69. Additional 8 acres pledged for a total assemblage of 38 contiguous acres in South Tampa
Single family Condo/ Townhouse
Pinellas
15 spec townhoms; 48 improved lots. New appraisal due by July 20th. One just sold for $259,900
Raw Land Contiguous with # 66 - See notes
Hillsborough
16.24 gross acres, zoned commercial. Contiguous with #66. Additional 8 acres pledged for a total assemblage of 38 contiguous acres in South Tampa
Hotel/Motel
Pinellas
40 room beachfront hotel. Completely renovated in 2007
Other

Residential Condo
Orange
188 unit apartment. 19 - 2 story buildings on 10 acres. Converted to condos.
Raw Land
Sarasota
2.5 acre site near downtown Sarasota.
Single family Condo/ Townhouse
Manatee
2 Unit fee simple residences
Marina
Pinellas
144 slip marina with 202 indoor/outdoor boat racks. Direct access to the Gulf of Mexico. Includes club house and other marina amenities
Raw Land
Pinellas
2.67 acres with direct water view of Clearwater Bay. Former motel was demolished for future 267 hotel site.
Other
Pasco
4.92 acres.75 unit mobil home park, laundry facility and office. Rental income for FY 2007 $163K.
Other
Citrus
4.56 acres. 48 unit mobile home park with 12 park owned homes, 17 lots rented to mobile home owners, 11 vacant home sites and 8 RV pads.
Land Development
Franklin
52 out of 60 lots remaining. On Carrabelle River. Approx. 45 miles SW of Tallahassee.
Auto-dealership
Hillsborough
32,885 sf auto dealership. 2 buildings on a 5 acre site including showroom.
Industrial warehouse
Pinellas
5 Units remain in a 25 unit complex, 84,983 sf.
Raw land (undeveloped)
Lee
20.86 acres of vacant undeveloped. Zoned AG-2. Located 20 miles inland along Caloosabatchee River, Direct access to the Gulf.
Raw land
Pinellas
0.92 acres of developed land behind Chetters restaurant. Zoned commercial.
Raw Land (Undeveloped)
Hernando
Multiple parcels with Gulf access. LIS Pendens files 9/8/08
Raw Land (Undeveloped)
Indian River
3 parcels in Brooksville. Zoned for 12 lots. One parcel in Reunion.
Single family condo/Townhome
Pasco
Consists of 54 luxury units. 28 units are built, 11 sold, 17 remaining.15 100% complete.
N/A
N/A
N/A
Raw Land
Pinellas
17.3+ acres on Keystone Road. Site could be rezoned with 9.9 acres for senior housing and 7.4 acrees for SFR.
Developed Land/Deveoped lots
Pinellas
Approx. .25 acres of developed land with views of the Gulf of Mexico.

Orlando Affiliate Numbers 201 - 276
Commercial
Duval
7917 Atlantic Blvd. - 4 office/warehouse buildings (2 complete & 2 under construction)
Land
Brevard
1225 Jaslo St. Palm Bay, FL 32909. 9.65 AC raw undeveloped land, fully entitled 96 townhouse/condo
Residential
Miami-Dade
717-741 Valencia Avenue, Coral Gables, FL 33134. 3 two-story apartments and a SFR.
Land
Nassau
South of SR 200 in Yulee, FL-Raw undeveloped land. Raw land that is zoned for 100 townhome units.
Residential
Flagler
Lot 206, 499 Sweetgum Lane, Palm Coast, Fl 32137
Residential
Flagler
Lot 25, 239 Conservatory Dr Palm Coast, Fl 32137
Residential
Lake
Lot 156, 16001 Volterra Point Bella Collina Sub, Montverde, Fl
Residential
Lake
Lot 30, 16806 Artimino Loop, Bella Collina Sub, Montverde, Fl
Residential
Lake
Lot 360, 15207 Pendio Dr, Bella Collina Sub, Montverde, Fl
Residential
Lake
Lot 368, 15129 Pendio Dr., Bella Collina Sub, Montverde, Fl
Residential
Lake
Lot 45, 16209 Pendio Dr., Bella Collina Sub, Montverde, Fl
Residential
Lake
Lot 89, 17047 Crete Way, Bella Collina Sub, Montverde, Fl
Residential
Duval
Blue Lake Estates, Phase 2, consisting of 99 SFR lots, located east of Chaffee Road, North of 103rd St - 99% complete.
Residential
Lake
The 131 developed single-family residential lots (12 lakefront lots & 119 non-lakefront lots) is approx 1 mile south of State Road 50 on the west side of Bay Lake Road (CR 565), which is approx 1.2 miles southwest of central Mascotte, and 3 miles northwest of the city of Groveland, 8 miles northwest of central Clermont, 3 miles east of the Lake/Sumter County line, and 30 miles west of central Orlando.
Residential
Osceola
4 single-family houses within Poinciana, FL
Residential
Osceola
139 BIG SIOUX DR , Kissimmee, Florida 34759. 3/2, 1,844 square foot single-family house.
Residential
Osceola
103 ATHABASCA DR, Kissimmee, Florida 34759. 3/2, 1,844 square foot single-family house.
Residential
Osceola
100 BIG BLACK DR , Kissimmee, Florida 34759. 3/2, 1,844 square foot single-family house.
Residential
Osceola
504 BIG BLACK Way, Kissimmee, Florida 34759. 3/2, 1,844 square foot single-family house.
Residential
St. Johns
104 Strong Branch Drive - Spec Home, 92% complete.
Residential
Clay

