Principal Mortgage Note Buyer and Loan Aquisition Firm Announces Purchase of San Francisco Commercial, Re-Performing Loan
California-based mortgage loan acquisition company has recently acquired a re-performing, seller-financed commercial mortgage note in the up and coming area of San Francisco called the Dog Patch.
SAN FRANCISCO, CALIFORNIA - Amerinote Xchange, LLC, the fastest growing California-based loan acquisition firm and private note buyer has recently acquired a re-performing, seller-financed, commercial mortgage note secured by a property in the up and coming area of San Francisco called the Dog Patch.
“What makes this an unusual situation is the simple fact that there are very few seller-financed mortgage notes secured by properties in San Francisco at all,” says Amerinote Xchange’s director of acquisitions - Abby Shemesh.
Mr. Shemesh goes on to say: “San Francisco is a highly desired area of our country, with regards to real estate and the local, robust economy. This means that most property sales are either cash deals or the borrowers invovled in said deals use traditional bank financing to acquire the real estate. As a private mortgage investor, it is like a dream come true to find any salable, first position mortgage notes within San Francisco county limits which require liquidation by the loan’s owner.”
In this particular case, the note owner and the siblings inherited this asset from relatives back in 2007. Once the loan went through the ups and downs of going from performing, to sub-performing, to non-performing and back to re-performing, the loan’s owner said enough is enough.
The previous note owner wasted no time researching the quickest and least costly way to selling a mortgage note. Mr. Shemesh further commented by stating: “we feel very lucky that this note seller’s funding search began online, focusing on local note investors. Naturally, being a San Francisco-based company, our name was at the top of list. We wasted no time getting this file in order and funding the deal.”
The question did arise as to the current performance of the commercial note payments and Mr. Shemesh’s response was - “so far so good!”
To learn more about selling a mortgage loan portfolio or to receive additional details on AX’s purchase criteria, please feel free to visit their website at: www.AmerinoteXchange.com
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