Posted by Donna Buckner on August 01, 2008 at 04:39:50:
Thanks, Michael. I appreciate the response!
Bayview - Posted by Donna Buckner
Posted by Donna Buckner on July 31, 2008 at 08:35:22:
Does anyone know more about Bayview and why they are exiting the note business?
Re: Bayview no more appetite for seller financing - Posted by Michael Morrongiello
Posted by Michael Morrongiello on July 31, 2008 at 20:56:08:
Donna:
If there is one thing thats certain in life (and in the Note business) is change. Investors come and go. Over the years I’ve known many of their staff and its sad to see fine people have to close up shop but it does happen.
Like many firms which relied on being able to readily sell their loans to Wall Street investors in the form of securities, Bayview was apparently stung by the current market conditions and inability to continue to securitize their “product”.
Truthfully their purchase yields and prices for the last year were not very aggreesive in this current marketplace and since they were not a true portfolio investor (primarily holding the notes they acquired for yield, and discount)they suffered.
We’ve (Sunvest) been regulary outpricing their files for most of the year.
Best to your success;
Best to your success;
Michael Morrongiello
Paper Practioner
www.sunvestinc.com
Since 1983 - Creative People with Creative Solutions
Author of the following home study courses;
Paper Into Cash - The Convertible Currency - How to Effectively Create Marketable Real Estate Notes
&
The Unity of Real Estate & “Paper” - Advanced techniques for both the acquisition and disposition of properties using Real Estate “paper”
Re: Bayview - Posted by Oleg
Posted by Oleg on July 31, 2008 at 12:32:45:
Bayview First is no longer buying individual seller-financed notes. They will still consider portfolios of $1,000,000 or more, and those should be sent to the attention of Bob Repass at bobrepass@bayviewfirst.com.
they closed down their seller financed note division as of 7-31-2008. Bayview Financial is still in business, but apparently focusing on their most profitable lines of business going forward.