Residential
Clay
19 SFR lots in Magnolia Pt. Golf & Country Club, Green Cove Springs, FL
Residential
Clay
2180 Autumn Cove Circle, Orange Park, FL. 100% complete single-family spec house.
Residential
Clay
3687 Oglebay Drive, Green Cove Springs, FL. 100% complete single-family spec house.
Residential
Clay
9 SFR lots in Eagle Landing @ Oakleaf Plantation, Clay County, FL
Residential
Marion

Residential
Marion
SE 145th St & SE 25th Ave., Summerfield, Marion County, FL - 7 lots in an 8-lot subdivision.
Residential
Marion
2399 SE 145th Loop, Summerfield, Marion County, FL 34491 - 4,627 SF SFR.
Mobile Home Park
Volusia
1141 North U.S. Highway 1, Ormond Beach, Fl 32714-30 Space Mobile Home Park
Residential
Orange
9202 Cromwell Park Place, Orlando, Florida 32827 - 100 % complete spec house located in Lake Nona Country Club.
Residential
Orange
Lots 16, 22, and 26, Bellanona Grande Estates in the Lake Nona area.
Residential
Orange
Lot 16, Lake Nona, 9700 Blandford Road in Lake Nona Country Club
Residential
Orange
9203 Sloane Street, Lot 18, Lake Nona Country Club
Residential
Volusia
134 Neal Dr. Deltona, Volusia County, FL 32738 (1,912SF SFR)
Residential
Volusia
Lots 40,41,& 42 on Lancaster Avenue in Orange City, Volusia County, FL (Parcel #09-18-30-02-18-0400 )
Residential
Volusia
2074 S. Parkton Drive, Deltona, Volusia County, FL 32725 (1,684SF Uncompleted SFR )
Residential
St. Johns
NE quadrant of SR 312 and Mitzell Rd in St. Augustine, Fl. Subject is a proposed 20 building (4 units each) town home-style condo in St.Augustine. Two buildings built, 7 units not sold.
Residential
Brevard
742 Bayside Drive; Unit 404B; Bayside Condo, Cape Canaveral, Brevard County Fl (2,013SF Condo Unit)
Residential
Georgia
Lot 365, Overlook Lane; St. Mary's; Camden County; GA 31558 (SFL in Cumberland Harbour)
Residential
Osceola
7837 Palmilla Court, Kissimmee, Osceola County, FL 34747-6417 (Lot 113)
Residential
St. Lucie
141 SE Fiore Bello, Port St. Lucie, St. Lucie County, FL 34952 (Lot 6) located in Tesaro
N/A
N/A
N/A
Residential
St. Johns
Old Moultrie Road & Lewis Point Road. Development completed & platted for 14 town home buildings of 6 units each. One building completed & 50% sold
Residential
St. Johns
3 Townhomes, Moultrie Village Lane
Commercial
Orange
7,494 SF Office Bldg, 2304 Aloma Ave. - Occupied
Commercial
Orange
5,560 SF Medical Office Bldg, 55 W. Columbia St. - Vacant
Commercial
Orange
6,182 SF Medical Office Bldg, 61 W Columbia St. - Vacant
Dockaminium
Okaloosa
770 Harbor Parkway, City of Destin, Okaloosa County, FL 32451 (26 Wet Boat Slips Marbella Condo Marina)
Residential
Lake
40.18 Acres with PSP approval for 90 residential lots and 27.39 Acres (50% developed with 91 residential lots and 9 developed lake front lots within Lake Jackson Ridge Subdivision west of SR 33, Mascotte, FL and south of Centenial Parkway.
Residential
Flagler
SFR Lots 140 & 147 - The Conservatory @ Hammock Beach; 277 Conservatory Drive & 313 Hibiscus Way, Palm Coast, FL 32137
Residential
Lake
SFR Lot 316 - Bella Collina; Trivoli Circle, Montverde, FL 34756
Residential
St. Lucie
SFR Lot 35 - Tesoro; 155 S. E. Via Lago Garda, Port St. Lucie, FL 34990
Mobile Home Park
Volusia
2450 South Ridgewood Avenue-Mobile Home Park
Residential
Lake
31 lots in Summit Ridge @ Spring Valley/Tamarack Boulevard, Clermont, FL
Residential
Lake
Lot 28 (SFR) Summit Ridge, Clermont, FL; 13300 Tamarack Boulevard, Clermont, FL 34711- 1,873 S. F. Spec Home
Residential
Duval
6 townhomes-100% complete and 12 lots in Leslie's Hideaway.
Commercial
Osceola
1213 North Central Ave., Kissimmee, Fl 34741 - Church
Land
Marion
The subject property is located on the northeast corner of Silver Road and Oak Road in Ocala, Marion County, Florida. (151 acres of land. Parcel A represents the southern land tract (parcelID number 37506-000-00) which represents 128.80± acres on the northern side of Oak Road and Silver Road. Parcel B represents the land tract (parcel ID number 9006-000-03) which represents the land surrounded by the Country Club at Silver Springs Shores golf course)
Residential
Lake
Lot 95 & Lot 102, Bella Collina, Lake County, Fl
Land
Seminole
5 contiguous parcels that make up approximately 12 Acres site on northeast corner of Sanford Avenue and Airport Blvd. in Sanford, FL. Rezoned GC-2 in August, 2008.
Residential
Hernando
Located on the east side of Interstate 75, west of Croom Rital Road and north of Cortez Blvd. in Brooksville, Hernando County, FL 34601 (172 Lots & 49AC of Land)
Commercial
Duval
9.1 acre parcel of land that is a owner occupied plant nursery/distribution facility with a 4M SF office/warehouse & 30M SF greenhouse. The subject property is located in the northeast quadrant of Baymeadows Road and SR9A in Jacksonville, Duval County, FL
Commercial
Sumter
9734 South US 301, Bushnell, FL - Church
Various

Commercial
Orange
227 N. Magnolia Orlando, FL - 14M SF office building in downtown Orlando just south of Robinson St. - Cole Building
Commercial
Orange
6905 Municipal Dr Orlando, FL - retail strip center and convenience store on the corner of Municipal Dr. and International Dr. - International Corner Plaza
Apartments
Orange
1409 to 1413 Catherine St Orlando, FL - 12 Unit apartment complex - Shady Tree Village Apartments
Apartments
Orange
3585 to 3619 Khayyam Ave Orlando, FL - 19 unit apartment complex - Pines Apartments
Residential
Orange
401 Niblick Ave Orlando, FL - 5,589 SF, Multi-Family Home (6 units)
Residential
Osceola
Lot 165 (SFR) - 354 Muirfield Loop, Kissimmee, FL 34747 - 4Bdrm 4.5bath 4296 sf 2 car garage - Reunion West Villages North
Residential
Orange
36 South Van Buren Avenue, Orlando, Fl 32811. 100% complete single-family residential spec house.
Residential
Orange
48 South Van Buren avenue, Orlando, Fl 32811. 100% complete single-family residential spec house.
Commercial
Orange
7490 W. Colonial Dr. - Gas Station/CarWash
Residential
Volusia
4.4 Acres Raw Land at 1405-1431 S Atlantic Blvd, Daytona Beach, FL
Commercial
Seminole
921 Douglas Avenue, Altamonte Springs, FL 32714 - 16,000 SF Office Building, partially owner-occupied.
Residential
Volusia
2801 Hill Street (@ 18th Street), New Smyrna Beach, FL. 94% complete; 11 unit condominium building on the beach.
Residential
St. Johns
Northside of Lightsey Rd in SE St. Johns County, FL - 86 lots
Residential
Flagler
8.33 Acres McCormick Drive, Palm Coast, FL - Condominium Development
Land
Polk
Vacant Land at the NW Quadrant SR 27 & Four Corners Blvd., Polk County, FL
Residential
Seminole
1768 Brackhurst Place Lake Mary, Fl 32746 4Bdrm 4.5 bath 6249 sf SFR with 4 car garage
Residential
Seminole
Five scattered SFR lots (1,14,15,24,30) in Carisbrooke Subdivision located in the SW quadrant of Markham Woods Rd and Longwood Markham Rd, Lake Mary, FL 32746
Residential
Orange
2787 Upper Park Rd. Orlando, Fl 32814 2Bdrm 2.5 bath 2,045 sf Townhouse 2 car garage Baldwin Park
Residential
Orange
5085 Latrobe Dr. Windermere, Fl 34786 4 bdrm 4.5 bath 3,735 sf single family 3 car garage golf front Isleworth
Residential
Osceola
1989 Estancia Cr. Kissimmee, Fl 34741 3 bdrm 2.5 bath 1,761 sf townhouse 2 car garage
Residential
Osceola
1995 Estancia Cr. Kissimmee, Fl 34741 3 bdrm 2.5 bath 1,761 sf townhouse 2 car garage
Residential
Seminole
1129 Travertine, Sanford Fl 32771 3bdrm 2.5 bath, 1,687 sf Townhouse 2 car garage
Residential
Volusia
647 Woodford Dr. Debary, Fl 32713 4 bdrm 3.5 bath 2,816 sf single family 3 car garage
Residential
Volusia
651 Woodford Dr. Debary, Fl 32713 3 bdrm, 2 bath 2,009 sf Single family 3 car garage
Commercial
Orange
Located on the southeast corner of North Magnolia Avenue and East Marks Street, Orlando, Orange County Florida 32803. The subject includes the following street addresses: 107 Granada Court; 839 North Magnolia Avenue; 845 North Magnolia Avenue; 110 East Marks Street; and 114 East Marks Street, Orlando, Orange County Florida 32803. (The site is partially improved with a 2,538 SF building and Land)
Commercial
Orange
Located on the northeast corner of North Magnolia Avenue and East Marks Street, Orlando, Orange County, Florida 32803. The subject includes the following street addresses: 901 North Magnolia Avenue and 109 East Marks Street, Orlando, Orange County, Florida 32803. (The site is partially improved with a 672 SF and a 1,560 SF buildings)
Land
Lake
SW corner of Wolf Branch and Round Lake Roads in Mt. Dora, Lake County, FL ( 167AC of Land)

PACKAGE # 5-24 – STATUS – available 5/05/09
NON- Performing Multi-family Notes for Sale
A Buyer will need to offer a bid for each line item (loan). Please be advised that typically performing note which have been seasoned are sold for 65to 80% of their face value.

1) 21 Units, Location CT
2) 24 Units, Location CT
3) 60 Units, Location CT
4) 84 Units, Location CT
5) Mixed use, Location NJ
6) 72 Units, Location NJ
7) Mixed use 18 Units, Location NJ
8) 7 Units, Location NJ
9) 25 Units, Location NJ
10) 13 Units, Location NJ
11) 5 Units, Location NJ
12) 7 Units, Location NJ
13) 5 Units, Location NY
14) 28 Units, Location NY
15) 16 Units, Location NY
16) 11 Units, Location NY
17) 10 Units, Location NY
18) 6 Units, Location NY
19) Mixed use 2 commercial and 6 Units, Location NY
20) 10 Units, Location NY
21) 7 Units, Location NY
22) 9 units , Location NY
PACKAGE # 5-25 – STATUS – available 5/05/09
NON-and Performing Notes for Sale
1) SFR, GA, Performing
2) SFR, GA, Non-Performing
3) SFR, TX, Non-Performing
4) Business, CA, Non-Performing
5) Vacant Land, UT, Performing

Forclosures are climbing!

2009-04-27T14:42:00.000-07:00

The biggest single factor behind a home foreclosure is job loss with discontinued income. The second biggest factor is unexpected medical expenses, which extends to other family members like parents. RealtyTrac just reported today that home foreclosures for the first quarter of 2009 are up 24% from a year ago. In California, where the moratorium has lifted, foreclosures rose by 80% from February to March, hitting 50 thousand!!!

Source:

http://www.marketoracle.co.uk/index.php?name=News&file=article&sid=10074

See the Video!

2009-04-27T14:23:00.000-07:00

Commercial Real Estate is beginning to hit the Wall!

http://www.cnbc.com/id/15840232?video=1104894248&play=1

FDIC Chairman talking about the state of economy!

http://www.cnbc.com/id/15840232?video=1104738725&play=1

Insight on participation in the government's public-private investment program, with Wilbur Ross, WL Ross & Co. chairman/CEO and Richard LeFrak, LeFrak Organization president.

http://www.cnbc.com/id/15840232?video=1104531018&play=1

The Congressional Oversight panel is pushing for answers on the absence of credit and now wants a better metric for measuring bank lending, with Richard Neiman, NY State Superintendent of Banks former/TD Bank CEO and John Sununu, former senator (R-NH).
http://www.cnbc.com/id/15840232?video=1104513556&play=1

CNBC's Diana Olick takes an in-depth look at this week's housing data.
http://www.cnbc.com/id/15840232?video=1100520772&play=1

The startup process in REO and NOTE deals!

2009-04-27T14:21:00.000-07:00

Greetings,
It was great talking to you last week about the REO and NPN (Non-performing Notes) business. I have added you to the list of interested parties. Beginning this week you will receive by email a summary of related opportunities.
You and your clients will be asked to sign a Non-Circumvention and Non-Disclosure (NCND) agreement. You want to be paid and so do we, and this NCND agreement is binding and is designed to setup a ongoing payment arrangement.
Many clients will not have any issues with this NCND, but some will balk at signing any fee agreement that ensures the payment of fees for service. No client will receive details of any package without signing our agreement. Our agreements are designed to protect the intermediaries and their clients.
Please note these NCND agreements represent the best efforts of our attorneys to ensure you receive payment for any contract drawn up as a result of your efforts to connect the Buyers with the Sellers. Often, a Seller has sold a package the Buyer is interested in, and in the event the Buyer and Seller contract on a replacement or other type of package with our agreements in place you will be entitled to be paid.
To buy any package you must be either the “Buyer” or the Buyers Representative. You can not do any form of an assignment in these transaction. The Buyer may use a corporation but the documents must be consistent with the same signatures.
TYPES OF PROPERTIES
1) Non-Performing and performing Notes.
a. Commercial
b. Industrial
c. Retail
d. Hospitality
e. Sub-division
f. Raw Land
2) Real Estate Owned by a Bank and Private Investors (REO)
a. SFR properties
b. Commercial
c. Land
d. Incomplete Commercial projects
Many of you have clients that would like to buy some or all of these properties. The Key is that you understand how these Sales opportunities work.
When you see our “tape” summary arrive by email you must remember that 90% of all tapes are all sold on a “buyer must take all items on the tape” basis. If this is not the case the Tape will have a bolded note stating what can be purchased independently.
The 1st key to success is speed. These tapes sell in hours! Get your clients to approve a letter of Interest if they are Note purchasers. If they are REO purchasers they should be ready to prepare and submit a “Letter of Intent”.
When you receive an Tape update from us you have about 24 to 48 hours to submit the letter.
If your client wants a NON-Performing Note package they must submit a “Letter of Interest”. Note package summaries are very light on details and this is done because of Federal disclosure laws related to the release of borrower personal information. After a “Letter of Interest” is on file, the Bank’s Sellers representative will be able to provide you with more information regarding the properties.
If your client is interested in a REO package they must submit a “Letter of Intent” and be prepared to provide proof of funds to pay for the entire Tape. The best method to do this is to include the name and contact information of your attorney in the “Letter of Intent”.

Thanks for your interest and please send me any questions you may have reading the REO/NPN business. For other sources of information you can use the following online sources to gain additional information.

http://reobulksales.blogspot.com/
FaceBook.com
Group
- Landmark REO Club - Bulk Foreclosures

REO and Notes Keep on coming

2009-04-08T12:13:00.000-07:00

This is the current April 8th summary of available packages for sale.

Make an offer in the form or a Letter of Interest and be prepared to provide Soft Proof of funds to the bank.

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

Trade Special

Locomotive ready for export! 18,000 hours left on engine and chassis!!! Owner will take Real Estate, COINS, CARS, RV, LAND, DIAMOND, WINE, GUNS, AMMO, METALS

sw1200 locomotive 12-567-BC has been complete rebuilt and has 1,500 hours on the clock (it is a switch engine with 1200 horse power) estimated value $120,000.00, good condition ($850,000 NEW) and stored in San Francisco CA. Make offer or exchange!

Photo Link: http://norriscoit.com/locomotive/
contact Paul Lucero
========================================================

NOTES
PACKAGE # 1 – STATUS – UPDATED 4/07/09
Non Performing Notes

8 hotels - Loans values are variable many different position
Submit a letter of Interest for more information or sign a NCND.

1) 361 units - Loan value - $89,250,000
Location: St.Petersberg FL
As Is value:
112,000,000

2) 560 Units - Loan value - $87,975,000

Location: Esmeralda CA
As is value:
112,000,000

3) 144 Units - Loan value - $31,000,000
Location: Berkeley CA
As Is Value
26,000,000

4) 199 Units - Loan value - $16,250,490
Location: Portland OR
As Is Value
40,100,000

5) 182 Units - Loan value - $8,450,000
Location: Metairie LA
As Is Value
25,000,000

6) 665 Units - Loan value - $6,324,000
Location: Vacaville CA
As is Value
77,500,000

7) 315 Units - Loan value - $78,500,000
Location: Rockville MD
As is Value
98,000,000

8) NA Unit count - Loan value - $3,763,000
Location: Plainville NY
As is Value
7,400,000

PACKAGE # 2 – STATUS – available 4/07/09

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 # 3 – STATUS – SOLD 4/07/09
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 # 4 – STATUS – SOLD - 4/07/09
Notes Non-Performing 38 homes
Single Family Homes Florida

PACKAGE # 5 – STATUS – Available 4/07/09
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 # 6 – STATUS – available 4/07/09
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 # 7 – STATUS – available 4/07/09
Multi Family Package
Performing and Non Performing (NPA) Commercial properties
Original loan Balance average LTV between 63- 77%
1) 144 Unit Apartments - IN (Performing)
2) 196 Unit Apartments - OH (NPA)
3) 248 Unit Apartments -OH (NPA)
4) 420 Units Student Housing - LA (NPA)
5) 900K Sq.ft Office - IL (NPA)
6) 27K Sq.ft. Office Medical - NJ (NPA)
7) 110K Sq. ft. Office - NJ (NPA)
8) 130K Sq. ft. Shopping Center - AZ (Performing)
9) 56K Sq. ft. Shopping Center - CA (NPA)
10) 11K Sq. ft. Office Medical - OH (NPA)

PACKAGE # 8 – STATUS – available 4/07/09
Performing Hotel Notes for Sale
220 room Hotel - NC

PACKAGE # 9 – STATUS– available 4/07/09
Performing Hotel Notes for Sale
250 room Hotel - FL 160 million notes available for discount

PACKAGE # 10 – STATUS – available 4/07/09
Performing Hotel Notes for Sale
220 room Hotel - NC

PACKAGE # 11 – STATUS – available 4/07/09
Performing Hotel Notes for Sale
717 hotel rooms - cross-collateralized/cross-defaulted, full service hotels in D.C. and CA.

PACKAGE # 12 – STATUS – available 4/07/09
Performing Hotel Notes for Sale
300+ room Hotel - Cayman Islands -13 million in Notes Including the A series

PACKAGE # 13 – STATUS – available 4/07/09
Performing Hotel Notes for Sale
350+ room Hotel - FL - 49 million 1st

PACKAGE # 14 – STATUS – available 4/07/09
Performing Hotel Notes for Sale
190+ room Hotel - MA -

PACKAGE # 15 – STATUS – available 4/07/09
REO California and Hawaii
1 SFR 3914 sq.ft. Kailua-Kona HI
1 – 1900 sq.ft. SFR Lancaster, CA

PACKAGE # 16 – STATUS – available 4/07/09
Residential Construction – Los Angeles County
8 SFR – 72% complete
23 unit 82% Complete- Condo Project
25 unit 86% % Complete- Condo Project
25 unit 28% % Complete- Condo Project
12 unit 99% % Complete- Condo Project
30 unit 86% % Complete- Condo Project
4 unit 98% % Complete- Condo Project
7 unit 97% % Complete- Condo Project

PACKAGE # 17 – STATUS – available 4/07/09
Residential Land – Southern California
36 potential lots SFR- Cucamonga CA
195 units – Apple Valley, CA
28 Lots SFR- Riverside, CA
49 units Perris, CA
42 lost SFR Lancaster, CA
70 raw lots – Wildomar CA
285 lots – Corona, CA
40+ acres zoned 120+ SFR – Meifree CA
4 lots – Temcula, CA

PACKAGE # 18 – STATUS – available 4/07/09
Commercial Land – CA and NV
16 acres – Long Beach, CA
36 acres – Redding, CA
23 acres – Las Vegas, NV
3 acre – Las Vegas, NV
29 acres – Hesperia, CA
18 acres – Yucaipa, CA
17 acres – Las Vegas, NV
2.+ acres – North Las Vegas

PACKAGE # 19 – STATUS NEW – available 4/07/09
Residential REO
Estimated Current BPO: $5,582,000
Asking Price: $3,070,000
City
St
Zip
Property Type
LOS ANGELES
CA
90018
Ranch
LOS ANGELES
CA
90059
MFD/2 unit
COMPTON
CA
90220
Condo
LOS ANGELES
CA
91331
Ranch
SAN GABRIEL
CA
91776
Ranch
CHULA VISTA
CA
91915
Condo
INDIO
CA
92201
Ranch
DESERT HOT SPRINGS
CA
92240
Ranch
APPLE VALLEY
CA
92308
Ranch
BLOOMINGTON
CA
92316
1 story/bnglw
FONTANA
CA
92336
1 story/bnglw
HESPERIA
CA
92345
Ranch
RIALTO
CA
92376
MFD 2 unit
VICTORVILLE
CA
92392
2 story
SAN BERNARDINO
CA
92405
Ranch
SAN BERNARDINO
CA
92410
Land Only
RIVERSIDE
CA
92506
2 story
RIVERSIDE
CA
92507
MFD - 2 unit
LAKE ELSINORE
CA
92530
Ranch
MORENO VALLEY
CA
92551
2 story
SAN JACINTO
CA
92583
Ranch
HANFORD
CA
93230
Bungalow
WASCO
CA
93280
Ranch
BAKERSFIELD
CA
93301
Ranch
BAKERSFIELD
CA
93306
Ranch
BAKERSFIELD
CA
93306
Ranch
BAKERSFIELD
CA
93306
Ranch
BAKERSFIELD
CA
93308
Ranch
BAKERSFIELD
CA
93309
Ranch
CALIFORNIA CITY
CA
93505
Ranch
CALIFORNIA CITY
CA
93505
Ranch
CALIFORNIA CITY
CA
93505
Ranch
PALMDALE CITY
CA
93550
Ranch
PALMDALE AREA
CA
93551
2 story

PACKAGE # 20 – STATUS NEW – available 4/07/09
Residential REO
219 Single Family Homes in Los Angeles (69), Riverside (64), Orange (1), Ventura (1) and San Bernardino (85) CA

Non-Performing Notes Available 4/01/09

2009-04-01T16:17:00.000-07:00

Non Performing Notes

9 hotels Total Loans values are variable

Many different positions in the value tree.

Make an offer Provide LOI and proof of funds

1) 361 units - Loan value $89,250,000 Location: St.Petersberg FL As Is value: 112,000,000

2) 560 Units - Loan value - $87,975,000 Location: Esmeralda CA - As is value: 112,000,000

3) 140+ Units - Loan value - $31,000,000 Location: Berkeley CA - As Is Value 26,000,000

4) 190+ Units - Loan value - $16,250,490 Location: Portland OR - As Is Value 40,100,000

5) 170+ Units - Loan value - $8,450,000 Location: Metairie LA - As Is Value 25,000,000

6) 80+ Units - Loan value - $7,680,000 Location: Winston-Salem NC - As Is Value 11,100,000

7) 665 Units - Loan value - $6,324,000 Location: Vacaville CA - As is Value 77,500,000

8) 315 Units - Loan value - $78,500,000 Location: Rockville MD - As is Value 98,000,000

9) NA Unit count - Loan value - $3,763,000 Location: Plainville NY -As is Value - 7,400,000

2009-03-26T10:38:00.000-07:00

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

2009-03-25T08:33:00.000-07:00

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

2009-03-20T10:57:00.000-07:00

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

2009-03-17T14:58:00.001-07:00

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

2009-03-17T13:02:00.000-07:00

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

2009-03-10T13:50:00.001-07:00

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

2009-03-06T13:55:00.000-08:00

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

2009-03-06T11:34:00.000-08:00

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

2009-03-02T22:08:00.000-08:00

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.

A work out plan for a first Tier buyer

2009-02-27T12:33:00.000-08:00

When buyers complete a transaction they often look to us to help them become sellers. When a Hedge Fund or banks acquires a tape often they have thousands of homes and land in various states of development to sell or move through.

Remcor, my firm offers the new seller (was the 1st tier buyer) a plan for breaking up the properties in to smaller blocks and alternative models.

Condition of Package dictates the Exit Strategies
The exit strategies are limited by the class of the product. You will hear sellers and buyers asking about the rating of the properties. The ratings are based on the quality of the homes, this is based on location and condition. Typical ratings are; A = Good Location and Very good condition, B = Good location and Fair condition, C= Poor location and Poor condition, some people do use a D = very Poor location and Trashed throughout.

The Typical way Out!
These sellers typically create smaller blocks of properties in the 100 to 500 home range that are marketed at a price that offers the seller the ability to recover the investment capital and profit. This strategy works well in the first two phases of the bulk sales process. Some investors have a long term workout plan, but today most investors are in the former category. The condition (A or B) of package provides a fast path to cash minus costs. Everybody wants the cash now!

The Alternative way!
When a seller has 3 thousand homes to sell the seller has a real challenge. Now this problem can be complicated by the condition of the homes. A viable path to cash is possible via a trade. Recently, Remcor helped a bank with a package that was loaded with builder inventory that was in various states of completion and some was vandalized. This bank traded the properties for performing properties by discounting their B,C,D stuff in exchange for commercial triple net properties. The Bank got the liabilities off it's balance sheets and added assets which improved the Banks discount borrowing rate with the FED. The Bank in one transaction lost some money but was able to show the FDIC auditors later that year the improvement in thier financials and was rewarded for fast action.

The Bulk market is Florida is growing!

2009-02-27T09:00:00.000-08:00

It appears that even in states with very high NOD and Foreclosure rates there are still clusters of opportunities for the Fourth Tier.

The Fourth is the final liquidation step for properties that are sold off in massive tranches of 10,000 homes in a tier one sale . If you want to know about the various levels or tiers look in the blog here for more details.

Remember that in the final two tiers of the Bulk REO sales process the seller typically are looking for cash and a smart seller will look for a trade too.

What is a trade? I will cover that later this week! Check out the video about a small part of Florida that is still selling even new homes and should be good new for all to end the week!

Click Here

The Bulk REO game is happening Everywhere

2009-02-27T08:48:00.000-08:00

Here is a link to a video from Ky Grace on the attempts in his area to sell off in one group a large number of condos in one project.

Please note this is not a bulk sale in the sense we typically discuss here but a first round attempt to aggregate a sale!

Click Here

The Intermediary game intro

2009-02-26T16:34:00.000-08:00

Every day I get calls from intermediaries looking to buy or sell and they each have the same problems. Buyers want to talk to sellers direct without an intermediary. This has been and continues to be the greatest problem. Intermediaries that are one step away from either the buyer or the seller have a chance of success.

Often I get calls from an intermediary that has a good sounding package but they have a chain of three to ten other intermediaries that are part of the package. These types of arrangements are “Doomed” to fail.

You must position your company to connect buyers directly to sellers or work with a firm like Remcor. Now this presents many challenges and the first is to work with in the field and get paid in an escrow in an escrow state you often have to be a real estate licensee. Not always and you should seek legal advice regarding your states rules. This is further complicated by the fact the often the package is a “Nation wide” package. Remember I am only talking about REO foreclosed properties that have a perfected title.

Who Am I

2009-02-26T14:32:00.000-08:00

In November of 2007 I wrote a business plan and submitted to the president and she agreed to pursue the plan. Fifteen month later we have 4 full time people working in the REMCOR OREO program. We have closed deals with private parties and banks and I would love to say I can tell you all about them, but the first thing you have to contend with in this industry field is the Non-Disclosure Agreement or NDA as it is commonly know.
The first rule of success is to know the landscape and to figure out where you can play and make money. Here is my list of the opportunity spaces divided by segments.

First Tier

Sellers of first tier bulk product sell in blocks of 1 to 5 billion, that is not a mis-print. There are four sources of product:

1) Fannie Mae and Freddie Mac

2) FDIC

3) Private Sellers

4) Financial Institutions

Second Tier
The sellers in this category are selling divided first tier packages in blocks of 500 million to 1 billion plus lots. The typical sellers are:

1) Hedge Funds
2) Private Equity Groups
3) Banks
4) Private parties

Third Tier
This group of sellers is again sub-dividing Second tier packages that offer are priced in 10o to 250 million range. The typical sellers look identical to the Second tier. The pricing in this range often the higher and the terms can be very diverse based on the type of organization.

Tracking This Changing Field

2009-02-26T12:53:00.001-08:00

Welcome!

Like many of you I have been tracking REO Bulk tape sales for over a year. I am sure many of you have read other blogs such as, Andrew Clemente - Mortgages Made Easy, Inc. He was one of the first blogs I read but it is very light on details.

My goal is try and document the trends and processes. The REO Bulk Sales field is overrun with crazy chains of intermediaries, phantom sellers and buyers with wacky issues.

Here is a short example: Last week I talked to a Realtor in San Diego that had a 20 million plus REO Bulk deal fall out of escrow. Why you ask? This bank sold 80% of the inventory even though they had and escrow open and during the due diligence period after the Buyer had completed a review of the named properties on the tape. Oops, sorry buyer, of course they offered to provide replacements but the buyer had already spent 12 thousand dollars doing a Buyer Price Opinion or a BPO.

Every day I see one of more of these stories and this has been the norm. Many of you want to close a deal and get paid and that is why I am writing this blog.Our firm is located in Northern Nevada and unlike the Southern half of the state we continue to be in fair shape here in the Northern Nevada.